Markets withstood the big surprise attack on Mumbai and managed to hold. The F&O expiry was smooth and there was no big volatility. Over all the week belonged to stock specific moves where stocks across sectors showed moves on both sides. Hero Honda, TCS, HDFC Bank, Cipla, Sterlite, Bharti, BPCL, Reliance Power, BHEL and NTPC were the top Nifty gainers. Unitech, Siemens, Suzlon, M&M, Ambuja Cement and SBI figured among the top losers.
Though there was resilience to the biggest ever terrorist attack on India, the long term impact would be worse to say the least. The news flow could only worsen going forward. Looking at the veracity of the attack we just tend to feel that we might see some aggression from our side on Pakistan very soon. Though this is just a possibility, markets should certainly discount this chance sooner or later. One should not be caught on the long side though markets might put some gains in the immediate term. 2800 on Nifty provides a good resistance and further resistance comes around 2940. Nifty might try and test 2940 in short term and one should look at building short positions around these levels. For the time being, do not build aggressive short positions and wait for higher levels. Avoid long and trade shorts with caution.
SELL
Sterlite Industries @ 250-252 Tgt 222, 208 SL 260
TCS @ 568-570 Tgt 536, 522 SL 580
NTPC @ 163-165 Tgt 156, 151 SL 167
Hindustan Zinc @ 330-333 Tgt 301, 288 SL 340
Sail @ 70-71 Tgt 63, 59 SL 72
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