Market on 3-Jul-08

Some short-covering may be left and that is the only reason why the markets can move up today. However, given crude at USD 144/barrel bearishness is very much on cards. Any positive opening in the market today should be an opportunity to go short on the market.
Good shorts would be especially banking stocks like ICICI and HDFC bank that rose significantly yesterday. Other major stocks like LT and RIL also bearish. With DLF doing a buy back on the 10th of this month, we may see some bullishness for that reason in realty stocks.

Markets on 1Jul08

Each passing day bring with it new gloom and doom for the bulls. Although the market has reached an oversold region and hence expect a brief rally, further downsides are not ruled out. FII selling rules the roost and therefore no fundamentals can save the bulls. Nifty closed at 4040 and key support and resistances are placed at 3930/3990 and 4130/4200. Crude prices at USD 140+ a barrel have been an added dampener to the Indian stock market.
For short-term intraday trades (do not recommend delivery in these markets), Cairn is a good buy with CMP 274.7 for targets of 282. Keep stop loss at 269.5. RPL also looks bullish for targets of 176, CMP 170.55. Keep stop loss at 167.