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NIFTY formed a Bearish Engulfing - needs to have serious view on the vaidity of the present uptrend. Trend Reversal is expected, if it closes below 2940 on the other hand Nifty enjoys a strong multiple minor supports at 2885/2881/2829 & major supports at 2807-2773. Further, keep in mind that the validity of this present pull back rally will be over only if Nifty break 2800 convincingly. Yesterdays fall is just a profit booking because markets were starting to look overheated and so that kind of a correction was needed within this pullback rally and that’s happening. Once again it will actually attract buying at lower levels.
Buy RCOM btwn 190-193 S/L 184 Tgt 212-215
ICICIBANK Weak below 427 S/L 437 Tgt 420-418
Try shorting this overheated HOT boy
Short HDIL btwen 149-151 S/L 159 Tgt 142-138 - risk reward ratio 1:1