Last Week: Indian Stock Market saw a decline of 6.4% Last week. Market was able to close with uptrend on last trading session.

Today: As Market reached 8000-8050 and again bounced with that psychological barrier, chart tells that it is just a short covering rally so we can’t trust on this type of market unless it crosses mark of 8500 & 2720 on nifty side. Till than it is better to stay away and see where the market is going.

BSE Sensex (8325): The support for the sensex is 8100-8050.

NSE Nifty (2620): The support for the nifty is 2600-2550-2500.

Stock Pick:

HDFC (CMP: 1220) huge institutional buying witness on Friday where CAPITAL GROUP AC THE GROWTH FUND OF AMERICA INC bought nearly 2266000 share @ 1160rs. From delivery prospective it is excellent buying opportunity with two month return of around 20% say 1400-1450.

Cairn (CMP: 160.85) after achieving our both target of 165-170 it came to 155-160 level. Technically we believe that this script is strongest among all “A” group shares from delivery point of view this is the best and safe bet for buying with a two month target of 175-180.