As expected Nifty hit resistance, turned bearish briefly & has pulled up. It has given a dead cat bounce, but this move seems to be more of a shakeout. Market to witness volatile moves. Tightening stops advised on all holdings.
Stops on our positions have given positive moves.
Bharti: has moved up to Rs. 749.95 from Rs. 749.50. Stock is still in the negative zone. Hold for further moves.
Cipla: Stop remains same, but, position is in positive zone. Once there is weakness in the front runners, Pharma & FMCG will shine. We can see that happening now as all Pharma stocks have given a rise along with many FMCG counters.
Wipro: Stop has moved up to Rs. 355.45 from Rs. 348. Trade has reached 50% of our target levels, both weekly and daily charts are showing first signs of weakness, as daily chart starts closing above Rs. 425.00 apply more caution on exits.
Happy trading.
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