Lackluster, is what you can say, the market was today. Trading on the opening day of a settlement was dull. Whether the bulls or bears, who is going to gain control of the market is a difficult question to answer even after the week is over. The bulls are not taking control and the bears seem to be losing interest. So the only way that is possible could be sideways. However, I am tempted to say that the market may touch 12300 levels on the Sensex based on the daily charts. On the contrary, the short term intraday charts point out Sensex may touch 13400 again.
The banking sector looks for another dip and a short trade can be taken in any of the major banks like SBI, ICICI Bank, HDFC Bank, and at every rise on these stocks.
Bharti, Reliance, Rel capital and Hind Lever are still favourites to go long for some more time. ONGC is also looking stronger by the day. SRF may be looked at for a buy call. Technology stocks are looking weak prompting for a short trade at every rise. Actually, this is the main cause for the Index to be moving in a lackluster way since some of these heavy weights on the Index are showing divergent directions, otherwise market would have come down heavily. Even now the downtrend has a slight edge over the other.
Since market may be expected to move sideways, scrip specific trades may be more profitable than Index trades, with a very stringent trailing stop loss levels on the particular stocks.
SRF may be looked at for a buy call.
Accounting For Investments
Saturday, March 31, 2007
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