Markets were trading with negative bias throughout the week and corrected sharply after consolidating in narrow range last week. The market breadth was negative and the fall was more or less across the board. Pharma, Technology and Cement were the sectors which stood out for their outperformance. Ranbaxy, ACC, HCL Tech, Wipro, Cipla, Sun Pharma and Infosys were among the top gainers while Unitech, Axis Bank, IDFC, HDFC Bank, RCom and DLF for the top losers in Nifty.
The global cues are mixed we may witness some range bound activity back home. Nifty closed below 5000 once gain after repeated attempts to breach 5200 failed during the past one month. Immediate term resistance on Nifty remains at 5070 and a strong short term resistance remains above 5150. Supports exist at 4940 and further at 4800. Long positions must be exited if it manages a close below 4940. Markets may trade stock specific and hence short term trading is recommended with adequate stoplosses. Metals look particularly strong and we expect weakness in Banking stocks.
BUY
HINDALCO @ 140-142 Tgt 152, 160 SL 136
SESAGOA @ 354-356 Tgt 400 SL 344
PANTALOONR 358-360 Tgt 400 SL 350
OPTOCIRCUI @ 218-220 Tgt 232, 260 SL 208
SAIL @ 208-210 Tgt 234 SL 204
SELL
TATACOMM @ 340-342 Tgt 320 SL 348
HDFC @ 2600-2610 Tgt 2480 SL 2640
ANDHRABANK @ 104-105 Tgt 99, 92 SL 107
EDUCOMP @ 720-724 Tgt 680, 620 SL 740
BANKINDIA @ 364-365 Tgt 348 SL 372
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