27-Jul-2009
The broader markets have shown smart and rapid gains in the past fortnight. The Nifty 50 index has rose almost 200 Points and we have seen some important resistances have been broken and markets sustained above those levels. The next major resistance for the Nifty lies at 4645 on closing basis. If the nifty manage to close above this level we can see some more upside till the levels of 4715-4794 where the supply may come.
But, I feel this week we may see some huge selling before the level of 4645 is seen. Already we have seen during the weekend that the Q1 results of RIL are below the markets expectations (as we expected). Overall we will suggests traders to book long when and where the opportunity arises and go short on rise with stoploss of 4645. Lower levels of 4420-4290 may be witnessed.
Stock to go Short: Reliance, BHEL, Unitech, DLF, LITL
Stock to go long (on dips): LicHousing, Cipla, UnionBank, APIL
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