Markets have been very bad for the whole week. A close below 5690 in nifty will be bad. However, a move above 5804 without 5706 being broken will trigger the next upmove.
Axis bank Book profits in shorts as the stock has fallen too sharply with nearly 4% fall on Friday and the shorts we initiated is giving us good money. An upward correction is due for this stock.
Bharat Forge below 345 stop 350 sell for 336. If the market is good 345 can be used as stop for longs.
BPCL till 640 is not taken out use it as stop to short but once taken out go long.
Bharti 365 should be the stop in dips
Canara bank 624 achieved. Below this 610
HDFC 685 should act as support. If this level is broken then the down move could continue till 660
ICICI Bank 1130 again proved a major barrier.
ITC 195
Lupin same stop 424 and target 470
M&M 735 support
Maruti resistance at 1335
Ranbaxy stop 450 buy in dips for 475
Reliance stop 970 buy in dips for 1000
Sun pharma target of 470 achieved. Beyond that 490
Tata Steel stop 610 buy in dips for 630
Wipro stop 440 buy in dips for 460
JSPl stop 645 buy in dips for 670-685-700.
Jsw Steel 930 crucial.
Happy Trading!!!
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