Nifty tested a low of 3069 in Thursday's trading, but within few seconds it recovered and moved above 3080, the stop that I have advocated. The price pattern suggests that the correction could be over. As expected earlier, the uptrend continues to be intact. A rally towards 3180 is possible in one or two trading sessions. The short term target of 3400 holds good now. The stop for the longs in nifty is 3085.
Revisiting my earlier recommendations, of the three scrips which I have recommended, only TATA STEEL has come down below the stoploss but it also recovered. Those who have still having long postions can continue to hold, as the price target of 500 is still valid. Those who have closed the long positions can re-enter at current levels with a stop at 430.
The other two scrips namely Infosys and Reliance did not hit the stop and My view on these two scrips continues to be same and the price targets are still valid. Hold on to the long positions in this scrip with the same stoploss.
D Sathia Moorthy
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