TCS results ensured a gap-up opening and despite some volatility during the session market managed to stay in the positive for whole session. Intra day short covering, in fact lifted the indices during last 60 minutes as Nifty closed almost at the highest level of the session. TCS was up more than 5% as it hit a new high. Opto Circuits came out with good results and was the biggest intra day gainer as stock moved up by more than 10% on huge volumes. Some pharma counters too witnessed buying. Some of the top gainers for the day were Polaris, Praj, Indusind Bank, Sterlite, Sun Pharma, Orchid, Ambuja, JSW Steel, Ranbaxy , Axis Bank and JSPL. Exide results proved a big dampener for the stock as it lost more than 10% on heavy volumes. Some other stocks that continued to struggle were Bata, Zee, R-Infra, IRB, HCC, BOB and IVRCL Infra. Breadth was positive while volumes were on the lighter side.
Nifty managed to claw its way back above 5700 on the back of good showing by TCS. Nifty closed almost within the resistance zone of 5730-40. Positive global cues could ensure further upside to around 5785-5810 level. It still looks like a relief rally and one needs to be extremely cautious in stock- selection to play this rally. Pharma and IT are the ones that are throwing up buying opportunities and even the metal stocks remain in the buy on dips category. Petronet LNG is repeatedly finding resistance around 130-132 and sustained trades above 132 could propel the stock higher to around 145 levels. IDFC could see a technical rebound to around 167-169 if it sustains above 160 while some upside is likely in Indusind Bank( above 240), Orchid Chem, NMDC( above 269) and Ranbaxy.
Nifty has immediate support around 5650-70 and then around 5610 while 5780-5810 is likely above 5745
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