1 August, 2011: Equity Buy/Sell (Technical View) IFCI research,

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Equity Buy/Sell (Technical View)

Ø  Some scrips have reacted sharply. We give below key support levels of a few scrips for investment by long term investors :

o   Canara Bk. ~ 440, 385 ( we had earlier advised investments around 520 levels). Long term investors may average at the current levels of 470 and then near support levels. ;

o   Bank Baroda ~ 790-800 ; Shriram Transport ~ 475 ;               JSW Steel ~ 725 ;               LIC Hsg Fin. ~ 197-200 ;

o   Reliance Ind. ~ 750 ( if this is violated, its next support is far away at 465-470). Long term investors ( who have the patience since the scrip can continue to be in sideways move for a long time) can invest at current levels and average if it reacts to 750 levels

o   Praj Ind., presently reacting can be expected to reverse up shortly. It has support around 81, 75.

Ø  The following already recommended continue to be good for accumulation :

o   Bata India > 666 ;                             Bharti > 442 ;                     Bajaj Auto > 1490.

Ø  The following scrips are also good :

o   Alok Ind. > 25/75 ;                           BEL > 1772 ;                        Bharat Forge > 336 ;                        Axis Bk. > 1347.

  

COMMODITIES:

Ø  Both gold and silver have been gyrating in the last few sessions.  Gold almost touched  23400 (23358) and reacted. It has support around 23050 and 22950.

Ø  As mentioned earlier, gold looks good and could even touch 25500-26000. Long term investors can consider accumulation when it crosses 23400 or buy near 23000 with stops at 22895.

Ø  Silver is also set to reach its earlier high. Its immediate target is 64000. The stop can be placed around 49000 and increased as the commodity moves higher.

Have strict stop losses