Fresh week opened on a buoyant note as market absorbed the Japanese tragedy and moved higher. It was a slow but steady rise in the morning session as Nifty traded around 5500. It was only later in the day that momentum picked up as the short term shorts ran for cover. RIL led the rise with almost 3% rise on above average volumes as the stock closed well above Rs 1000 after almost 2 months. Reliance Cap also saw heavy activity after it announced stake sale in its insurance arm to Japan’s Nippon insurance. Stock zoomed up by around 10%. The cooling down in crude prices played its part in OMCs and Aviation counters. Gains were seen in BPCL, HPCL, Jet and KFA. Some other prominent gainers were Welcorp, Escorts, GAIL, Onmobile, Ashok Leyland, Dish TV, GSPL, Tata Power, Union Bank and Voltas. Banking stocks were subdued early in the day but gained towards the end on account of short covering.
Nifty has again reared its head above 5500 and is now poised to take another shot at 5600. Intraday sustained move above 5570 would trigger a swing buy in Nifty and close above 5550 would be another confirmation. The up move in RIL that was mentioned yesterday augurs well for the overall Nifty move. RIL could target Rs 1065-70 over next few sessions with some resistance around 1040-45. BPCL has target of around 590-95 if it sustains above 560. OBC and Can Bank are showing strong resilience and could see sharp upside in neutral to positive market. Others that show promise on the upside are JSPL (above 669), Gail, Ranbaxy, Indusind Bank, HDFC, Bombay Dyeing, Kotak and Godrej Ind.
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