If you don't have guts to go long in the markets at current levels then atleast don't short it... Wait for a breakdown below 5150-5160

DowJones down 100 points overnight + Asian markets trading weak is not necessarily equal to placing the first order as short @ opening bell. The same thing happened today when @ opening bell people were going short in the anticipation of 5180 on Nifty. Never go short in a rising uptrend until and unless its a hedge position. Always wait for a breakdown to occur to go short.


Nifty View:

5225-5235 on downside is acting as a great support zone. Buy around these levels to sell at 5265-5275. If Nifty goes below 5165-5185 with volumes, go short for targets of 5135& 5100.


Stock View: UCO Bank

A move above 61.6 was enough to give a multi-month breakout. The stock made four attempts to cross 61.6 but all were unsuccessful. If you go by the charts you can see all 4 unsuccessful attempts until the last one which was a succesful one :). The stock gave a strong bounceback yesterday from a strong green support line. The stock is a buy on dips for targets of 67 and 69.





Stock View: Rel Capital


The stock has underperformed the Index by a meaningful margin. Now the stock is trading closer to its multi-month Red trendline but is not able to cross it due to lack of volumes. The stock is a buy on a move above 925 with a stop loss of 885 for targets of 965-970, the only imp thing is that just watch out for volumes in this case. You can also buy this stock on dips to 865-875 for the above mentioned targets.




Stock View: GVKPIL


This stock is also trading near its multi-month highs of 53.5-54 plus there is a red trendline acting as a resistance at around 55. A move above 55 and that too with huge volumes will give a nice breakout for targets of 65 & 70. The stop loss for all trades should be placed at 49.5.



Have a nice trading day!!!

Regards

Ankit