Tuesday, May 11, 2010

Mid term trading ideas: IFCI (Target Rs60), Voltas (Target Rs190)

Sell on rise

Nifty shed 57 points on profit booking across the globe. Almost all sectors witnessed selling pressure - metal, realty, infrastructure and oil & gas, which rallied sharply, were the major ones. On hourly chart, though Nifty is forming a falling wedge, generally considered a bullish, has a high probability of seeing a failure. The reason behind the falling wedge turning out to be a failure is the on going H&S pattern, which has just completed a neckline retest phenomenon and unless 5217 is breached every rally should be used as a selling opportunity only

Trading Ideas

    • Remain stock specific from current levels.
    • Mid term trading ideas which we like are IFCI (Target Rs60), Voltas (Target Rs190), Suzlon (Target Rs78) and Dena Bank (Target Rs98). Traders maintain stop loss accordingly.

    Investment Ideas

    • Jubilant Organosys: CMP @ Rs343 (Target Rs460)

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Safe Harbor:

The information contained and provided on this Website provides Investment advice for the education of investors. The posts are an information service only. Recommendations, opinions or suggestions are given with the understanding that readers acting on this information assume all risks involved. We do not assume any responsibility or liability resulting from the use of such information, judgment and opinions for Trading or Investment purposes.
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