Yesterday we expected market to open down, rise and then dip again. But contrary to our expectation, market stayed up due to a good amount of short covering. We didn't gain or lose anything though as we stayed away from market. Today again, short covering is expected to continue pushing nifty towards the 4300 mark. Right now, it may be too early to go long on a positional basis. Intraday longs seem ok for today. The broader trend is still down and a test of 4000 is still pending. So trade this market on a day to day basis now and avoid carrying over leveraged positions overnight. Today being FnO expiry day expect good volatility in the market.
STOCK PICKS
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RELIANCE INDUSTRIES (RIL) - CMP 2136. BUY target 2200. SL - 2125
BOMBAY DYEING - CMP 672.9. BUY target 697, 721 SL - 655
Thursday, June 26, 2008
NIFTY outlook and update for June 26, 2008
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4 comments:
Hi Rajiv,
I am Rajesh from SiliconIndia. I am also an avid blogger for a while now and participating actively in Indian blogosphere. I read your blog posting and found them very interesting and informative. We would love to see a copy of your blogs posted here, whenever you are posting it on blogger.com. Here are some of the benefits of posting your blogs here:
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Rajesh
rajesh@siliconindia.com
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Your blog keeps getting better and better! Your older articles are not as good as newer ones you have a lot more creativity and originality now keep it up!
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