Markets are at a fresh 2 year high as both the major indices moved up by 1.35% each as the Q4 corporate results started coming in. The mid-cap side of the market is enthusiastic with a very positive advance decline ratio. All sectors inched up with the exception of Technology. Infrastructure, Realty, Banking, Cement, Financials, Shipping and Telecom were the sectors which saw positive build up. DLF was the biggest Nifty gainer with a 6.87% rise followed by BHEL (6.12%), Hero Honda (5.74%), RCOM (4.74%) and Tata Motors (4.11%). SAIL was the biggest Nifty loser with a close to 7% cut after the announcement of its FPO. The other losers included HUL (3.93%), HCL Tech (3.74%), Hindalco (2.69%), ONGC (1.9%) and Ranbaxy (1.83%).
Infosys comes out with its yearly numbers on Tuesday and in all probability we may witness some positive comments from the management. The IT stocks have already run up significantly to afford another big rally. A correction after positive numbers cannot be ruled out. The global markets are looking good going into the week and Nifty may see some positive momentum. Strong immediate term support is placed at 5290 (low placed on 8th) followed by multiple supports near 5180-5230. Last week’s high of 5400 acts as immediate resistance. We recommend traders to trade in specific stocks with strict stoplosses as the event risks loom large.
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