Next significant hurdle comes in around 260 and after that 280 - 300. We are jobbing this 220/240 level but will take partial profit near 260 first and then reevaluate the situation. Meanwhile we are willing to keep the strong buy side bias until 220 is supported.
Other recent trades in long stocks are ICICI bank, Cipla Ltd. Dr Reddy's Laboratories Ltd still toying around our entry price of 3000 but with covered call selling during the bounce and doing some back and forth near that level it is looking good. Besides Pharmaceutical is the only sector where we buy more stock on every sizeable dip without any serious concerns and we have laid out reasons for that in our previous blogs. These stocks are for long term holding and the lower the price the better the bargain !