Both Sensex and Nifty inched up 2% over the week to close near the highs once again. Telecom stocks took a giant leap after months of underperformance and figured among the major gainers for the week. It was a secular run and all sectors participated in the rally amid positive market breadth. In F&O segment 4 stocks gained for every one stock lost and the rises came despite weakness in the global markets. That shows the strength Indian markets are depicting. Bharti, Idea, M&M, BPCL, DLF and Infosys were the top gainers while ACC, Reliance Infra, JP Associates and NTPC figured among the losers.
The first quarter results are round the corner and start pouring in from here on. All indications suggest a strong quarter and our markets will react positively to the numbers. IMF revised the GDP growth forecast for India and this gave a strong boost to the markets. The long term fundamentals are extremely strong for India and therefore sharp corrections should be utilized to buy the markets. In the immediate term Nifty finds resistance at 5400 and if it manages to close above this level, we may see strong rallies ahead. We expect markets to find resistance at 5400 and correct below 5000. A fall below 5240 confirms the corrective tone. Trade Stock specific with strict stoplosses and target objectives.
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