Nifty started the new August series today on a negative note. The reason is not far to seek- Less than expected results from companies in US as well as India.
We closed around 5350 today and I believe major indices should remain under pressure in first few sessions of new series and we may see a correction of around 5% which may take nifty to levels of around 5100 where we may see a bounce. I believe Reliance,ICICI Bank and Autos should see selling at all higher levels while action should shift to speculatives like few stocks in reality, fertilizers and financials like India infoline and even a JP Associates should see buying at lower levels.
I believe a JP at around 111-112/-, India Infoline around 85-86/-, HDIL around 258-260/-, Chambal around 65-66/- and even a Unitech around 78/- should be very good levels in coming couple of weeks can be grabbed for a 15-20% upside in second half of August series.
My range for Nifty in August series is 5120-5450.
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