Updated Monday 21/07/2008(Please click on chart to enalrge)
(Please note that here the recommendations are not for the purpose of intraday trading though, the levels may or may not be achieved ever. This is mainly for the purpose of swing trading or investing. It is neither an invitation to trade necessarily. Use your own descrition.)
INFOSYS (1547) Breach of its long term support level at 1530 is an ominous sign for this counter. This week, it is a candidate for shorting if, moves below its recent low of 1503. Then it would be headed towards 1400 and even 1300 levels in medium term.
Sell below 1503 for targets for 1425 in near term. Its negativity would be reflected more if fails to move up in tandem with the markets!
RELIANCE (2113) Traders’ and Investors’ confidence in this scrip pulls it out of hell again and again. Its negativity has neutralized after a robust recovery from below its sacrosanct level of 2000. Derivative short positions in this counter would have become jittery as it is poised to move up in near term towards 2200 and 2300. Keeping in view our overall bearish charting, it could reverse from the 2300 levels but…more likely to be halted at 2000 or 1920 levels again.
No fresh shorts to be opened at the moment. But existing medium term short positions might have to wait until it reverses to 2000 levels. Existing short term positions in derivatives could be rolled over though, there are still 9 sessions remaining for this month expiry. But continuing with short positions without stop loss could be a risky proposition.
SBIN (1299.65) Over a period of time, this counter has been holding on to 1100 levels steadfastly. This level keeps it in up beat mood. It is more likely headed towards 1300 and then 1400 in near term. Along with RELIANCE, it is also turning out to be a favourite of long term investors these days. But keeping in mind the impending volatility in our markets, it is advisable that Investors or traders may not go gung ho in any counter until the trend is clear after 22nd next week.
P.S. Book your profits well before reaching the targets. Calculate your stake very well in conjunction with market trend, because our upsides are limited and fundamentals are still not clear. Sensex bottom for the near term could be in place if, sustains above 12500(Nifty 3800). So we could remain in a range of 12500 and 14000-14500 for some more time.
Please check up with our stocksweekly.blogspot.com
INFOSYS (1547) Breach of its long term support level at 1530 is an ominous sign for this counter. This week, it is a candidate for shorting if, moves below its recent low of 1503. Then it would be headed towards 1400 and even 1300 levels in medium term.
Sell below 1503 for targets for 1425 in near term. Its negativity would be reflected more if fails to move up in tandem with the markets!
RELIANCE (2113) Traders’ and Investors’ confidence in this scrip pulls it out of hell again and again. Its negativity has neutralized after a robust recovery from below its sacrosanct level of 2000. Derivative short positions in this counter would have become jittery as it is poised to move up in near term towards 2200 and 2300. Keeping in view our overall bearish charting, it could reverse from the 2300 levels but…more likely to be halted at 2000 or 1920 levels again.
No fresh shorts to be opened at the moment. But existing medium term short positions might have to wait until it reverses to 2000 levels. Existing short term positions in derivatives could be rolled over though, there are still 9 sessions remaining for this month expiry. But continuing with short positions without stop loss could be a risky proposition.
SBIN (1299.65) Over a period of time, this counter has been holding on to 1100 levels steadfastly. This level keeps it in up beat mood. It is more likely headed towards 1300 and then 1400 in near term. Along with RELIANCE, it is also turning out to be a favourite of long term investors these days. But keeping in mind the impending volatility in our markets, it is advisable that Investors or traders may not go gung ho in any counter until the trend is clear after 22nd next week.
P.S. Book your profits well before reaching the targets. Calculate your stake very well in conjunction with market trend, because our upsides are limited and fundamentals are still not clear. Sensex bottom for the near term could be in place if, sustains above 12500(Nifty 3800). So we could remain in a range of 12500 and 14000-14500 for some more time.
Please check up with our stocksweekly.blogspot.com
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