Markets corrected despite positive global cues and better than expected numbers. Both Sensed and Nifty lost close to 2% each week over week. Infosys came out with reasonably good results and the entire IT sector reacted taking the CNX IT index up by over 3% in a falling market. The fall came amid higher volumes and weak market breadth. Unitech was the biggest Nifty gainer with a 6.8% rise followed by Infosys (4.2%), TCS (2.97%), Tata Steel (2.88%) and HUL (2.55%). The losers were HDFC (5.92%), ICICI Bank (5.71%), RCom (5.56%), Sterlite (5.37%), M&M (4.93%) and Reliance Capital (4.81%).
Global markets reacted negatively to the fraud charges levied against Goldman Sachs by SEC taking the US and European markets tumbling down on Friday. The impact on the Asian Markets is no less severe. All the indices are trading with deep cuts and in we are in for a gap down opening. Nifty may find support near 5180-5200, which acts as a immediate term support. On the upside resistance is strong resistance is placed near the recent high of 5400. Nifty should find support below 5200 and bounce back. If markets do not recover today, then we are in for some pain during the week.
BUY
HDFCBANK @ 1940-1945 Tgt 2000 SL 1920
PANTALOONR @ 408-409 Tgt 422, 440 SL 404
LUPIN @ 1640-1645 Tgt 1720 SL 1620
JINDALSAW @ 214-216 Tgt 227, 240 SL 211
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