Sensex and Nifty both lost by more than 3% WoW due to heavy selling pressure during the later half of the week. The fall was lead by Chinese markets, which were showing glimpse of collapse and the sentiment percolated to some of the other markets. However, positive non-farm payroll data from US pushed the markets higher on Friday and the sentiment going into the next week is positive.
The global cues are positive and we may see positivism at the opening. Weak monsoon on the fundamental front is a big worry and hence that may weigh high on Indian equities in the medium term. 4600 is a big resistance for nifty in the immediate term and it finds support at 4420. One has to take stock specific exposure and trade with strict stoplosses.
BUY
LICHSGFIN @ CMP Tgt 660 SL 610
HINDZINC @ 735-740 Tgt 765, 800 SL 720
PATNI @ 342-345 Tgt 362 SL 338
LITL @ 400-402 Tgt 422, 441 SL 390
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