Final hour recovery
The benchmark index Nifty showed smart recovery in the final hour of trade which helped the index to recover a major portion of its initial losses, thereby formed a Dragonfly doji at 50% retracement of the entire rise from 4675 to 5399, which bring the chances of a selling climax into picture. However, the final confirmation whether the bottom is in place or not, will take place only if Nifty crosses 5254 level. Moreover, the hurdle of 50-DEMA packed at 5195 is also an important resistance and unless Nifty clears that mark, the chances of Dragonfly doji seeing a failure are quite high.
Trading Ideas
- Remain stock specific from current levels. Yesterday's low of 5056 (Nifty) will play an important support in short term.
- Mid term trading ideas which we like are LIC Housing (Target Rs988), Sesa Goa (Target Rs435), Suzlon (Target Rs78) andVoltas (Target Rs190). Traders maintain stop loss accordingly.
Investment Ideas
- Torrent Pharma (TPL): CMP @ Rs513 (Target Rs630)
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