Markets lost fair bit of ground on back of problems at various pockets of the world. While US seems recovering from the worst problems continue to haunt the Eurozone. There are already talks about Chinese economy going bust due to very high base effect. Chinese equity markets were under pressure since past many weeks and the weakness caught at other markets. Both Sensex and Nifty lost over 5% apiece and the weakness remained across all sectors. All sectors lost fair bit of ground without exception. BPCL (6.26%), Idea (3.68%), Ranbaxy (1.43%) were the only gainers in Nifty. ADAG group stocks saw heavy selling after the RIL-RNRL verdict came out on Friday. Reliance Infra (13.97%), Reliance Power (13.91%), ABB (13.83%), Sterlite (13.82%), Unitech (13.76%), Jindal Steel (12.66%), Tata Motors (12.59%) and JP Associates (12.06%) were the top Nifty losers.
Markets are looking shaky after the fears of sovereign defaults gripped the global markets again. A lot depends on how global markets fare in the near term. Another 10% fall on the index doesn’t look improbable at this point in time. Any rise from here should be a selling opportunity and hence one should remain a seller at rises. Only a close above 5200 shall turn the things back in the favour of bulls. It pays to be on the short side as long as the overall weakness remains.
BUY
ADANIENT @ 538-540 Tgt 580 SL 530
SELL
RECLTD @ 253-254 Tgt 241, 236 SL 256
MCDOWELL-N @ 1240 Tgt 1100, 1020 SL 1260
IDFC @ 160-162 Tgt 148, 142 SL 163
HINDZINC @ 1115-1120 Tgt 980 SL 1135
STER @ 738-740 Tgt 600 SL 760
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