Markets continue to move up in line with positive global markets and strong fundamental data emanating domestically. The IIP numbers show strong demand growth. The market breadth was extremely positive for second week in a row. Almost all sectors participated in the rally. HCL Tech, SAIL, IDFC, Reliance, Tata Motors, TCS, ICICI Bank, ZEE, Axis Bank, Siemens, Infosys, Jindal Steel, Wipro, Reliance Infra, M&M, Grasim, Reliance Capital and HDFC Bank were among the top gainers, all gaining more than 5% over the week.
Markets continue to strengthen as fears of the recession alleviate with every passing day. The global economy seems stabilizing. While the data across the globe suggest that the worst is behind us, it is amply clear that the next growth engines for the global economy are China and India. The possibilities of a fresh peak remain open from here. On the down side, we may see support coming in from funds, market participants and retail investors at every decline. Corrections should be utilized to buy into the strong momentum stocks. Nifty may find support below 4800 and may try to make an attempt to reach 5200 once again. Avoid carrying short positions.
BUY
BEL @ 1580-1590 Tgt 1680 SL 1560
ZEEL @ 253-255 Tgt 282 SL 248
TATATEA @ 895-900 Tgt 945 SL 880
HINDZINC @ 900-905 Tgt 960 SL 890
NATIONALUM @ 376-380 Tgt 404 SL 365
AUROPHARMA @ 755-760 Tgt 840 SL 730
SELL
RELCAPITAL @ 845-850 Tgt 800 SL 870
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