HI all,
Nifty is poised at a crucial juncture at this point of time A close above 3250 will take us to 3400 levels and if unable to cross and 3150 and 2980 are held the uptrend will resume.Statergy should be to buy on dips rathter than to Sell at rise.
As it being Holiday shortened week with Tueday on eve of Mahaveer Jayanti and Friday Being HOliday Volumes are likely to dip and Volatility to Remain High.
Also Nifty has seen 3 sharp bear market rally in this correction phase and all are making lowers lows and lower bottom.
Now the best strategy would be to play in at the money option,3200 CE was a money doubler and w booked a liitle ealy but still we should not be greedy, as we will get ample opputunity.
As of now we are having open positions in 3000 PE taken at 46
Please refer to nifty weekly charts for support and resistance.
Stock Specific:
ICICI buy at dips near 345-350 for a tgt of 387 and 400
Reliance moving towards upper band in channel and should be shorted near 1710 or bought at dips 1580-1610
SRF buy above 81 for a tgt of 95-100 sl 71
Century Textile buy nead 219 sl 205 TGt 230 255
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Regards,
Bramesh
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