Markets, after rallying the entire week after the budget, continued the upward journey but with less steam. The market breadth remained negative as markets witnesses two out of every 3 stocks ending the week with losses. Markets were particularly severe on Sugar counters as they plummeted from the last weeks levels after the govt’s clamp down on the sugar stocks and prices. Markets traded mixed with select stock specific outperformances and all sectors throwing gainers as well as losers. M&M remained the top Nifty gainer with over 6% WoW gain while the other gainers included Ambuja Cement, ABB, ITC, HDFC, TCS and Axis Bank. HUL was the negative surprise of the week with a fall of close to 9%. Suzlon, Unitech, RCom, Tata Motors and Reliance Infra were among the top losers.
Markets look weary as observed in the breadth last week. Support from some index stocks managed the market to stay positive but looking at the way many midcaps saw distribution casts shadow on the short term strength. Markets are trading near crucial juncture as Nifty nearing the major resistance of 5200. It is difficult for it to breach the band of 5200-5250 in the near term going by the global clues. Markets may try to test this resistance and correct sharply. On the downside 4940 remains a major support in the near term.
BUY
CANBK @ 402-405 Tgt 434 SL 398
CENTURYTEX @ 516-518 Tgt 542, 560 SL 510
SELL
VIDEOIND @ 230-232 Tgt 214 SL 236
IFCI @ 52.50-53 Tgt 48.60 SL 54
RELINFRA @ CMP Tgt 940 SL 1020
BHARTIARTL @ 300-302 Tgt 281 SL 306
IBREALEST @ 176-178 Tgt 160 SL 181
JSWSTEEL @ 1200-1205 Tgt 1140 SL 1220
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