We have had a three week of corrections. Going by history time wise it usually takes 4-5 weeks of time when corrective phase gets over. Are we in bear market ?? The answer is no . Technically speaking, as long as Nifty is trading above 200 DMA we are in a bull market. This is a basic thumb rule which we follow.
Now the premise is clear that its a bull market. Now next question comes , what should one do in a bull market ? The answer is buy on dip.
These corrections offer opportunity to buy. One should be doing some cherry picking in quality stocks in small quantity .
Bio Con has found support at 100 DMA at 230 . If this support is held then the stock can retest 260-280 zone.
If Nagarjuna Construction is able to trade above 153 then it may move up to 170-180 zone.
Gold is back to action again.If you remember we posted Louise Yamadas view on Gold.
Learn a new thing everyday.
Wednesday, November 4, 2009
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