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Nifty to slowly rally to 5400: Gujral

2008-05-02 12:27:16 Source : Bazaar/CNBC-TV18
(Interview Transcript)

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contd from pg 1..

Q: What is the top trading idea this morning?

A: Top trading idea this morning would be i-flex that has had a fresh breakout.US markets are again looking up, NASDAQ is up so for i-flex you could have a support of Rs 1,275 and resistance at Rs 1,670. The entire midcap tech has got news flow; it has got momentum with it so that is probably a top group right now.

Q: 5,250 is here, how should one approach trade now, if one has to take a new position?

A: 5,230-5,240 that�s been a sticky kind of a area if we can sustain for sometime above this areas and find support from here, then one will get positioned for a further rally and that further rally should come in. So people need to go long on all dips towards 5,200 and they need to take long positions.

Q: Have you taken a look at Bank of India�s chart at Rs 365?

A: PSU banking got hammered lot more than the other stocks. If Bank of India can maintain above Rs 340-345 I think targets of above Rs 410-415 are possible. Provided inflation starts coming down and interest rates scare moves away. I think these are good stocks to get into and there are lot of the bad news may already be in the price.

Q: Any recovery you are seeing on JP Associates charts?

A: Its finally crossed over its 200 DMA, which was around Rs 255-260 now the next hurdle for this is Rs 290-295 and the problem is that at every level people are stuck in stocks. So I don�t see it making new highs it�s probably a trading rally and can go upto Rs 290-300.

Q: Rs 66 now at Geojit, another 13% up on it what kind of targets would you play for?

A: The next target is Rs 73 and a further target of Rs 88 -100. I like the way everybody is giving guarded comments, so that keeps my enthusiasm up for long positions.

Disclousre:

We have long positions on Nifty.

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