Markets staged a strong bounce back after the last week’s weakness. The news from Dubai sunk in and Nifty almost touched the recent high and settled somewhere close to the one and a half year highs. All sectors participated in the rally. Pharma and Metal stocks were amongst the biggest gainers. Realty stocks rebounded sharply after collapsing after the news of Dubai financial crisis. Ranbaxy and Cipla both moved up more than 10% during the week while Tata Motors, Hindalco, Idea, SAIL and Unitech were the other Nifty stocks which moved up more than 10% week on week. HUL, Hero Honda and BHEL were the only losers in Nifty.
Markets are looking good for medium term with stock specific performances. Metals, Pharma, Auto and Banking sectors look good going ahead. Nifty faces strong resistance at 5200, which looks difficult to breach in the immediate term. Breach of 5200 may see it climbing upto 5500 in the short term. On the downside strong support exists at 4800. We may see consolidation in the range of 4800-5200 before markets take any direction. It is advisable to trade stock specific with adequate protection.
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