I could not write my post for previous week as my son was leaving for USA for further studies on 25th. I had little access to the market and preferred to stay away from blogger. Now that he has reached his destination I will now be able to concentrate on the market.
The market has successfully broken its strong resistance level and is likely to gain further during this week. The next level of resistance is 17850 and then 18150. It is expected to open positively on Tuesday. It appears that it will not find it much difficult to cross 18000 mark. However, the present scenario may not allow it to cross 18500. It is therefore advisable to hold your present long position and start booking profits after market has crossed 18000 mark. The attraction will be seen in IT, cement, power and pharma sectors.
My peak for the week is GNFC. Its first target is 108 and then 126. If it crosses 126 successfully then 144 is its 6 month target. Some previously recommended stocks like IGL, HCLTECH, SONATA, KALE CONSULTANT are going strong. It is better to hold them for a couple of weeks to reap good profits.
We have F & O settlement this week. Please remain cautious in trading futures, particularly those who are short. It is not wise to continue further with short position.
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