It was a typical hangover day as markets re-opened after diwali blast. The energy was missing and that was evident in the index movement. It was lackluster to say the least mostly on account of lack of any substantial activity. There was some profit taking in IT heavyweights as well as OMCs. SBI too witnessed some selling ahead of its numbers. The commodities were at the centrestage as both soft commodity stocks like Sugar as well others like metals witnessed strong buying. Sugar stocks were amongst the biggest gainers of the day while significant gains were seen in TataSteel and Sterlite. Cement stocks continue to move higher and Ambuja cements hogged the limelight by moving to life time highs amidst heavy volumes. Some of the other significant gainers were Can bank, Chambal, HOEC, KFA, Hexaware, Divis Lab, Alok, RPower, IFCI and JP Associates. Losers included Mphasis, Power Grid, GMDC, IGL, Apollo Tyres, IVRCL, HDFC bank and Neyvelli.
Nifty paused for breath just around the previous peak and shed some 40 points at close. The undertone remains bullish and we could be heading towards 6400 in coming sessions. Immediate support to Nifty is seen around 6240 and then around 6210. IFCI has given a fresh breakout above 76 and could be headed to around 85-86 in coming sessions. JP is interestingly poised and sustained trades above 140 could open up strong upside. Sterlite broke out of range of past 6-7 months and is looking good for another 12-15% rise from current levels. Tata Steel is also showing momentum and could be accumulated on dips for target of around Rs 670. Amongst others more upside is seen in Godrej Ind, KTK bank, IDBI, Exide, Triveni , HOEC and Chambal.
Nifty has immediate support around 6260-70 and then around 6215-20 while some resistance is likely around 6420.
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