Markets managed to end the week in green despite weakness in global markets. Auto stocks lead the pull back. M&M, Tata Motors and Maruti were the top gainers in Nifty. Infosys, ONGC, Tata Communication, NTPC and BHEL were among the other gainers. Ranbaxy was the worst loser losing over a fifth of its market cap in the week. ABB, ACC, PNB, HDFC, SAIL and Zee were the other losers.
Most of the global markets breached October lows and drifted much lower. The outperformance of our markets is not likely to last for long given the bleak global outlook. Asian markets are trading weak and we should expect a gap down opening and the cuts may get much deeper during the course of the week. 2660-2680 is the strong support for Nifty and if it manages to breach this level, the next support comes only at 2520, the RIL-RPL merger not withstanding. Sell at the opening and hold on to short positions.
SELL
Divis Lab @ 860-864 Tgt 824, 800 SL 875
ABB @ 370-372 Tgt 348, 336 SL 380
ACC @ CMP Tgt 494, 478 SL 526
Reliance Capital @ 360-362 Tgt 333, 320 SL 370
Tech Mahindra @ 254-256 Tgt 232, 220 SL 262
Grasim @ 1370-1375 Tgt 1320, 1200 SL 1400
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