So finally the markets have taken a break. Sensex and Nifty cracked down nearly 3% down. Sensex lost 337 points to close at 10947. Nifty once again closed below 3400 levels. Nifty made a high of 3511 and closed below its 200DMA at 3358 losing around 114 points. Markets were very volatile today. In the morning Indices opened marginally up and immediately slided down in the -ve zone. First half the markets remained +ve and then in the second half markets were trading in the -ve zone. Finally we saw some profit booking. As mentioned in my last blogs that the profit booking should be there and the markets will see some correction. And the Nifty is as such trading in the over bought zone, so some coreection was expected. I hope that the readers of this blog might have done the same, if yes then they will definataley get a 2nd chance to buy at the lower levels. Most of the marketmen were in the view that the nifty will touch 3580-3600 without any correction. Which was not possible. Nifty can fall down to 3357-3335 levels.
Some buy calls given in the morning
REC Ltd above 102.5. made a high of 110, up around 10%.
ICICI Bank tgt 442-452-472 touched and intraday high of 462.
SBI tgt 1309-1313-1334 made a high of 1320.
JP Ass made a high of 127.9. The stocks which did not perform were GMRinfra, Chennai Petro. NTPC.
Inflation for the week came at 0.18% v/s 0.26%
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