The Nifty Futures is expected to open strongly on the back of strong Asian markets and positive news expectation from the US markets (Tim Geithner). If the NIFTY opens gap up, one can go long with a fixed stop loss of 2795. The Nifty may face resistance at 2840 and 2865 levels. If it manages to break these levels and close above it, then one carry on the long position overnight.
In case of negative news from the US markets tonight, then one could see a sell off.
The first target I see for NIFTY is 2879. If it manages to stay above this level in this week, then there is a strong likelihood that NIFTY could go and kiss the 3000 level.
Stocks for today:
HDFC Ltd CMP 1412. One can go long with an intermediate target of 1459 and if it closes above this level, then the next target could be 1500 plus. Stop loss should be strictly maintained below 1378.
For those who have been reading this fledgeling blog, the previous calls I had given on Friday, March 20, 2009, with regards to Reliance Industries and Infosys, I still maintain them.
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