The market was range bound through out the day and towards closing some of the Index majors pushed the market up. Looking at the closing and the intraday charts, the Sensex may go upto 13400 in the short run where it may face good resistance. The daily charts of the index are still not showing any positive strength as has been noted in these columns earlier.
Today, personal care products major, Hind Lever gave a breakout and looks like a sure winner and one can add this to the long calls already made like Reliance and Bharti on the Index scrips. The First target seems to be Rs.214 and second target seems to be in the region of Rs.230-235. One may be tempted to add SRF to this list.
Most of the Tech stocks and bank majors are showing weakness. One can look shorting Infosys and the three heavies of the baking sector viz., SBI, ICICI bank, HDFC bank. Another candidate for going short looks to be certain is Century textiles, if it closes below Rs.514 for the week.
Institute of Investment Accounting - Prasad's columnThe short term call on the small and medium cap companies continues with the same list.
