Markets opened the week on a weak note and traded weak for the first half but saw a late recovery to close with week on week gains. Both Sensex and Nifty gained just over a percentage points over the week. All the major indices were marginally in red week over week. All sectors witnessed mixed action. Cement, banking and metals were the sectors, which saw selling pressure. Ranbaxy, HDFC, BHEL, NALCO and ABB were the top Nifty gainers while Cipla, Unitech, Reliance Infra, Tata Motors, ACC, Reliance Capital and Sterlite were the major losers.
The cues going into the next week are positive. US and European markets witnessed a rally on Friday and Asian markets are trading strong this morning. Nifty faces huge resistance in the zone of 4600-4620 in the immediate term. We expect Nifty to honor this resistance and retrace. Supports are identified at 4450 and further at 4360. A close above 4600 is crucial for this rally to sustain. It is expiry week and we may see the volatility increase. The global markets need to be watched closely since all asset classes are moving in tandem globally irrespective of broader fundamentals. For the time being, trade stock specific with adequate stoplosses.
BUY
LITL @ 408-410 Tgt 440, SL 400
ABAN @ 1155-1160 Tgt 1220, 1300 SL 1120
YESBANK @ 168-170 Tgt 182, 190 SL 164
IVRCLINFRA @ 333-336 Tgt 380 SL 325
VOLTAS @ CMP Tgt 160 SL 137
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