Nifty waiting for the breakout 5310 on upside and 5187 on downside.

Lackluster week

• On w-o-w basis, Nifty closed with gains of merely 10 odd points, which is suggestive of no real buying pressure. Such narrow weekly range near the strong psychological hurdle of 5310-level, is a sign of exhaustion. Going further, the daily momentum cycle is also in the overbought zone and has rolled over for a negative crossover, which will be good trigger on bearish side. So currently the market participants are in no man's land waiting for the breakout on either side, i.e. 5310 (closing basis) on upside and 5187 on downside.

• Trading Ideas

  • Remain stock specific from current levels.
  • Mid term trading ideas which we like are Unitech (Target Rs80), Sesa Goa (Target Rs518), Raymond (Target Rs280) and Maytas Infra (Target Rs224). Traders maintain stop loss accordingly.

  Investment Ideas

  • Greaves Cotton (GCL): CMP @ Rs316 (Target Rs350)

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