Markets are trading higher; time to make some gains.

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A truncated last week began with a massive fall on Monday and ended with a weak recovery on Wednesday. After the US Federal Reserve rate cut, Both foreign institutional investors (FIIs) and domestic funds were net sellers. Every sector has lost ground in the past week and in some senses, every sector is oversold. Financial stocks, metals and real-estate counters were among the biggest losers while pharmaceuticals, select FMCGs and some information technology (IT) stocks held more defensive ground. Quite a lot of selling was delivery-based and perhaps triggered by margin calls that ended in collateral being sold. The rupee is liable to strengthen further and that will hit IT stocks. However, in several sectors, specific stocks moved against the market or held their ground.

After the Feds approved the JP Morgans purchase of Bear Stearns, and provided further lending options to major financial institutions on the Wall Street, investors had shown some confidence in the US markets at closing on Thursday (The us markets were closed on Friday due to Good Friday). The Asian markets on Monday, welcome this news in the US markets, and are trading at higher level. Traders have options to book some profits on few scripts.


Buy Airtel >777 780 785 stop loss 730. .... Target price 800
Buy CIPLA>206 208 210 stop loss 200 .... Target price 225
Buy TAta motors >650 655 670 stop loss 645 .... Target price 675

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