Markets inched up sharply on the first trading day and corrected during the entire week to manage a close near the last week’s levels. Both Sensex and Nifty closed flat amid range bound trading. Mid cap stocks were active entire week and laggards were trying to play catch up with the markets. All the midcap and small cap indices closed the week with gains. Oil refiners and marketing companies got the deregulation boost from the govt and they staged a strong rally on Friday. Technology stocks corrected fair bit during the week while FMCG stocks were among major gainers.
Markets look undecided as to the direction and hence trade range bound for the coming week. 5200-5400 should be the band in Nifty and it requires breach of either of these levels to take a direction. The action will remain in midcap and small cap stocks as indicated by the market breadth previous week while indices consolidate in a narrow range. The laggards shall take charge here and play catch up. Global markets look for direction too and hence sluggish trading activity is expected across all asset classes. Stay stock specific with proper target objectives and adequate stoplosses.
BUY
BHARATFORG @ 284-286 TGT 304, 320 SL 278
TV-18 @ 90-91 TGT 100 SL 88
RELCAPITAL @ 758-760 TGT 840 SL 736
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