Technotracks as on July 13th

The markets have been steady and benign for the last one week. Week-on-week we gained 2.8 percent and month-on-month we gained 6 percent. We closed on Monday at 5383 after attempting 5400 yet again and finding strong resistance there.

Jul 13, 2010 04:07 IST India Infoline News Service Anu Jain |

Nifty View

The markets have been steady and benign for the last one week. Week-on-week we gained 2.8 percent and month-on-month we gained 6 percent. We closed on Monday at 5383 after attempting 5400 yet again and finding strong resistance there. Nifty futures closed for the first time in a week at a discount indicating a strong resistance at the level. The oscillators are overbought but trend saturation is not visible and some indicators are signaling a bullish trend. World markets have been up for four days on a trot and today being Infy results is all going to play heavily on the markets. The 10DMA for the markets is 5285, 20DMA coincides at the same levels indicating a lot of support there now. No need to get bearish or go short till that level is breached.



Banking & Financials


Sectorally midcap banks looking the best- Allahabad, UCO, Dena, United, IOB looking set to attempt old highs and surpass. Private banks like HDFC, Axis, Yes, Federal looking set for 5% outperformance. Indusind has given a fresh signal of a 10% breakout. Canara Bank too has given a breakout, any dips should be used to buy into the counters. Technically, DCB, Max, IDFC, LIC Housing giving swing buys. PFC looks good to buy on dips until 304-306.



Capital Goods & Infra


Crompton in industrials looking good for a breakout for 280/290 with a SL 254. Cummins on dips for a breakout for 650. JP Associates looking good for 136



Auto & Auto Ancillary 


Ashok Leyland consolidating well, fresh move expected soon-dips should be used to buy. Exide giving a breakout for 150 levels.



Pharmaceuticals


Dr Reddy reiterate an investment buy-stock has consolidated enough around the 1450-1470 levels is now set to breakout over 1520 for 1680 levels. Aurobindo also signaling a 5-8 percent breakout



IT & IT Services


Polaris has given a stellar performance and targets are close to 220 and 240 levels. Hexaware looking for 93 levels. Dips look good to buy



Consumer Durables


Domestic consumpti

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