Markets across the globe recovered sharply after the steep fall of the preceding week. Sensex and Nifty rose 2.54% and 2.75% respectively while CNX Midcap index moved up by over 4%. The market breadth remained positive during the week. After creating a low of 4786, Nifty rallied sharply for the last 3 days of the week to close well above 5000. Reliance Power, RCom, JP Associates, Reliance Infra, Sterlite, Unitech, Sun Pharma, ABB and Tata Motors were the top Nifty gainers all gained over 5% during the week. Grasim, ACC, Idea and Tata Steel were the top losers in Nifty.
Markets look evenly poised as we entered the fresh series. The global markets look stable after a reasonable correction. Our markets should be biased upwards as broader fundamentals favor buying interest. The recent low near 4800 on Nifty remains a strong support in the short term. On the upside immediate resistance is placed at 5200. Markets may consolidate in the band of 5000-5200 before taking any direction. Infrastructure stocks were beaten down pretty badly during the past few months and they may well turn out to be the outperformers in the coming months. Trade stock specific with strict stoplosses.
BUY
PFC @ 286-288 Tgt 300 SL 284
DIVISLAB @ 718-720 Tgt 760 SL 710
LUPIN @ 1800 Tgt 1880 SL 1785
SELL
NTPC @ 201-202 Tgt 190 SL 204
MCDOWELL-N @ 1220-1230 Tgt 1000 SL 1250
MPHASIS @ 600-605 Tgt 480 SL 620
skip to main |
skip to sidebar
No comments:
Post a Comment