It was absolute carnage on Dalal Street yesterday. Technically the stage was set for a bounce but market just kept going down and down after a small intraday bounce. We have a near vertical fall from 4310 to 3870. 400+ on NIFTY without any pullback. When NIFTY was out 4400, we said NIFTY will come to 4000 and then 3600. 4000 came too swiftly and then we expected bounce, but it isn't happening at all. While 3600 is now almost a high probability, bounce can still not be ruled out. I will not be playing the short side, and have still a few longs open. I will hold onto them for a while.
STOCK PICKS
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Yesterday almost all picks hit their targets, except IFCI. For today watch Infosys. Infosys has resisted the fall in this market. Rupee is depreciating and results are around the corner. CMP 1717. BUY on dips target 1732/1743.
AXIS BANK - CMP 593. BUY on dips SL - 584 Target - 610, 620
Wednesday, July 2, 2008
Mad Selling in market....June 02, 2008
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