Markets were trading undecided for the initial part of the week but move up on the last session to close the week with a gain of over 1% on both the Sensex and Nifty. While technology stocks corrected after witnessing steady rallies, Shipping and Cement stocks showed signs of reversal after staying low for many a month. Metals, Auto and Banking saw good gains while other sectors traded mixed for the week. Suzlon, Tata Steel, SAIL, Reliance Capital and Hero Honda were the major Nifty gainers with over 5% WoW rise while Reliance Infra, Bharti and HCL Tech were the major losers.
Markets are likely to trade stable with positive bias going forward. Any correction should be seen as more of a buying opportunity than a sign of reversal. Nifty may find support at 5000 and we may see 5200 being tested once again this week. We expect steel and banking stocks to witness rally in the coming weeks. Technology may remain sluggish while steel and banking may witness further upside. Trade stock specific and avoid short positions for the time being.
BUY
BEL @ CMP Tgt 1680 SL 1560
AUROPHARMA @ 776-780 Tgt 840 SL 760
TATASTEEL @ CMP Tgt 585 SL 540
DENABANK @ 79.5-80 Tgt 88 SL 76
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