Markets moved up sharply after consolidating in narrow band for initial part of the week. Both Sensex and Nifty ended the week with less than a percentage gains but Banking took the lead and Bank Nifty moved up sharply by close to 5%. Sugar continued to reel under pressure while Technology, Metals, Telecom and Capital goods saw profit taking. SBI and HCL Tech were the biggest Nifty gainers with over 10% WoW gains. Axis Bank(7.62%), Tata Motors(7.61%), JP Associates(6.32%), HUL(5.33%), Unitech(5.18%) were among other major Nifty gainers. Sun Pharma(6.89%), Tata Steel(6.81%), Sterlite(5.07%), TCS(4.28%), Wipro(4.18%) and Cairn(3.44%) were the top nifty losers.
The sentiment remains positive as we go into the next week. Markets across all asset classes recovered and show strength. Nifty should find support near 5260 and inch towards the crucial resistance of 5400-5420. If this band is taken out, we may see levels of 5600 on Nifty very soon. There are no negative surprises this time in the corporate results. Markets are trading with less volatility and as we move closer to the expiry date. Options build up indicate that Nifty shall close the month near 5300. It will be a range bound market trading between 5260-5420.
[B]BUY[/B]
JINDALSTEL @ CMP Tgt 740, 760 SL 710
INDIANB @ 190-191 Tgt 202, 220 SL 187
AXISBANK @ 1220-1225 Tgt 1300 SL 1200
JPASSOCIAT @ 154-155 Tgt 168 SL 152
TATATEA @ 1030-1034 Tgt 1014 SL 1120
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