It paid off to hold onto the longs...I booked good profits and exited comfortably from the market. How often do we see NIFTY climbing up 5% in a single day? We had massive short covering driven rally yesterday. Broader trend is still down and there is no good news in this market so there is no need to be gung-ho and go long now in this market. I would rather short at highs now. We do have a bullish engulfing pattern on charts. However, everything needs confirmation now, uptrend/downtrend. So today wait and watch and build small shorts if possible with some hedges around 4100 levels.
STOCK PICKS
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NEYVELI LIGNITE - CMP 100.45 short on rise near 103 for targets 100.64, 96
STOCK WATCH
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ICICI Bank - CMP 621.05. Stock is approaching the trendline resistance at 635. If unable to cross short near this level with a stop loss just around 640 for target of 620 and 610. The attached image shows how icici is approaching the trendline for people interested in technical analysis
Thursday, July 3, 2008
Dont get carried away...July 03, 2008
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