Hello Readers / Visitors / Clients / Friends,
As updated in last newsletter dated May 5, 2008 , that we can see some profits booking in markets as Markets are very close to resitance levels around 5300 for Nifty, also chart explaining the reasons for profit booking in markets was updated.
In this markets you wont find people like us who give reasons along with charts that y we giving Buy or Sell recomendations.
Anyways markets cooled off in last two trading sessions from 5300 to 5100 Nifty spot levels, Here lies the supports as major support for markets are 5050 - 5100 Nifty spot levels, once we close below these levels for minimum 2 to 3 days then we can tell that there is trend reversal in the markets & it can fall further, but according this wil not happen.
We would like to advise to keep stock specific approach & use trail stop losses to your buying positions. In last newsletter we have asked people to book profits who are happy with 10% / 15% / 20% + returns in short run.
Dollar is appreciating against rupee which is good sign for IT & Software stocks, also for those stocks who are more of exports oriented. Yesterday we have updated to our SMS group members about this Rupee - Dollar.
Top picks due to this appreciation would be Infosys, Tcs, Tech Mahindra, Satyam & many other mid & small cap IT stocks.
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Regards,
Allies Financial Services
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