Time for a dip
Nifty ended with moderate losses of 50 odd points on weekly basis, after showing a smart rally for five consecutive weeks. Moreover, today's negative weekly close and a sell signal trigger on daily MACD, both indicates that a we are in for a small correction upto 5900 level. Also Nifty has broken both 20- and 50- hourly moving averages, which again signals that a short term correction is ready to gulp the exhausted bulls.
BSE IT
BSE IT index seems to have resumed its uptrend after a 66% correction of the recent rise. Hence in the coming days we may the index scaling new highs. As of now the target is packed at 6300 level
Trading Ideas
· Remain stock specific from current levels.
· Trading ideas which we like are Hindalco (Target Rs244), Elecon (Target Rs108), DCB (Target Rs68) and KFA (Target Rs88). Traders maintain stop loss accordingly.
Investment Ideas
· Aurobindo Pharma: CMP @ Rs1,111 (Target Rs1,242)
More details contact Mr Anand Agrawal at 9595139228 or visit http://www.insighttechnical.net
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