Nifty failed to clear the hurdle of 50-HEMA, which is a worrisome signal.

Dull day Selling pressure in stocks from the engineering and energy sectors led the markets to lose most of their early morning gains. On technical front, Nifty failed to clear the hurdle of 50-HEMA, which is a worrisome signal. Moreover, Nifty is also unable to clear the hurdle of 20-DSMA packed at 5286, which is also a sign of exhaustion. So going forward the view still remains bearish in the near future.

Trading Ideas Remain stock specific from current levels. Mid term trading ideas which we like are Fortis (Target Rs182),Hanung (Target Rs268), Nagar Cons (Target Rs198) and JP Associates (Target Rs168). Traders maintain stop loss accordingly. Investment Ideas Essel Propack Ltd (EPL): CMP @ Rs49

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