Despite a 2% fall in U.S markets & weak cues from Asia., Nifty emerged strong amidst a choppy trading session, closing in with minor gains..(but in positive territory).
Nifty is showing a higher top & higher bottom formation on charts which suggests that the intermediate uptrend still persists.
With the Commodities market cooling off & slowing down of the rapid rate of Inflation , the Equity markets are bound to continue their uptrend ..which analysts are referring to as a Bear market rally.
Some swing trading calls:-
Bank India : Buy in range 285-287 sl 280.5 tgt 299, 308, 315.
Chambal Fert: Buy in range 84.5-85.5 sl 83 tgt 92,96.
Crompton Greaves: Faces resistance at 279-280. Trade acordingly.
ICICI : Buy in range 762-768 sl 750 tgt 798.
LITL: Buy 350 tgt 357, 368. Keep 348 sl.
RIL : Buy in range 2245-2251 sl 2235 tgt 2305,2335.
Moser Baer: Buy abv 106 tgt 114,121 sl 105.
Monday, August 11, 2008
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