Nifty managed to close well above 2900 with good market breadth. Almost all sectors participated in the move. Technology remained subdued while sectors like Fertilizer, Auto, Financials and Capital goods moved up. DLF, M&M, Siemens, Nalco, Unitech, RCom, Zee and L&T were the top Nifty gainers. HCL Tech, Dr Reddy, Ranbaxy, Infosys and ABB figured among losers.
Nifty decisively broke the level of 2900 and closed above it. Multiple resistances exist above 3000 and we do not see any reason for the markets to add on to these gains. The interim budget is going to be presented in the Parliament today and hence expect volatility for this week. One should try to get out of equities at every opportunity. Medium term traders should utilize the opportunity to progressively build shorts with 2-3 month perspective.
SELL
ABB @ 444-446 Tgt 430, 419 SL 454
Praj Industries @ 61.5-62 Tgt 56 SL 64
India Infoline @ 52-53 Tgt 48 SL 55
Sterlite Industries @ 280-282 Tgt 263 SL 294
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