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
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1 comment:
Now that was a bad week, i can see only losses-
IDBI- stopped out
UCO bank- stopped out
Union bank- Target met
Yes bank- Stopped out
TechM- Stopped out
Rolta- Stopped out
Rinfra- Stopped out
Orchidcehm short open at 164 Sl 175 Target 145 unchaged
Jainirrigation short open at 130 SL 150 target revised at 105
Patni long at 150. Close out.
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