Markets moved up sharply during the latter half of the week after witnessing sharp fall for the initial half. Both Sensex and Nifty closed down by a meager loss of 0.31% week on week. The market breadth was negative with stock specific performances. Oil & Gas, Technology and Metals were particularly weak while Automobile and Cement stocks gained strength. M&M, Cipla, HDFC Bank and Siemens were among the top gainers while DLF, BPCL, Hindalco, HCL Tech and Unitech were the top Nifty losers.
Global markets are trading positive this Monday morning and we might see our markets open with small upside gap. The immediate resistance for Nifty exists at 5200. Nifty finds strong immediate term support near 5060 and would attempt to reach 5200. 5200-5220 band would act as a major resistance zone. If Nifty is able to breach this resistance, we may see it attaining 5400 in short term. The sovereign debt crisis is threatening to percolate to other Euro nations and this is going to be a major headwind for the global economic growth in the coming few quarters. There is a major risk of markets going into tailspin if the nations with high public debt to GDP ratios fail to garner much support and able to borrow with reasonable difference to benchmark rates. The recent demand for Spanish Bonds issue should be viewed as a short term reprieve. Hence in the medium term, the upside is capped near 5400 with the possibilities of Nifty attaining 4500 remaining open if the global issues escalate.
OPEN POSITIONS
UNIPHOS Bought @ 180 ON 8-JUN TGT 200 SL 175*
NAGARCONST Bought @ 176 ON 8-JUN TGT 202, 220 SL 176*
LITL Bought @ 60 ON 9-JUN TGT 72 SL 60*
MPHASIS Sold @ 570 ON 7-JUN TGT 520* SL 590
HINDZINC Sold @ 960 ON 7-JUN TGT 920* SL 990
FRESH POSITIONS
YESBANK Buy @ 280-282 TGT 304 SL 274
* Revised.
skip to main |
skip to sidebar
No comments:
Post a Comment