Nifty (4529):- Nifty advanced for the fifth consecutive week supported
by sharp fall in crude oil prices and positive global cues. However,
Selling pressure at higher levels was seen. Midcap stocks outperformed the benchmark indices as bargain. Hunting was seen after the recent meltdown. During the week, nifty gained 2.6% to close at 4529, driven by gains in Maruti, HDFC Bank and ICICI Bank and in other interest-rate sensitive sectors Such as realty and auto. Steel stocks bucked the positive trend to close lower. With inflation rising at a much slower pace in recent Weeks, there are expectations that RBI may now hold its rate-hiking spree. For the coming week, we may witness volatility as IIP numbers are scheduled to be announced on 12th August. However traders can go long on Nifty with stoploss of 4370 for the Upside target of 4610-4620 and 4720-4750.below 4370 we may Fall back to 4250 levels
Here are few Delivery Calls that you can benefit from:
Buy RELINFRA for a target of 1080, 1100, and 1120
Buy DLF on all declines for a target of 580,600,620,660
Some other stocks, which are looking good on charts are Aptech, ONGC and Kotak Bank
Note: Keep revising Stoploss for both the scrips as per your risk appetite and book profits if you are not comfortable holding them for long time.
This entry was posted on Sunday, August 10th, 2008 at 3:18 pm and is filed under Outlook Ahead. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
