Currently the trend must be presumed sideways till the time 3840 Nifty is broken on down side. Though the Nifty closed at 3990, I expect upward resistance initially at 4060 and crucial resistance at 4125.
One Stock which has been taking good support inspite of the recent fall in the indices is GSPL (Guj State Petronet).
The stock has good support at Rs 50-Rs 55 price level which incidentally is also it's historical support area for the past one and half years.
A break above Rs 61.25 should give a up target of Rs 68-70 in the short term. Keep a stop at 54.50/-.
In the expected sideway move in the indices ; traders may want to dig out stocks which may give them upmoves of 10-12%
Happy trading!
CA Rajiv D Khatlawala
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