Though it was a surprise, technically the pull back had to happen after such a steep cut. As time passes, it is becoming increasingly difficult for the markets to sustain a pull back. I am afraid we might see a time, not in the very distant future, when even pull backs as vigorous as this would be hard to come by. Any rise like this should be utilized to sell into irrespective of the valuations. We see no reason for the markets even to stabilize at this juncture, let alone a rally. Let all traders accept this reality and continue moving out of the markets and creating short positions. At levels that we are going to witness a few quarters from now, we might not dare to sell. Make the most of these relatively good times and SELL.
SELL
IOC @ 433-435 Tgt 424, 413 SL 438
Praj Industries @ 50-50.5 Tgt 46, 41 SL 52
India Infoline @ 42-43 Tgt 38.60, 35 SL 44
Aditya Birla Nuvo @ 360-364 Tgt 340, 320 SL 370
HPCL @ 276-278 Tgt 268, 260 SL 282
Reliance Capital @ 296-300 Tgt 271, 260 SL 305
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