On Monday the market opened higher on the back of positive global cues and after an initial decline it recovered
back quickly under the leadership of Bank sector. The rally was backed by sudden appreciation of Indian Rupee which
we covered/discussed in our previous updates.
For the day we may expect the market to trade between the zone of 4970/16660 and 4870/16400 levels. Ideal strategy
should to be to "sell" around upper boundary with a minimal stop loss on the higher and "buy" around 4870/4880
with a minimal stop loss on the down side.
Top Gainer in % terms
Tech Mah: The stock broken last two months sideways consolidation and entered into new bullish territory of which
upward boundary should be between Rs.1130 and Rs.1150. On declines one can enter around Rs.985/975 for the
target of Rs.1065/1090/1130. Keep a final stop loss at Rs.955 on closing basis. Cls: 1029.00
Top Volume Ranker
ICICI Bank: On Monday there was all rounding buying momentum in almost all the bank stocks. We will prefer ICICI
Bank as the top among all as the potential is huge in terms of price appreciation even from current levels up to Rs.1100
for a long term investors. For Traders: Buy on declines between Rs.860 and 845 with a price target Rs.1100. Keep a
final stop loss at Rs.820.00; Cls:Rs.889
Top Loser in % terms
Bharti Tele: Till now the telecom is the only sector, which is trading at March 2009 lows and there is still no signs of
recovery. On Monday the stock has fallen more than 3% and closed in a bearish territory. The stock has next major
support in the range of Rs.290/280. In case if it fails to sustain above the same then we may even expect Rs.255 achievable
on the same. Avoid trading long position for the time being however, we would recommend confident buy around
Rs.255 with a long term view in mind. Cls: Rs.307.5
