Markets have been making new high everyday since last few days. Most of the sectors are moving up and stocks which had not moved up have also started their journey. Is this the begning of a new rally or just going towards the end of the upper channel of this range bound market? In my view market is still range bound with upper target in the range of 15100-15400 with lower level of the channel being seen at 13500. One should be very stock specific in this market and book profits on all rises and use strict stoploss. Soon we would be seeing Infosys' results whcih does not seem to be too strong due to weak dollar. thought market seems to have already discounted that, we should still be prepared to book out in all longs and wait for a dip/opportunity if the market gives a signal of weakness. Last two days of rally may be followed by a small intraday correction tomorrow seeing levels of 14400-500.
Cement, banks and selected mid cap stocks still look good to me which i would be holding on to for some more days. Stoploss for all these scipts would be 4280 on Nifty.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment