Sensex and Nifty gained 1.9% and 1.5% respectively lead by technology and mid-cap stocks. The market breadth was positive with average gain of close to 3% on F&O segment. The rally was driven by better than expected corporate earnings, strong global markets and rallies in commodities and other asset classes.
The sentiment is clearly bullish but we may see stock specific directional movement going forward. It is a buy on dips markets with a day close stop loss on Nifty below 4400. Support and Resistances on Nifty exist at 4540 and 4800. Nifty may take support below 4600 and make an attempt towards 4800 in the coming week. The situation on the fundamental front does not look too rosy as it is made out to be but as long as the markets are trending, let us be with the markets. It is a traders’ market and hence positions should be initiated with trading perspective with strict target objectives and stop losses.
BUY
BANKBARODA @ 430-432 Tgt 450 SL 425
NATIONALUM @ CMP Tgt 360 SL 290
PUNJLLOYD @ 240-242 Tgt 275 SL 236
CANBK @ 282-284 Tgt 320 SL 275
FINANTECH @ 1400-1410 Tgt 1600 SL 1370
APIL @ 520-525 Tgt 590 SL 510
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