Bulls had a great outing after what seems like a long time as Nifty leapfrogged by more than 100 points. After a steady opening markets gathered momentum as the day progressed. Banking stocks were in fine fettle and the sector was led by SBI as the stock moved up smartly. Bank Nifty gained almost 3%. Major banking gainers were Dena Bank, Vijaya Bank, OBC, Yes Bank, Central Bank, Union Bank and DCB. Cipla was one of the biggest gainer as it made a fresh new high. Tata Motors led the rally in auto stocks as it rallied strongly to around Rs 1300. Metals made a strong comeback on positive data from China. JSW Steel gained 7% and others like Tata Steel and Hindalco were also significant gainers. Some of the other prominent gainers were IOC, IVRCL, Punj Lloyd, Orbit, Bhushan Steel, Suzlon, Dish TV, MLL, GMR Infra, Aban, Bharat Forge and NCC. Hero Honda was the biggest loser as it dropped almost Rs100 from its intra day peak. Other losers were Mphasis, Bharti and Sesa Goa.
Nifty consolidated around 5920-25 in the early trades and then moved up gradually to around 5970. The resistance at 5920-30 was taken out without much effort as global sentiments also helped. We are staring at 6000 again and it’s likely that Nifty could rally to around 6030-40 soon. Banking has again taken the lead and the rally in banks could continue. Dish TV moved to fresh 52-week high and is looking good for more. Stock could target Rs 80-82 within this move. Petronet LNG is likely to target Rs 130 while more upside is also seen in ABB, Central bank, ABG Ship( above 425), IFCI( above 65), Indusind Bank, Videocon( above 232), Divis, Aurobindo and Bata.
Nifty has support around 5910-20 and then around 5865-80 while resistance is likely around 6030-6040.
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