Markets continued the uptrend both Sensex and Nifty moved up more than two and a half percentage points during the week. It was a shortened week lasting just 3 trading days. Technology, private sector banks, metals and telecom were among the sectors which gained the most. Axis Bank, ICICI Bank, TCS, Wipro, Rcom and Bharti were the top nifty gainers. Grasim, BPCL, Dr Reddy and Unitech were among the biggest losers.
The global cues are anything but strong going into the next week. We may see markets open with a downward gap as suggested by SGX nifty. Supports for Nifty exist at 5000 and further at 4920. We may see markets finding support below 5000 and continue the trend. The trend is intact as long as Nifty trades above 4860. We expect Reliance to lead the next leg of rally and support may come from Cement, Infrastructure, Realty and other mid-caps. Caution is advised if Nifty closes below 5000.
BUY
ABAN @ 1620-1625 Tgt 1900 SL 1600
DABUR @ 140-141 Tgt 148 SL 137
GAIL @ 358-360 Tgt 380 SL 354
ESSAROIL @ 155-156 Tgt 166, 172 SL 150
TATACHEM @ 274-276 Tgt 300 SL 268
SELL
IDEA @ 74-74.50 Tgt 71, 68.50 SL 75.50
HDFC @ 2700-2710 Tgt 2590 SL 2740
FINANTECH @ 1400-1410 Tgt 1320 SL 1430
RNRL @ 88-88.50 Tgt 84, 78 SL 89.50
TV-18 @ 100-102 Tgt 88, 82 SL 105
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