Just after opening of the trading session, Nifty was seen trading in the negative zone. It was down by around 50 points to make a low of 5048, but in the closing session we saw some value buying in the the forntline stocks like RIL, Tata steel, LNT that helped Nifty, pull back in the positive zone. Today Nifty again closed very near to the resistance trendline ( as circled in the chart ). As mentioned in the morning, that there are not much short seen in the Nifty future and the pull back is expected. But still the Nifty have not closed above the trendline. So a word of cautious is still there.The close above 5120 can take Nifty to 5200-5350. Close below 5040 can take Nifty again to the recent low.
Last wednesday some calls were posted. RPL @ 179.75, Adlabs @ 675, LITL @ 505. All the stocks have royally acheived the target and within short period. Viewers can themselves see the prices now. On 8th feb i have given a call for short NTPC @ 192.75 for the price tgt of 182, the same have been achieved. Still it looks week tgt 175- 172-166.
Oil surged more than $3 to a record life time high of $132 bbl after US government report showed a surprise drop in crude stock piles & fears of a worsening supply crunch.
1. GMR Infra looks good cmp 151 with closing SL of 149.8 tgt 155. Close above 155 will take it to 163.
2. Buy Unitech above 283 tgt 293-300 Closing SL of 279.6.
3. Book Profits in Tata Steel at 926.
Fresh Built up seen in Sesa goa, Sail, RPL.
4. RPL still lookd good.
5. Tata communications above 518 with SL of 505 HOLD
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