Markets logged good gains on the on Tuesday and gave away the gains in the last 2 trading sessions. The sole reason for the fall was the weak global markets. Our markets were still resilient and trading with poise even on the days when indices were sharply down. Strength was clearly evident in our markets since there was no panic selling after the global sell off. Aviation, Oil and Gas and Banking stocks saw heavy buying interest while technology and sugar stocks were trading weak. Heavy weights Reliance, Bharti, HDFC, SAIL, Infoys and Cairn were the major losers while BPCL, SBI, GAIL, Ranbaxy, HCL Tech, PNB and ONGC were among the major gainers.
The clues, going into the next week, are strong enough to trigger a 5% rally in the indices. The NSG waiver was a clear positive supported by sharp rallies in the other Asian markets and weak crude. The platform couldn’t have been any better. Expect a strong gap up opening and a further rise. Nifty might make an attempt to breach the last week’s peak of 4520. The short term resistance for Nifty exists at 4560 and further at 4640. We might see strong resistance coming above 4600. If Nifty manages to breach and close above 4640 we might see another sharp rise to the levels of 4950. One should trade long as long as Nifty stays above 4280. For the week we expect a broad trading band of 4400-4640 on Nifty.
[b]BUY[/b]
M&M @ CMP Tgt 604, 640 SL 580
TVS Motor Above 36 Tgt 41, 46 SL 34
Financial Tech @ 1460-1470 Tgt 1540, 1600 SL 1440
Mphasis @ 244-245 Tgt 253, 276 SL 240
Bajaj Auto @ 600-605 Tgt 625, 680 SL 580
Nagarjuna Const Buy @ 128-130 Tgt 136, 142 SL 124
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