>> Sunday, April 12, 2009
The Indian benchmark indices touched its five month high at the beginning of the week on the back of positive global cues which continued till mid- week.
On the last trading day of the truncated week, weak IIP numbers and a marginal decline in headline inflation numbers fuelled volatility ahead of the long weekend. Yet, the markets managed to end with a gain of close to 5 per cent.
Better than expected sales numbers for March 2009 led to buying interest at auto counters. Reliance Industrial Infrastructure shot up by as much as 157% during the week for no apparent reason, while Essar Oil Ltd rose by 65% as it is expected to close the Kenya Petroleum Refinery deal in Mombasa.
Markets worldwide appear to be harbouring a positive sentiment on the back of expectations that the economic stimulus packages undertaken worldwide will bear soon fruit.
Inflation is now at 30 years low.
Sectors I am bullish on.
Satyam Computers - (47.15) Targets of 55.65 and 62 - SL of 44.10
LNT - (828.85) Targets of 845 and 875 - SL of 785
HDIL - (118.95) Targets of 126 and 132 - SL of 113
Unitech - (42.05) targets of 46 and 51 - SL of 36
NIFTY Weekly Technical Analysis.