It is 8 weeks in a row that both Sensex and Nifty managed to close positive. The market breadth was positive and everything seems to be working in favor. The global clues were positive with all Asian, European and American markets firing on all cylinders. HDFC was the biggest gainer in Nifty followed by DLF, Unitech, Cairn and Sterlite while Hero Honda, Infosys, HCL Tech, Idea and TCS were among the top losers.
The optimism is back in the markets again and greed is taking over slowly. The most heartening part of this rally is that non-performing sectors were kept out for too long. It gives an indication of a sustained rally upwards with stocks and sectors outperforming in turns. We have seen IT stocks correct during the week but Banking and Metals took over and kept the action alive. In all probability we are in for 5600 and higher levels on Nifty with any corrections holding support of 5100-5200. It is time to have a look at the performers from the lagging sectors and bet. Buy specific stocks on every correction and ride the wave.
BUY
CANBK @ CMP Tgt 440, 460 SL 406
CENTURYTEX @ CMP Tgt 542, 590 SL 510
AREVAT&D @ CMP Tgt 338 SL 300
WELGUJ @276-278 Tgt 296 SL 274
BHUSANSTL @ 1740-1745 Tgt 1800 SL 1720
GESHIP @ CMP Tgt 321 SL 286
VOLTAS @ 176-177 Tgt 182, 190 SL 174
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