4550 seems to have been the short term bottom. It could hold for a week, 2 weeks, possibly 3 weeks and from thereon, we could take it on if it does not break.
The range for the Nifty is 4600-4650 on the downside, upside 4850, possibly 4900. This is the range we are looking at for the next week or possibly 2. There will be individual stock movements. Stocks like BHEL and Larsen which were cracking down one way, even the most of the stocks in the sugar space have stopped falling and they have made some kind of a pattern which suggests that they will hold for the next week or 2.
Do you think it could get worse from these levels for Idea as well as Bharti?
They are certainly not the best picks for the next week. The view is bullish and the bias is towards bullishness. They can fall down by 7-8-10% from the current levels and in case we were to see a correction or a bout of correction or half a day, these are the stocks which will fall on the downside.
I would not buy these stocks. Idea being the worst and followed by Bharti. RComm is possibly sideways. Idea, I would sense that 70 to 72 is where the bottom could be. We are not at the bottom in any of the stocks.
What is it that you like from the pharma space, would it be Ranbaxy or would it be a Cipla which has outperformed up until now?
Ranbaxy was good but the way it gave away on Friday going down 4%. I am not very very comfortable. No it is neither a Cipla, Ranbaxy, Dr. Reddy. Possibly if you ask me to choose between the 3 of them, it would be Dr. Reddy's but I would like to buy on some kind of a confirmation breaking. Prices breaking above 1605 in NSE cash when I can talk of a target of 1645 to 1650. So yes, I would play for the next 4% to 5% in Dr. Reddy's on Monday morning but above 1650, not at this current level.
What is the call on sugar space, what is it that you would do with Bajaj Hindustan and Shree Renuka on Monday?
This space tends to be highly volatile and one has to exercise that caution. Having said that on a decline, it would be a trading buy for me for the first time in the last so many months. Some volume built up with the price like a Bajaj Hindustan at the current level of 26 can be bought on declines up to 25-24.80 with say Re 1 stop loss than that level. One can look at a price target of 28.50-29. For the latest updates on the stock market, visit Stock Market Today
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