13-Jul-2009
Markets lost almost 10% in the previous week with NSE Nifty Nifty coming down from 4400 levels to 4004 and the BSE Sensex coming down from almost 15000 to 13400. It was a sharp decline after the budget announcements on Monday. This week we saw some huge declines in the frontline stock which were outperforming since quite a few weeks. Stocks like Suzlon, Reliance Capital, Reliance Infra, Unitech all lost close to 20%. Although stocks like ITC, Hero Honda, AmbujaCem stood out and shown some moderate gains.
The Nifty is very close to the crucial support level of 3880 which we don’t expect to be broken soon. So we can expect some bounce back from these levels which may take back nifty to 4160-4240 levels, from where again profit booking would be seen. If the Nifty manages to close below 3850 we may see the markets falling 8-10% more in coming days.
Stock to watch :-
Long Positions can be built in stock like : MRPL, ChambalFert, Ambuja Cement, MoserBaer
Fresh Short Positions can be taken in : IDBI, IFCI, Dena Bank, KotakBank
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{ 6 comments… read them below or add one }
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Sir, Good Morning Can u advice about neyveli i got at 128.50 what will be the next upper target please inform
Thanks You sIR.
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