It was a short week with just 3 trading days but markets managed to break the previous highs and create a fresh one and half year high. Support came from Metals, Cement, Capital Goods and Energy sectors while price moderation was visible in Pharma and Banking stocks. Reliance Power, Ambuja Cements, BPCL and NTPC were the top Nifty gainers. Sun Pharma, Jindal Steel, Cipla and DLF were the top losers.
Nifty closed above the crucial resistance of 5200 this week, after failing to breach this level on multiple occasions during the last 3 months. If this level holds we may, in all probability, see Nifty rallying towards 5600. A close below 4940 substantially negates the chances of this upmove. Any dip towards 5000 should be treated as a buying opportunity to accumulate stocks with a day close protection below 4940. The third quarter results should start kicking in from next week and these numbers should give the hint of the overall economic picture. And then we have budget expectations which would keep the markets very active for another month. The overall direction is still dependent on how the global economy takes shape. The pace of rise in all asset classes during the last one year still remains a cause of concern going ahead. The automobile sales data released during the weekend points to month on month decline which is a negative signal. But the factor which remains in favor of buyers is the TREND. The trend is certainly up and hence contemplating a fall may be a risky proposition at this point of time. Trade long with strict stoplosses.
BUY
POLARIS @ 180-182 Tgt 200 SL 176
DIVISLAB @ 668-670 Tgt 720 SL 660
KFA @ CMP Tgt 72, 80 SL 60
OFSS @ 2300-2305 Tgt 2400 SL 2240
BAJAJ-AUTO @ 1740-1750 Tgt 1820 SL 1720
BHARATFORG @ 268-270 Tgt 284, 310 SL 256
HINDALCO @ 158-160 Tgt 173, 200 SL 154
CENTURYTEX @ 518-520 Tgt 560 SL 510
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