The Last week although we saw a marginal dip in the frontline indices, but no major action has taken place. The resistance of 4760, a crucial resistance for the NSE Nifty on closing basis remained untested in this week as well. Although since past one month it had many times attempted to break this level. Till the time on the upside the level of 4760 is not broken we don’t advice to go long on the Nifty. Till then we advice to go short, on the Nifty and some select stocks with a stoploss of 4765. Above 4765 we may see the rally continuing till 4890-4970 levels.
Stocks to go short: DLF, Renuka, TataMotors, United Phosphorus
Stock to go long: Indusind Bank, HCC, Tulip IT
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