Markets ended the week on mixed note as Sensex managed to close the week in green while Nifty lost nearly half a percentage points week on week. Banking and Technology indices managed to pull through the week with over 1% gain apiece while the mid cap indices lost marginally. It was a week with weak market breadth and high volatility. Pharma, Metals and Technology stocks were among the gainers. Realty, Infrastructure, Sugar, Telecom, Energy and Media stocks lost fair bit of ground. Hindalco, Ranbaxy, HDFC Bank, Axis Bank and Tata Steel were the top nifty gainers with more than 5% rise each. Bharti was the biggest loser with an 11% cut week on week followed by Unitech, Reliance Infra and DLF, all losing more than 5% over the week.
Most markets reacted adversely after the announcement of discount rate hike by the FOMC but Dow Jones managed to escape losses. There are enough indications that the easy money availability would come to an end sooner than later and Fed’s action last week is a step in that direction. Markets are in dilemma as uncertainty still looms large. Hence it would be a stock specific market till the direction is clear. There were head and shoulder formations observed in many individual stocks traded in F&O Segment. The indications are of a reasonably big correction in next month, strictly going by the charts. However, there is an event risk pending as the budget is going to be presented on 26th of this month. Hence it is advisable to stay away from the markets and do not carry many positions.
SELL
EDUCOMP @ 720-725 Tgt 680 SL 740
IDEA @ 59-59.50 Tgt 54, 52 SL 60
IFCI @ 50-50.50 Tgt 46.00 SL 51
FSL @ 30.2-30.4 Tgt 27.20 SL 31
INDIAINFO @ 114-115 Tgt 107 SL 118
RELCAPITAL @ 760-765 Tgt 720 SL 775
HCC @ 134-135 Tgt 128 SL 137
RELINFRA Below 990 Tgt 940 SL 1020
skip to main |
skip to sidebar
No comments:
Post a Comment