Nifty Trend For This Week

Indian equity benchmarks closed at a fresh two-month high on Monday and continued their uptrend for the fifth consecutive session, aided by financial, infrastructure, auto and FMCG companies' shares. Bharti Airtel, ONGC and Wipro in aided Sensex touching the psychologically important 19,000 level.

The 50-share NSE Nifty closed at 5,687, up 33 points, after hitting the 5,700 mark in an intra-day trade and the Sensex too touched the 19,000 level - a psychologically important level.

We suggests that some profits should be taken at around 5700 and for the rest of the position one can revise stop loss. He says that 5750 and 5695 are two important technical points to watch out for.

We feels that unless there is a spike in oil price, the market will continue to gain strength and may even touch 5800 or 5900 on the back of foreign funds. The market have also gone up a little bit too sharply over the four to six trading sessions. So, people will have to continue to trade possibly on the long side for the time being but keep strict stop losses and continue to watch the events, what is unfolding out in the East and the North African countries.

This is the best time to sell weak stocks and buy stronger ones. like BHEL, Orchid Chemicals and Dr Reddy's.

So book the partial profit and for the rest of the position you should revise stop loss.