Markets corrected sharply during the week along with the weak global markets and amid negative news flow coming from the Eurozone. Both Sensex and Nifty lost over 3% week over week and all other supporting indices fell anywhere between 3-5%. The market breadth was extremely negative with only 24 stocks among 190 stocks traded in the F&O segment ending the week with gains. ABB saved the day for Nifty with over 23% gain after the announcement of the parent increasing the stake came as a surprise. GAIL, L&T, ONGC and BPCL were among other Nifty gainers. The losers were aplenty with Tata Motors leading the pack with over 13% loss over the week. Suzlon lost over 10% followed by DLF (9.9%), Unitech (9.74%), HCL Tech (9.36%), JP Associates (9.26%), Idea (9.11%), Ranbaxy (8.93%), Sterlite (8.51%), ICICI Bank (8.37%), IDFC (8.29%), Rcom (7.72%) and Hindalco (7.19%).
Markets are recovering from the last week’s massacre but the sustainability remains in question. Markets may see some recovery in the near term but the lingering concerns over the fate of global economy will keep the markets subdued in the short to medium term. Our markets may see stocks specific performances and it might take some time for the markets to really start moving up and catch a sustainable trend. Till then the overall direction would be dictated by what’s happening globally. Trade specific stocks with strict stoplosses and profit objectives.
BUY
ITC @ 265-266 Tgt 282 SL 260
LUPIN @ 1800 Tgt 1880 SL 1785
SELL
NTPC @ 200-201 Tgt 190 SL 203
OFSS @ 2080-2090 Tgt 2000, 1900 SL 2120
MCDOWELL-N @ 1200 Tgt 1000 SL 1240
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