The last week in the markets have been very wide in range, and volatile too. This makes for an emotional environment, and it is often best to step aside at times like this and wait for a lower risk environment. The markets are quickly becoming oversold and approaching what should be strong support levels, so it may be that a snapback is soon to come.
Nifty 100 DMA level is 4630 . Instead of making a futile exercise of where market would find support its wise to find a buying zone . For us it is 4500 ( if Nifty reaches there ) . Another way is to pick up good stocks with 25 % quantity and keep on adding as market moves in our favour.
As long as Nifty is trading below 50 DMA ( 4859)the short term trend will remain down.
Canara bank is a buy only if it trades above yesterday high of 352 with stop of 335 for a possible target of 375-396.
From FMCG stable HUL looks interesting.
Hope you all had a nice weekend.
Tuesday, November 3, 2009
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