Nifty once again crossed one more milestone and now this close above the 6100 mark. Nifty for the 1st time since Jan 2008 crash crossed over 6100 and closed at 6143 up 113 points on the last day of week. Sensex closed at 20445 up 375 points.
Major Indices in the Indian markets gained more than 2% in the week. Frontline stock seems to have their one of the best time since the major crash in 2008. Midcap Index closed up 1.5% and Smallcap & junior Index closed 1.3% higher.
Metal, Real estate and the banking stocks were in full charm. Metal Index surged the most in the week, which closed 5.2% higher. Stocks such as like Sail, Hindalco and Tata Steel which were up 8.2%, 7% & 5.8% respectively, helped the Metal Index surge. In Reality space Unitech and DLF gained the most. Reality Index surged 5%. Bhel had one of its best times on the brousers which gained almost 5.6%. Siemens closed up almost 6% and Lnt up 4%. Cap Goods Index closed higher by 3.7%. Auto stocks performed pretty well on the last day of the trading session for the week. Auto Index surged almost 2.5%. 5% rise in the SBI stock price helped Banking Index gain nearly 2.5%. Healthcare Index also had some run up in the week which gained 2.3%.
Bajaj Auto closed higher by 6.8%, Dlf 6.2%, Sbi 5%. In the midcap stocks Sujana towers gained the most. It closed at 102.45 up almost 46% in a week. Another stock Pnb Gilts gained nearly 30%. After the major success of “Dabaang”, Shree Ashtavinayak stocks seen another round up rally and closed higher by 15%. After the news of the restructuring of its loan book, Kingfisher airlines Ltd rallied 7.8%. Edelweiss was up 8.7%. Satyam lost almost 9% after the announcement of its 2yrs results. Pipavav Shipyard lost 15%. Jupiter Bio lost 12% in this rally.
In my article I mentioned that we might see correction for another round of rally but there seems to be no stoppage for the Indian markets. There had been considerable increase in the FII investment in the Indian stocks. In the last 3 months Fii have pumped nearly Rs.39K cr in the Indian markets. Out of that Rs.24K Cr came in the Sep alone, which helped the Indian markets surged to almost at their all time high. On the other hand Domestic Institutions are net sellers to the tune of Rs.10K Cr.
Nifty for the 1st time closed above the 6100 mark, since the beginning of the 2008 Crash. Sensex closed at 20445. I had predicted the 6000 levels till the end of the 2010, which had been mentioned in the conference, but it has already crossed over the level.
In the weekly chart Nifty had once again given a breakout before 3 days. In my last article I had mentioned that in the daily chart RSI is trading at very high levels but in the weekly chart there is still no sign of selling trigger. But in daily chart it has been trading there since quite a long time. We did see some profit booking at these levels. Volumes have been great in the markets. F&O turnover crossed Rs.2L Cr on the expiry day. Markets men tried to called off the rally but some plan got disturbed by some sudden pull in the expiry day. Sensex which was almost down around 120 points saw a great pull back in the last hour and gained to close marginally below. On the next day i.e Friday markets opened with a wide gap in the green and continued its rally and closed higher by 320 points in Sensex and almost 100 points in Nifty.
Rsi trading in the overbought zone suggests that the markets will see some correction. Nifty will face resistance at 6175-6185 levels. Close above that will take the Nifty to 6244. Nifty will find support at 6078-6011 levels. Sensex will face resistance at 20875. Close above will take the Sensex above its all time high. Above that, it will open up for my next target of Sensex 25000 (which was mentioned in the conference) within 6-8 months.
In the last week there was some indication that the markets will see some correction but markets continued to rally and closed few points below its all time highs. We might see some profits booking in the coming session. Now the lot more will depend on the Quarterly numbers which will be announced.
Last aricles call:
Buy Rcom above 170 SL. 161. made a high of 176 but Sl still not triggered.
Sell Bajaj Auto below 1440. SL triggered.
Buy Bpcl above 770. SL 765. made a high of 818.
Buy Bharti Airtel above 361. made a high of 376.
This weeks call:
Buy Axisbanks close above 1582. SL of 1555. Long term tgt 1690.
Buy Baja Auto above 1547. Sl of 1535.
Buy Bharat Forge close above 375. Sl of 390-395
No comments:
Post a Comment