NIFTY had a sharp fall on friday which was after 2 days of small upswings. Typical bear market characteristics. Rallies up are small and slow and when there is a fall, its steep and quick. Market is likely to find support near the 4000 levels. Psychologically also, this level will be important for this market. For today, we could have a sideways to mildly positive market. If we open low, we could buy nifty for intraday only. Its safer to carry over shorts in this market than longs. Longs if any should be held only on an intraday basis. Up moves will face strong resistance at 4220 level. On the downside, strong support exists at 4080 for today.
STOCK PICKS
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ICICI BANK - CMP 652.15 BUY target 674. SL - 639
For a few days its better to trade light. Positional shorts can hold without panic even in case of intraday rises. Shorts can be covered once near 4000 levels, unless there is a strong reversal sign.
Monday, June 30, 2008
Views and updates - Indian stock market June 30
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