NIFTY OUTLOOK FOR 22/08/2013

RBI STEPS TAKEN ON YESTERDAY
HELPED BULLS TO SEE A GAP UP AT 5503.
BUT BULLS NOT ABLE TO SUSTAIN THERE.
BEARS PLAYED THE REST OF THE INNINGS.
NIFTY CLOSES AT 5303 AFTER TESTING LOW
OF 5268.

USD/INR TRADING AT 64.65.
BOUNCES FOR EVERY DROP OF GOLD PRICE.
HOPE, BIG FAT CATS WHO ARE HOLDING
HUGE VOLUME OF GOLD LIFTING USD/INR.
THIS IS TIME FOR INVESTIGATING AGENCIES
TO DO THE JOB, NOT RBI.

THE TECHNICALS AS FOLLOWS,
THE WAVE STARTED FROM THE LOW 4770
ON 04/06/2012, RALLY 1459 POINTS
AND MADE HIGH AT 6229 ON 20/05/2013.

NOW THE CORRECTION WAVE FOR ABOVE
RALLY YESTERDAY COMPLETED 61.8% TARGET
901POINTS AT 5327.

SO NIFTY MAY RECOVER FROM THIS 5311-33
LEVEL. WEEKLY CLOSE BELOW 5311 WILL TELLS
US MORE PAIN LEFT.

ONLY A CLOSE ABOVE 5488 CAN BRING
SOME BREATH TO THE BULLS.

Infosys Ltd is a 'SELL' call with a target of Rs 2900 and a stop loss of Rs 2980

HCL Technologies Ltd is a 'SELL' call with a target of Rs 865 and a stop loss of Rs 915

BHEL is a 'BUY' call with a target of Rs 117 and a stop loss of Rs 100

IOC is a 'BUY' call with a target of Rs 230 and a stop loss of Rs 207

Allahabad Bank is a 'BUY' call with a target of Rs 80 and a stop loss of Rs 69

Delta Corp Ltd is a 'BUY' call with a target of Rs 72 and a stop loss of Rs 59.50

Siemens Ltd is a 'BUY' call with a target of Rs 475 and a stop loss of Rs 430