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Bad news is after negative breadth....and bar reversal


Bad news is after negative breadth...and bar reversal...charts are weak...good news is Brent Oil has settled inching towards 108.5...7612 still holds and after initial panics, if we are able to trade above 7612...we can again inch towards 7700 and 7750...downside support is at 7497...trade with eagles eyes...avoid bank nifty on buy side as its structure is weak...applied for banking stocks...Infy, Wipro are good ...ITC is to be sold with a stop of 341 on a closing basis...ACC and TATA Global are just near 50 days moving averages...one can buy ACC with a stop of 1400 in spot on a closing basis and TATA Global with a stop of 156 on a closing basis...avoid midcaps...small caps ...and buy only from a long term view...past history says when markets correct heavily in railway budget they move up sharply in the budget sessions...so keep fingers crossed and buy once intraday correction is over and nifty starts trading above 7612.


{09.07.2014}





























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