GPIL:CMP @ Rs. 224 (Target Rs. 261)

5160 - A key support

• The negative sentiments continued to rule and the magic of Infosys failed to boost any positive emotions. On the macro front unless 5160 is intact the higher top higher bottom signal is on and bulls are still safe. Secondly, the daily momentum cycle has not yet rolled over into the corner of bears, which adds to the bullish sentiment. However the only sign of worry is the break of hourly averages. But taking into consideration the daily momentum cycle and the peak and trough analysis, we still hold on to our bullish view unless 5160 is disturbed.

Trading Ideas

• Mid term trading ideas which we like are ENIL (Target Rs. 260),Elecon (Target Rs. 110), JP Associates (Target Rs. 181) and3i Infotech (Target Rs. 110).  Traders maintain stop loss accordingly.

Investment Ideas

• Godawari Power & Ispat (GPIL):CMP @ Rs. 224 (Target Rs. 261)