There is little change from yesterday's view on the overall markets. NIFTY spot made a high of 4617 almost at our 1st target of 4630. Now, looking at the way open interest has changed in NIFTY and the change in futures premium, it does look like the market will test 4700 - 4730 range. One should note that the broader trend is still down. So such rallies should be used to exit and not build fresh long positions. Global cues are flat today. We could be opening flat as well, may test 4540 once and then move up. As of now the bias is slightly positive...a minor uptrend in the broader downtrend.
STOCK PICKS
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DLF - CMP - 492.3. Short around 500 target 492, 487 SL - 505
INFOSYS TECHNOLOGIES - CMP 1907.8 BUY above 1915 Target 1925, 1948. SL - 1906
BOMBAY DYEING - CMP 739.8 BUY ABOVE 740 Target - 755, 772 SL - 735
RNRL - CMP 91.2 BUY above 94 Target 98 SL - 93
Tuesday, June 17, 2008
Is the market heading up?? June 17, 2008
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