Good Morning Folks! The uncertainty is still not over in US and it seems to be getting worse. As SGX Nifty is suggesting, the Nifty would open in the positive and might trade in the range. In the first half, Nifty would test the level of 5800-5820. If it is successful to break the level and sustain above that, a good buying amount might flow into the markets.
If the Nifty is unable to sustain above those levels,markets might slip into negative zone. The support for Nifty is around 5700-5720 and the resistance is around 5800-5820.
Hindalco
As we have already suggested this stock as a positional shorting opportunity it seems attractive to short it Intraday. The sector would be in negative. If the stock moves 1%higher in the early trade, that will be better chance to short.
CMP - 110.25
Targets - 108/106.5/105
SL - 113.25
We recommend going short in the range of 109-112.5
RCOM
There is an issue with the band allocation pricing of telecom companies so the telecom sector might be negative today and the best shorting chance might be in this stock.
CMP - 148.85
Targets - 146/144.5/142/140
SL - 152
We will update the blog with other picks and also the updates. If the stock moves into profit, we recommend to trade with a trailing stop loss to lock profits. Please trade with a proper stop loss and money management. We would love to hear comments and views from you.
Happy Trading !!!
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