Highlights for 13 Nov - Wednesday 1) TRADE RECOMMENDATIONS: We continue to be long in Infosys and short in short in Reliance Inds, HDFC BANK Ltd and Idea Cellular. We exited Biocon and Aditya Birla Nuvo Ltd at profit yesterday. 2) NIFTY Near Month: We continue to be bearish Nifty. Our short position in Nifty 1 month at 6150-6200 has been executed and we wait for 5800 levels to be achieved by 20th November with stop loss at 6350. 3) BANK NIFTY Near Month: We continue to be bearish Bank Nifty. We initiated short 2 days back at 11000 for a target of 10,400 and stop loss of 11,200 and have already reached close to target around 10,600 yesterday. 4) USDINR: USDINR ended yesterday on a biddish note and looks set higher for a move upto 64.50. The move up in USDINR has made running flat pattern where wave C would enter territory of Wave A and hence the up move yesterday from 63.60 to 63.80 was impulse and we expect the same to continue today with potential target of 64.50 within next few days. 5) Techno-Fundamental Comments: We are in RISK OFF mode with higher US yields leading to depreciating Currency leading to higher bond yield leading to lower bank nifty leading to lower Nifty. India release lower than expected Industrial Production data and higher than expected CPI, which is perfect recipe for a bearish market.
Posted on: Wed, 13 Nov 2013 03:21:44 +0000
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