Both Sensex and Nifty moved up close to one and a half percent amid stable to weak global markets. Markets recovered sharply during the last two weeks rising strongly from the low witnessed on 25th of last month. Sensex broke 17000 once again and managed a decent close for the week. Small and Mid cap stocks fared better with CNX midcap index inching up by more than 4% week on week. RCom (14.35%), Idea (11.45%), Maruti (8.56%), M&M (7.19%), HUL (6.49%), Bharti (5.98%), IDFC (5.69%), ONGC (5.09%), Reliance Infra (5.06%), Reliance Capital (4.97%), Sun Pharma (4.48%) were the top Nifty gainers while Suzlon (8.60%), Sterlite (4.88%), Grasim (4.07%), Jindal Steel (3.80%), JP Associates (3.66%) and Unitech (3.06%) were among the top losers.

US markets saw sharp decline on Friday with fears at Euro Zone aggravating with each passing day. EUROUSD corrected sharply as the fears of sovereign defaults refused to recede. The fears saw asset classes across the board tumble as safer currencies Dollar and Gold managed strong gains. Our markets will try to test the support of 4800 before any further move. We may see our markets open with a sharp gap down and try to test the immediate support of 4960. Strong support awaits the markets at 4760-4800. Much would depend on how the global markets fare. Wait for better opportunities to buy strong counters.

BUY
UNIPHOS @ 178-180 Tgt 200 SL 172
NAGARCONST @ 176 Tgt 202, 220 SL 170
LITL @ 59-60 Tgt 72 SL 57

SELL
EDUCOMP @ Mkt Tgt 480 SL 540
TECHM @ Mkt Tgt 610 SL 720
MPHASIS @ 570-575 Tgt 520 SL 590
HINDZINC @ 950-960 Tgt 820 SL 990