Strong external markets and better than expected economic data helped markets stage a strong recovery after previous week’s fall. Both Sensex and Nifty managed to inch up close to 4% during the week. The market breadth was extremely heartening as 10 stocks rose for each falling stock. Almost all sectors participated except pharma. Banking and Metals were among the biggest gainers. SAIL, NTPC, Hindalco, Tata Steel, Suzlon, Reliance Infra, ICICI Bank, Tata Motors and Reliance were among the top gainers in Nifty.
Nifty is trading at a crucial juncture at this point in time. 5150-5200 is a crucial resistance and Nifty is placed at a fresh one and a half year high. If it manages to breach 5200, we may see the rally extending to 5600. We may see a buoyant market in terms of stock specific action and we recommend short term traders to trade long for immediate gains. Supports are placed at 5070 and 5000. The chances of this impending rise could be negated only if it manages a close below 5000. The exuberance must reach to irrational levels for the markets to subside from here. Buy for immediate term with adequate stoplosses.
BUY
CROMPGREAV @ 418-420 Tgt 444 SL 410
SESAGOA @ 386-388 Tgt 425 SL 376
PANTALOONR @ 364-366 Tgt 400 SL 358
BHUSANSTL @ 1410-1420 Tgt 1600 SL 1370
OPTOCIRCUI @ 224-226 Tgt 260 SL 220
HINDZINC @ 1190-1200 Tgt 1260, 1400 SL 1170
MPHASIS @ 720-725 Tgt 760 SL 710
skip to main |
skip to sidebar
No comments:
Post a Comment