Even though one is one the right side of the trend and one should ride the trend one should not get too greedy and book profit at pre-decided target levels.
Yesterday Indian market traded almost flat, Sensex closed at 17941 up by 5 points & Nifty closed at 5366 down by 2 points from the previous close. The market breadth was positive with
advances at 730 against declines of 553 on the NSE.
The Asian markets are trading mixed for the second day. Nikkei is flat, while Taiwan has edged higer for the third day.
The US markets have closed mixed. Dow down by 0.03% while Nasdaq was up 0.3%.
Today we expect that Nifty will trade in range of 5315-5420. Trader can buy Nifty in dip with stop of 5315 as we said in our earlier post that if Nifty cross 5335 then it will touch 5450-5600.
The ability of market will depend on Q4 results and CRR news.
Trader can Do that Ride the momentum stocks but keep taking profits at regular intervals to avoid trapped on wrong side.
Stock for Watch:
Essar ship
Buy around 90-91 with sl 84 for tgt 110-120. (Minor Resistance at 96)
Mahindra Ugine steel co.
Buy around 269-270 sl below 266 for tgt 280-285
Buy Mundra Life style ltd. around 42-43 with sl 38 for tgt 50-52.
Also watch stocks with positive trend- ICICI BANK, MLL, FEDREAL BANK, JINDAL SOUTH WEST HOLD, VIDEOCON
Chennai Petro Looking Weak on Chart.
Previous calls:
Andhra Bank Achieved all tgt.
Greaves Cotton achieved its tgt.
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