For the week ahead, chartists predict a trading band of 16,880 and 17,640 for the Sensex and 4,960 and 5,280 for the Nifty.
Supports for the Sensex is at 17,120 and 16,860 and for the Nifty at 5,060 and 4,940.
Correction to 5,000-level may see the markets trade in a broad sideway zone for next couple of fortnights.
Expect resistance to the indices at 17,480 and 17,660 and 5,180 and 5,260.
Be bearish only below 17,100 or 5,060 on closing basis. Markets change continuously and so must traders and investors. What worked last year, last month, or even last week may very well not work today. Evaluate consistently and try to be flexible to change your methods.
Stay invested and buy on declines bank counters for steady gains. Bashing of telecom stocks is overdone, feel industry watchers. Buy Bharti Airtel, RComm. and Idea for relief rally gains.
Reports of recruitment spree at mid-tier and niche tech companies and excellent results from TCS have triggered renewed buying in technology counters. Surprise gains indicated in Wipro, Polaris and Patni.
True to predictions after good accumulation, fresh uptrend is seen in realty and sugar counters. Stay invested for further gains in Shree Renuka, Bajaj Hindustan and Balrampur Chini.
DLF, HDIL and Unitech look good for further gains from current levels. Stay invested.
Operators are eyeing “big lot size and low price” counters like Noida Toll Bridge, Ispat Industries, Hotel Leela, GTL Infra and fertiliser counters Chambal and Nagarjuna. Punters tip targets of Rs 54, Rs 29, Rs 55, Rs 48, Rs 66 and Rs 43 in near term. Use corrections to buy Aban Offshore, APIL, Cummins (I) and Biocon for short term targets of Rs 1,680, Rs 625, Rs 420 and Rs 300. Rumours of insiders close to RIL cornering Aban shares are gaining strength. Exercise good, prudent money management and risk management for steady returns.
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