Markets were trading mixed during the last week as Midcap and Banking stocks continued to head upwards while other sectors took breathing. Both Sensex and Nifty lost nearly half a percentage points with slightly negative market breadth. The F&O expiry was smooth without much volatility. Cairn India was the biggest Nifty gainers, with a 6% WoW gain, along with Sterlite (4.17%), Dr Reddy (3.87%), BPCL (3.76%), ONGC (3.63%) and Cipla (3.48%). The major losers included Sun Pharma (6.71%), Idea (6.71%), DLF (6.5%), JP Associates (6.19%), Maruti (6%), Reliance (5.02%) and ABB (3.83%).
Markets look sluggish as we move into the fresh month with most of the big results already out. Weak Global markets, Crisis at Euro Zone and rising interest rates are the major worries to the markets as we go into the next week. The global clues are negative but markets back home should find strong support at declines. Close below 5180 on Nifty is required to turn the markets weak in medium term. Most of the action would remain outside index where we witnessed quite a bit of accumulation during the recent past. It is advisable to trade stock specific with strict target objectives.
BUY
HINDZINC @ 1230-1232 Tgt 1320, 1380 SL 1210
INDIANB @ 220-222 Tgt 240 SL 215
SCI @ 163-164 Tgt 172, 180 SL 160
CAIRN @ 310-312 Tgt 321, 333 SL 304
CHAMBLFERT @ 64.50-65 Tgt 72, 80 SL 63
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