Nifty poised for a minor upswing

Ashok Kumar

With the inevitable technical correction having set in and restored some semblance of reality to the proceedings at the bourses, the Nifty again seems poised for a minor upswing. Once again, there are potential winners available at lower levels making it worthwhile for discerning investors to consider picking up for their portfolios. A fair number of trading opportunities too are available at this stage. Bull operators could consider taking up long positions in Tata Tea at Rs 365 (square up at Rs 395), Philips at Rs 126 (square up at Rs 138) and Citicorp Sec. at Rs 110 (square at Rs 135). Short positions albeit still highly risky, could be considered in Reliance at Rs 135 (cover at Rs 120) and Bajaj at Rs 475 (cover at Rs 455).

The dark horse bet of this week is SRG Infotech at around Rs 9. This scrip has just entered a month long `no delivery' trading zone, making it a possible candidate for target by bull operators. Furthermore, the trading volumes at this counter too have increased significantly of latemaking it worth a closer look. Another counter meriting a closer look is that of Ashok Leyland, wherein too there has been a significant increase in trading volumes. Yet, as always, it would still be prudent to book profits at the earliest.

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