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