Nifty weak at higher levels
The Nifty could not sustain at the higher levels last week on news that Delhi-based real estate developer SuperTech defaulted. Consequently, the share prices of housing finance companies (HFCs) like Dewan Housing Finance Corporation, Housing Development Finance Corp, etc, received a thrashing on the bourses. The Nifty looks weak below 10400. Buying will not emerge unless and until the Nifty closes above 10400. So, with any rise towards 10300-10350, the Nifty will show selling pressure for 10200-10100-10000 levels. The global markets look weak on account of various factors such as the trade war between USA and China, crude oil prices, etc. So be cautious and trade in small quantities. Investors can look at Tata Motors between Rs.175-150 and Yes Bank between Rs.200-160 from a 6-12 month perspective. Bank Nifty looks weak below 25200 and could test 2470024500 levels in the near term. Gold, which is rising towards the 32000 mark, seems to be the only safe haven now. It could test 34000-35000 levels in the near term.
State Bank of India looks weak below Rs.261 for a target of Rs.255-250 (SL: Rs.268)
Larsen & Toubro looks weak below Rs.1205 for a target of Rs.1190-1180 (SL: Rs.1220)