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Market View @ 1 pm.

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After the catastrophic fall in the markets last week, we can say that the markets have retraced the entire rally of last 3 weeks. The strong selling in the markets have brought the indices very close to its critical supports of 5750. I believe that in the absence of further negative news/events, markets would become rangebound and volatile between 5750 and 6050. Traders can find ample opportunity by buying on declines with a strict stop loss of 5750 and selling on rises with a strict stop loss of 6050, in this range bound market.

Investors with a medium term outlook(3/6 months) can look to invest in stocks such as HUL, Tatasteel and Sterlite.

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Written by Rakesh Gandhi

January 10, 2011 at 10:36 am

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