Indices started falling after two weeks of rally. Nifty faced resistance above 3100 and retraced. Both the major indices lost more than 7% during the week. Almost all sectors lost ground prominent among them were realty, Auto, Fertilizer, IT and Cement. Aditya Birla Nuvo, Cairn and Ranbaxy managed to end in green while Unitech, HCL Tech, M&M, SAIL, Satyam, Tata Motors, Reliance Infra, ICICI Bank, DLF, Sterlite, Reliance Power and Hindalco were the major Nifty losers all losing more than 10% during the week.
Nifty may find support around 2600-2620 and it may remain a crucial support zone for next couple of weeks. On the upside it may find it difficult to breach 2950. One should exit all long positions at every opportunity and remain short in the immediate to short term. The results season is about to begin and this quarter is all set to disappoint. Stay short.
SELL
PFC @ 123-125 Tgt 118, 111 SL 127
BHEL @ 1315-1320 Tgt 1260, 1220 SL 1340
Kesoram Inds @ 144-145 Tgt 136, 129 SL 150
Reliance Power @ 114-115 Tgt 108, 102 SL 119
United Spirits @ 900-905 Tgt 860, 825 SL 925
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