Volatility was the name of the game last week on world markets - with PIIGS and Goldman Sachs causing downside triggers and strong internals of the US and Indian markets bringing in relief rallies on any positive news they could garner.
May 03, 2010 06:05 IST|India Infoline News ServiceAnu Jain |
Volatility was the name of the game last week on world markets - with PIIGS and goldman sachs causing downside triggers and strong internals of the US and Indian markets bringing in relief rallies on any positive news they could garner.
Nifty held on to the 5200 levels by the skin of its teeth, getting stronger towards the end of the week and testing the 5290 levels. The Nifty could not hold on to them and closed fairly strongly though at 5278. 5200, from where the market bounced during last week’s duress, will be short term support. That’s where the 50 DMA exponential is placed. 50 DMA simple is at about 5170. So the 5170-5200 range should provide cushion on rocky world situations. As mentioned last week if that gets taken off due to any reason, next supports will be 5050 levels. In fact then 4950 could also be possible - however we are talking of those levels only as a matter of abundant caution.
There will be a break for 3 weeks in technotracks as I am on vacation-will resume from 27th
Banking & Financials
Banking continues to outshine we like BoB, Vijaya and Yes for 5% moves-buy on dips
Capital Goods & Infra
Rel Infra and ARSS in for bounces. Nag. Construction showed moves last week –awaiting same in IVRCL
Auto & Auto Ancillary
Bajaj Auto and Hero Honda now poised for fresh move
Fortis giving a fresh move up
IT & IT Services
Like Mphasis for 720 and TCS for a bounce back
Fedders Lloyd can do what Bajaj Electricals did last week
UTV showing accumulation pattern. Textiles –Morarjee Textiles looking good
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