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Posted by marketcalls on August 4, 2008
Dear friends
Correction Levels are checked and
market is now in uptrend
Volatility of last day of F&O is digested and market has resumed its uptrend. Investors can definitely make their portfolio in technically strong scrips. Traders should focus on buying at lower level instead of selling at higher level.
Nifty (4413.55) : Nifty has checked correction level of 50% ( 4159 )from previous bottom of 3790 to previous top of 4539 and started going up. After crossing the latest top of 4539 which seems positive to cross, it can go up to 4914.
NTPC (176.80 ): After taking support of 168 it has started going up. Upper side first target is 195 and then 225.
GMR Infra ( 98.85 ): Latest two tops of 96 are crossed. One can buy with stop loss of 92 and then 88 to get price up to 112 and then 120.
Dr. Reddy (584.85): Required long term correction is over and reversed to upside. One can buy with stop loss of 567 and then 550. First target is 675 and crossing this level can go up to 725.
Jaiprakash Asso (170.45): Required correction is over and now turned up. One can buy with stop loss of 160 and then 152. After crossing 175 which seems positive to cross, it can achieve target of 220.
ABB (801.90): Previous bottom is rechecked and reversed upside. One can buy with stop loss of 753. First target is 935 and then 1025.
Jindal Vijay (797.90): After checking multiple bottoms it has given upside breakout. It can be bought with initial stop loss of 747 and then 712 to get first target of 860 and then 1030.
Maruti (562.15): Required correction from 520 to 660 seems over. One can buy with stop loss of 553 and then 520 for target of 660. Crossing this level it can go up to 700.
