Markets consolidated throughout the week but broke upside after the announcement of the Union Budget. The global markets remained supportive and almost all sectors recovered as broader indices closed near their highest levels in a month. Hindalco, Maruti, L&T, Reliance Capital, Ranbaxy, SAIL, Idea, Sterlite and ICICI bank were among the biggest Nifty gainers. ITC was the biggest loser as the stock plummeted after the announcement of imposing taxes on tobacco products. BPCL, RCOM and Hindustan Unilever were among the other losers on Nifty.
The external markets are looking good and we may see range bound activity in our markets as we move further. Markets may consolidate as positive news flowing in from across the globe. A close above 4940 is crucial for the markets to continue the upward direction. Much would depend on how the global markets fare in the immediate term. It would be a stock specific market with range bound index activity. The budget brings a host of positive news and hence may limit the downside on markets. Banking, Metals and Infrastructure stocks may fare well during the week.
BUY
HDFCBANK @ 1695-1700 Tgt 1760 SL 1680
SESAGOA @ 378-380 Tgt 404 SL 372
LT @ 1540-1545 Tgt 1620 SL 1520
AXISBANK @ 1120-1122 Tgt 1160, 1200 SL 1105
SIEMENS @ 660-664 Tgt 720 SL 650
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