Market is looking very weak now. And the trendline seems to be broken on charts now. One more lower closing with the high below the line will confirm this. Look to exit all longs at every rise. Market is oversold on intraday charts and there maybe a light bounce upto 4970/5000. On the lower side 4914/4900 supports will be decisive. On break of which 4800 will definitely come. So today's mantra SHORT on every rise. Also, one more reason for being bearish now is many of the stocks are more short candidates now as per charts. Overall trend is down.
INTRADAY CALLS
RELIANCE - CMP-2501. SHORT on rise. Target - 2450. SL - 2540
Andhra bank - SELL below 79 target 76. SL - 80.5
bajaj auto - short below 2075 Target 2057, 1994. SL - 2090
FOLLOW UP on yesterday's CALLS
Both bombay dyeing and HDIL hit our targets while SL triggered in RCOM.
Wednesday, May 14, 2008
Trend weakens...May 14
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