Week that has gone by :
Markets were trading in negative territory for the major part of last week. Market breadth was negative and almost all the sectoral and mid-cap indices were in red. Oil marketing companies sprung negative surprises by losing heavily despite weak crude. There was no big out performances from any sector except odd Rolta and SAIL. Ranbaxy, Cipla, Tata Power, ABB and HDFC Bank were among the major gainers. ACC, BPCL, SBI, Grasim, Suzlon, Satyam, HCL Tech, Ambuja Cement, M&M, NTPC and GAIL were the top nifty losers.
Coming week :
Markets should see a slight bounce back after 2 weeks of weakness. The global clues are good and crude has crashed once again after rising above $120 per barrel. We might see Nifty give a bounce back to 4400-4420 levels but we don’t expect a very sharp move above this level. One should trade in ranges and do not expect huge rallies on either side. On the downside 4260 provides a good support. F&O expiry is due on this Thursday and in view of this, we recommend traders to avoid much exposure. We recommend stock specific trading and a trading band of 4260-4420 on Nifty.
BUY
Tata Power @ 1038-1040 Tgt 1090, 1120 SL 1020
LIC Housing Finance @ 320-322 Tgt 336, 344 SL 314
Biocon @ 395-398 Tgt 413, 440 SL 392
Bata India @ 171-172 Tgt 181, 192 SL 167
SELL
Cummins India @ 305-310 Tgt 288, 277 SL 318
GTL Below 190 Tgt 181 SL 193
Sesa Goa @ 160-161 Tgt 154, 148.50 SL 163
BEL @ 960-965 Tgt 900 SL 980
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