The market went up for 2 days and then lost some points due to profit booking during later part of the week. However it has closed above 17500 and it is a good sign. It appears that the market will try to consolidate around this level and then move up again. The trend is bullish and it is expected to remain bullish for next couple of weeks.
The market may open weak on Monday. If so, then it would be a better opportunity to buy because the market is most unlikely to break 16800 in near future. Unless there is some clear indication of market weakening for long time each fall in the market should be utilized as an opportunity to buy. However, as advised earlier, I would reiterate that beyond 18000 one should start booking partial profits.
Power sector appears strong and in next 2-3 weeks they are likely to go strong and make sizeable gains. Keep an eye on all good power stocks. Weakness in dollar may cause IT stocks to fall but one should use it as an opportunity to make fresh buying in IT because these stocks are unlikely to fall sharply and below certain levels.
MY PICK OF THE WEEK IS RELIANCE POWER NEAR 160 MARK. It may shoot up at any juncture to reach 180+ mark quickly. Another power stock with good potential is GVK.
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Now today i.e 29th'Jan'2010 as the CRR has been raised by 75 basis points which might result in some good up move in the Indian Stock Market which will attract Traders in the Indian Stock Market
Sectors to watch are Banking
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