Please give me some good ideas for trading on 03 September? Do you see the markets going up further from here?
Answer
Answer
The Nifty was largely supported by auto stocks even as FPI buying continued to be strong in equities. Watch out for stocks in the telecom space and also keep an eye on Reliance Industries for positive movement in the short.
· Traders can look to buy Reliance at Rs.2125 for one month targets of Rs.2250. Reliance Industries will see positive moves on its massive $60 billion investment in new oil.
· Buy SAIL at Rs.41 for upside targets of Rs.50 in 1 month time frame. SAIL is relatively underpriced and will benefit from the metals bounce caused by China imports.
· I reiterate the call on NPTC. Traders can buy NTPC at Rs.100 levels for targets of Rs.125 and Rs.150. NPTC could be the big power beneficiary of the sector restructuring.
There will be some volatility on Thursday due to the weekly F&O options settlement but the overall index appears to be headed back to the 11,800 levels.