The Reserve Bank has turned the market into a very bad shape and now only relief rally can be expected which should be sold into and for those stuck with longs, the relief rally should be used to get out of positions. The markets are oversold and chances of the relief rally beginning in the second half of the day are bright. A gap in the nifty exists at 5485 and that will be covered most probably today or in the next fall. The rally could stretch maximum to 5700-5750.
Axis made a low of 1210 and below that 1180-1150
Bank of India has made triple bottom at 390 and hence this level becomes very crucial
Bharat Forge low 337. Our target was 336. Further fall to 327.
Ambuja 150 broken. Now short with stop of 155 for 140
HCL Tech reduce stop to 520 for target 500
HDFC next fall to 660 levels.
HPCL increase stop to 370
ICICI Bank below 1056 stop 1070 sell for 1030
IDBI take a very small risk and buy around 131 with 130 as stop.
IDFC again small risk and buy around 131 with 130 as stop
ITC target is 183 and low made was 185.65. Book profits today
Jet below 460 stop 470 sell for 430
LIC Hsg next support comes only at 190
BHushan Steel reduce stop to cost for target of 450
Happy Trading!!!
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