Nifty displayed amazing strength in week goneby on back of Strong monsoons and good quarterly nos. so far but further gains seem unlikely in coming week.
Markets are expected to remain choppy in coming week with alternate bouts of buying and selling as long positions will be created in counters expecting good results while shorts would be created in others in anticipation of poor results and interest rate hikes in credit policy on 27th July.
One should but autos like Tata Motors, Maruti and M&M on every decline while reality and banking can be shorted on higher levels.
Expect Nifty to open lower on monday due to fall 0f 250 points in dow and 5250 should provide first support on downside. While on upside, 5400+ should see heavy selling. If 5250 gives way, one may see even 5100 in latter half of coming week.
My range for nifty in coming week is 5100-5400.
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