Do you have some good trading tips for 24 July and I want to check if this is the right time to take fresh long positions in the market?
Answer
Answer
On 23 July, the markets were pulled up by the banks and RIL. However, the level of 11,200 remains a key resistance for the market. For 24 July, your focus should be more on taking money off the table and wait for a clear confirmation on move above 11,200.
· Use higher levels to book profits in Sequent Scientific, Biocon, M&M, HDFC Life, Mahindra Logistics, Infosys, Eveready Industries, HCL Tech and BPCL.
· I have upped the target on Manappuram Finance from Rs.200 to Rs.250 as we expect further upsides on gold prices and demand for gold loans. Position accordingly.
· I reiterate the sell call on Piramal Enterprises at 1490-1500 for lower targets of Rs.1400 in one month time frame. Rally is likely to be capped soon.
Trade cautiously as we get into trade on the back of a sharp correction in the US markets. Friday is also time for weekend cautionary trades in India.