For the week ahead, analysts predict a trading band of 15,840-16,660 for the Sensex and 4,720-5,060 for the Nifty. Expect resistance to the indices at 16,340 and 16,560 and 4,920 and 5,020. Make a periodic rea-ppraisal of your investme-nts to see whether changing developments have altered their prospects.
Futures & Options
Mirroring the positive sentiment in the underlying cash segment robust trading volumes were seen in the derivative segment. Open interest jumped by six per cent to Rs 1,15,000 crore. Expectedly Nifty continues to head the list with 66 per cent share. Marginal rise in PCR indicates that short covering has started ahead of the Budget.
Rally on cards indicate punters. Be bearish only below 4,720 on the closing basis. Sentiment indicators like open interest, put/call ratio, implied volatility and VIX indicate lesser volatility with upward bias.
Among the stocks that witnessed long build-up are HCC, JP Associates, Sesa Goa, SAIL, Hero Honda, Financial Technologies and ACC. Sugar shares are back in reckoning on reports that price fall in retail sugar prices will be short lived. Stay invested for present.
Technology counters are witnessing a renewed buying interest after the recent correction. Buy Polaris, Patni and Wipro for short term gains. Construction stocks are attracting buying on expectations that Budget will focus on the sector to sustain GDP growth rate. Buy HCC, JP Associates, Patel Engineering and Reli-ance Infra. Strong dispatch numbers have triggered buying in cement counters. Buy on declines ACC, Ultr-atech and Ambuja Cement.
After the recent correction, punters are reportedly targeting Educomp, Tech-Mahindra, United Spirits, Aban Offshore and Aurob-indo Pharma.
Gutsy traders can attempt buying at current levels with adequate stop loss for surprising gains. Learn how to book losses quickly. Don’t expect to be right all the time. If you have made a mistake, cut your losses as quickly as possible.
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