After being subdued for close to six months, Telecom sector has started looking up. As we had written, in our last post. All the front runners of telecom services industry have gained momentum. BHARTI AIRTEL, which came to buy at 295.50 levels, has already locked more than 6% gains. While the whole market was weak today, the only sector that kept its head above water was telecom.
This shows how the stock market has a clear cycle formation. As other sectors loose their sheen, there is always a sector to give some stocks to take position in. On the Index side, market is getting ready for the next bear run. Hourly charts have already gone short at 5230 levels. There may be another attempt to give a new high, but that would get the steam out and give a still stronger strength for short trades.
Many Industries which are still strong like Jewellery, Hotels, Fertilizers etc., have started coming down. We have another opportunity of long trades here. Sugar industry which is pretty weak has the next opportunity on the long side.
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