Watch Nifty
Ø Nifty once again touched 6220 mark without being able to close above this level. Nifty gains further strength only if it closes past 6250 and is able to sustain above this for a couple of sessions. If it is unable to, we could perhaps see a short term correction of 2-3 %. Likewise, Bank Nifty has to move past 12,750 ( +/- 100 pts.)
Ø Nifty's resistance for 07/10 is expected around the 6250 levels.
Ø It appears that inspite of Nifty's sideways move, action seems to have shifted to scrips in the midcap space and the following scrips look good :
o India bulls > 170 ; IB Real Estate > 202 ; Guj. NRE Coke > 66 ; Alok Ind. > 22/40 ; Century Text. > 551 ; Chambal Fert. > 78 ;
o Crompton Greaves > 332 ; Hind Zinc > 1245 ; IDFC > 214 ; Indian Bk. > 312 ; India Cements > 126/50 ; Laxmi Machine > 2500 ; Nagarjuna Fert. > 34/30 ;
o Orient Bk. > 512/50 ; Rel. Ind. > 1052 ; Sterlite > 180 ; GIC Hsg. Fin. > 160 ; Titan > 3445 .
Ø We have already advised investment in Bank India, Canara Bk., IOB, JP Associates, Bajaj Auto, DLF etc. all of which continue to look good.
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