Markets ended with gains for second consecutive week. It was the week where individual stocks got more attention than the markets. More than one fourth of the stocks traded in F&O segment ended the week with more than 10% gain. Technology, Aviation, Metals, Realty, Infra and Pharma were the sectors, which witnessed positive momentum whereas Cement, Auto and PSU banks and oil marketing stocks were showing relative weakness. DLF, Hindalco, Sterlite, Suzlon, HCL Tech, Nalco, Sail, Rcom and Zee were the top gainers. L&T, BPCL, ACC, Cipla and Unitech remained the top Nifty losers.
We might see our markets open with an upside gap due to strong Asian markets and may retrace from the highs. Utilize these opportunities to exit the markets. Nifty might face stiff resistance between 2860- 2900. We might see the month of April bringing a whole lot of negative surprises on the elections and results front hence we view this as the right opportunity for short and medium term traders to initiate and hold on to the short positions. One must progressively short Metals, Auto and Cement stocks since they are the ones, which outperformed the overall markets due to some positive news flow. I expect these sectors to lead the next leg of correction. Initiate short positions at higher levels and hold the positions for the coming 2 months.
SELL
Yes Bank @ 47-48 Tgt 42, 38.50 SL 49
Ranbaxy @ 150-152 Tgt 134, 122 SL 155
JSW Steel @ 192-194 Tgt 180, 172 SL 198
Titan @ 740-745 Tgt 700, 680 SL 755
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