WEEKLY RECOMMENDATIONS

Nifty recorded a new life-time high of 6042 last week. The short-term outlook for the Nifty is positive. Traders can buy in dips with a stop at 5760. The short-term targets for the index are 6042 and then 6262. In other words, a firm break-out beyond 6050 will cause a sharp surge in the index. But a reversal from the current levels will drag it lower towards 5595 again.
The medium term targets for the Nifty remain at 6262 and then 6495. This view will be valid as long as the Nifty remains above 5394.

Sensex moved sideways after the sharp jump on Monday. The chart pattern suggests that the index is forming a running correction wherein the correction makes the index move higher instead of sideways or lower. Such moves imply a strong bullish undercurrent. The near term outlook for the Sensex is positive and it can move towards 20900 shortly. Traders can buy in intra day dips with a stop at 19350.
But the medium term counts remain unresolved. The Sensex needs to move firmly beyond 20238 before it can start sprinting towards the next medium term targets at 20942 and then 22627.
Momentum indicators too corroborate the view that the short-term outlook is positive, but caution is warranted until the Sensex moves firmly beyond 20500. The upper targets for the Sensex in the week ahead are 20184 and then 20912. The supports for the week would be at 19374 and then 18880. Fresh purchases should be avoided if the index moves below the 18880.

WEEKLY RECOMMENDATIONS STOCK :-

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  BAJAJ HIND @ 237 SL 228 TGT 247-259
  
  BALRAMPUR CHINI @ 107 SL 100 TGT 116 - 121
  
  TRIVENI SUGAR @ 165 SL 156 TGT 179-198-212
  
  HAVELLS @ 670 SL 655 TGT 690-709
  
  I FLEX @ 1590 SL 1572 TGT 1649 - 1715
  
  RENUKA SUGAR @ 844 SL 785 TGT 917 -985
  
  MPHASIS @ 295 SL 284 TGT 304 – 313- 321
  
  RCOM @ 734 SL 721 TGT 770 – 814
  
  RPL@ 225 SL 221 TGT 234-242-247
  
  TULIP IT @ 950 SL 936 TGT -976 - 990
  
  TATA POWER @ 1323 SL 1290 TGT 1399-1508
  
  STERLITE OPTIC @ 356 SL 323 TGT 376- 388 -399
  
  NAGARJUNA FERT @ 83 SL80 TGT 93-101
  
  Buy –CITY UNION BANK ,BPL, TIPS IND ,FUTURA POLYESTER , KISAN MOULDINGS ,DEEP IND., APPLE FIN. ,ESSAR SHIPPING , also looking good ....Buy on declines...)