Wednesday`s trading pattern is very essential to guess about short term trend

Nifty has major support at 4,370, 4,227, and 4,032-4,060 levels. Any weekly closing below 4,574 is another indication of fresh weakness. On the other hand, the resistance levels are placed at 4,515, 4,569, and 4,651-4,669

Intraday Trading call

Buy Sail Fut Around 157 Level Tgt 165,169.5 S.l 154.5

Medium Term Investment
Buy RPL (Reliance Petroleum Limited)

I would like to substantiate my liking with following points.

1.Since the commissioning of the new refinery is around the corner, this stock will be in news for all the good reasons. Refinery is expected to be commissioned before the scheduled time of December 2008.
2.Crude hitting all time highs (I personally don't expect it to stay at these levels and anticipating a correction; In technical terms, I'm seeing a blow-off setup), and hence refinery margins would be high.
3.Even if crude corrects from these levels, it is difficult to see it going below US $90 - US $ 100 per barrel in the coming days. Hence, refinery margins would remain high and stable atleast for the next 2 years.
4.Since, RPL refinery has got a SEZ status, I don't think, windfall tax - what Left parties are crying for [without tears :)] will be applicable to RPL.
Hence, I expect RPL to be a market outperformer for the next 6 months and multibagger for the next 2 years.