Weekly stocks

NIFTY: Last week most of our picks missed our targets and turned back to hit SL. This is when tightening stop losses helps. Anyway, Nifty greatly respected our level of 5175 last week. There was a breakout trade when it broke above that level. I would watch trendline resistance at 5480 and then previous high at 5740. A close above 5740 confirms end of correction and resumption of uptrend. Next target will be previous top near 6340. There are no setups yet but we should try to enter long on breach of these resistances. One possible entry would be if it comes back to retest 5180. We can go long there with SL below 5100 targeting 5470.

Picks for this week-

1. Sell GITANJALI 375 SL 401 Targets 340 and then 300
2. Buy ABGSHIP 410 SL 375 Target 475
3. Buy ABAN 425 SL 388 Target 490

Weekly Stocks

Weekly take

NIFTY: I see no clear direction in nifty- Nothing tradable. However, large number of stocks are showing sell signals. That should drag nifty down to low of the recent range. Should be targetting 4730 as long as it remains below 5175.

BANKS: with large number of banks showing weakness, it might be a good idea to remain short in banknifty

Specifically: 1. Sell IDBI at 107 SL 120 Target 90

2. Sell UCOBANK at 65 Sl 70 Target 55

3. Sell UNIONBANK at 250 SL 270 Target 225

4. Sell YESBANK 285 SL 301 Target 255

OTHER sells: 5. Sell TECHM 575 SL 590 Target 540

6. Sell ROLTA at 75 SL 80 Open target

7. Sell RINFRA SL 430 Target 370

8. Sell ORCHIDCHEM 164 SL 174 Target 145

9. Sell JISLJALEQS 130 SL 150 open target for big crash

Only possible buy setup is in PATNI – Buy if it breaks above 350. SL 395 Target 400

Stocks for next week

Stocks analysis

Here is my weekly take. Take it with a inch of salt because I havn’t been in market actively for quite some time now

Sell TCS at 1048 Sl 1075 Target 910

Sell welcorp at 120 Sl at 130 target 105

Sell sintex if seen near 130, Sl 135 target 105

Sell L&T at 1440 Sl 1475 target 1305

Sell hindalco with sl at 135 target open.

Onmobile and orbitcorp are clear sells with high probability. Stop loss 70 and 35 respctively.