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Trading Strategies: Pantaloon Retail, JP Associates, Tata Sponge, Jain Irrigation

SI Reporter/Mumbai 29 Aug 12 | 12:44 PM

Check out the trading strategies for buzzing stocks of the day with Shardul Kulkarni, Senior Technical Analyst, Angel Broking.

Smartinvestor : The Nifty ended in red for the third straight day on Tuesday. Do you think that it can slip further in the days ahead?

Shardul Kulkarni : The chart structure on the Nifty suggests that any fall in the index below the levels of 5290 can result in a substantial erosion in prices. If we see the overall broader Indices or even the constituents of the nifty the banking stocks, metal counters, and the real estate and infra structure space, look weak.

Shardul Kulkarni : Also we are of the view that reliance can come down to around 740 levels. The only counters doin well are that of the FMCG and Pharma space... Thus we recommend that traders can go short on the market on a a close below the 5290 mark. Place a stop loss at 5365 and expect 5200 levels. Aggressive traders can short even at current levels. All levels mentioned of of Nifty spot.

Smartinvestor : Power stocks such as Jindal Steel and Power, Tata Power, Power Grid are among the top Nifty gainers in trade today. Do you see the momentum continuing?

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