Last week :
The selling on the last trading session was more severe ahead of a long weekend and almost all sectors lost ground. Most of the F&O counters saw liquidation and hence witnessed reduction in open interest. Banking stocks got hit the most with a 6.5% fall in the Bank Nifty. Metals, Oil and Gas, Cement, Realty and Telecom stocks figured among the top losers. Cairn remained the top Nifty gainer followed by HCL Tech, Bajaj Auto, Siemens and Zee. HDFC, DLF, HDFC Bank, ICICI Bank, PNB, Hindalco, L&T and DR Reddy were the prominent losers all lost anywhere between 5-9%.
The coming week is going to be:
Get ready for another bout of selling after the Thursday’s fall and this fall will be more severe. We may witness selling coming from all quarters despite the weak crude. One has to play only short in markets if one were to take a short term call. We have every reason to believe that the shorts were already covered and further long liquidation is due. One has to act fast and get out of the long positions as quickly as possible and remain short for a week or so. We recommend traders to trade short in Nifty with a day close stoploss of 4480 and look for support levels of 4360 and further 4280, which look near term possibilities.
SELL
HDIL @ 442-444 Tgt 422, 398 SL 450
GTL @ 194-196 Tgt 188, 181 SL 198
Skumar Synfab @ 71-72 Tgt 68.50, 65.50 SL 73.50
RPL @ 163-164 Tgt 158.50, 154 SL 166
Rajesh Exports @ 52-52.50 Tgt 48.20, 44.50 SL 54
Sterling Bio @ 180-181 Tgt 172, 161 SL 184(day)
Praj Industries @ 183-184 Tgt 173, 168 SL 187
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