by A K Prabhakar
Nifty (6164) Nifty has crossed 6229 made high of 6252, high since 2010 November now 6338 high of 2010 and 6357 which is all time high made 69 month ago (2008 January) and chances of Nifty breaching all time high by settlement or Diwali is very high.
Nifty has good support around 6115 - 6080 while upside opens if 6357 is breached. Results season has come out better than expected with Cement sector being the only disappointment till now. PSU BANKS Result and RBI policy is where majority is worried but bull markets starts on extreme pessimism and low retail participation and low growth in economy. Now Rupee has stabilized, crude also below $100 and global risk is now not so high.
In this month Nifty has gained 7.48 % and if we notice stocks which has helped Nifty gain are beaten down stocks in last 36 Months, which is a major indication of 2003-2007 rally likely to repeat in 2013-2017.
In Month of September JPASSOCIAITE 33 %, DLF 24 %, L&T 122 %, TATASTEEL 22 %, BANKBARODA 21%, RANBAXY 20%, AXISBANK 19%, IDFC 19% and these stocks are likely to outperform till settlement which is still 5 trading days away.
Top pick for Diwali..
L & T
ICICI BANK
TATA STEEL
RELIANCE
M & M
TVS MOT
RELIANCE CAP
LIC HOUSING
CADILA
SIEMENS
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