Stock Picks - Please read disclaimer in Earlier Posts

Following are the stock / index ideas for the week of 4th of January 2010.

• Nifty - this index is in the heavy resistance zone from 5250 – 5300 so be careful trading in it.
• Aban Offshore - CMP 1331. This stock can test 1370 / 1388. Stop loss at 1300
• Target 1 Completed with a day high of 1374.6
• Target 2 completed with a day high of 1452.65 (7th January 2010)
• Adani Enterprise – CMP 451. This stock can test 464. Stop loss at 432
• Target completed with a day high of 463.95
• Target completed with a day high of 519.4 (7th January 2010)
• MTNL– CMP 77.6. This stock can be bought with a target of 80. Stop loss 74.6
• MTNL target completed with a day high of 87.25. Up over 10% in the day itself

Please be very careful while trading in the current markets as it looks like the market can tank on one bad news. Also, we continue to remain bullish on RNRL and bearish on Reliance Industries. We sold reliance at an average of 1150 during mid-December and transferred the same amount to RNRL. However Reliance Industries has strong support till 1050 which if broken could take it to lower levels.

RNRL up by 5% today and Reliance industries down by 0.63% today.

Please note that the updates to the blog are posted in green i.e. blog was posted on 4th January 2010 and then the updates to the same are provided in green on the 5th of January 2010.