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[Sumans_Fan]

The trading on Thursday, 17th April 2008, the last trading of the week, was even more encouraging as the Sensex gained 237 points to close at 16,481.20 and the Nifty at 4958.40, which clearly rules out any dreadful levels of 10,000 or below, which was forecast by a prominent Indian bear operator, Shankar Sharma and an international investment guru, Marc Faber.

 This sharp rise can be attributed to the Q4 results of Infosys together with the results for FY08, which was declared on Tuesday, 15th April 2008 and telecast live on the business channels.

But if we look at the rise, we observe that the market is moving at a snail’s pace compared to the past because investors are afraid of profit booking at higher level, which may follow by fresh bear hammering. Till such time as clear indications of a bull market are not available, profit booking at higher levels will be the order of the day in pull-back rallies. This is because many investors have already suffered and many are sitting on fences to liquidate their holdings in the current rally. Under these circumstances, the market may take some more time to consolidate at each rise of 500–700 points.

‘A’ group shares like Grasim, Hindalco, Tata Tea, IDBI, NTPC, Tata Steel appear ready to spurt once the corporate results are announced.

Idea Cellular, Power Grid Corporation, Elecon Engineering, Hotel Leela, Zuari Agro, Graphite India, Tube Investments etc., which lost much grounds are good stocks for that will gain 15-20% on immediate revival.

Garden Silk, Modern Steels, Sarda Energy, Sarda Plywood, Pearl Polymer are among the few fundamentally strong shares that can be expected to move up as the rally marches ahead this week onwards.

[Lavanay]

17500 conquered today !  18500 is next target. Buy Vakrangee, CESC, BHEL, NTPC, Parsvanath, Petronet LNG, Tata Steel.