Contrary to first glance impressions, I am not talking about the book by Thomas Friedman ( A very good book to read though )
I have used the above phrase more times than I can remember in the month of December!! And here I go again.
DOW JONES has closed marginally lower and Asia is flat with a negative bias.Not much to talk about here.
NIFTY was not able to sustain at higher levels yesterday and closed at 5187.5 (spot levels) The derivatives action suggest we may drift a little lower from here. Around 5120/5150!! But the Open Interest keeps changing every minute and so does the outlook!
The medium term outlook remains bullish. Nifty may test 5500 and the Sensex will go upto 18000-18500. Shall review the position then!
FEW SHORT TERM TRADING CALLS..........tTATA STEEL AND OPTO CIRCUITS...PLEASE REFER THE READ MORE EXTENSION BELOW.......
TATA STEEL LTD
Buy on dips to 610-615 for a target of 680. Keep a stop loss of 580 for all your trades.
OPTO CIRCUITS LIMITED : STRONG BUY
On the Daily chart, The stock is about to cross a longterm trendline with volumes.
On the Weekly chart, 230 also happens to be a very long term resistance. Also the 50% Fibonacci Retracement Level.
Buy on every dip with a stop loss placed at 218 for a target of 280.
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