Mkt could move in volatile sideways trading range: CLSA

Here are experts equity calls for the day on how the markets are expected to trade:

Laurence Balanco, CLSA: The Nifty's move above the January high of 6109 negates the potential of a top forming and opens the door for a move up to major chart resistance at 6,340-6,440. Of concern, however, is the recent breakout in the rupee, which supports an ultimate upside target of 62/dollar. Given the fairly strong negative correlation between the Nifty and the rupee, we do not expect a move higher above the 2010 highs, the market could move in a volatile sideways trading range instead.

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Ridham Desai, Morgan Stanley: When we look at parameters like trailing price-to-book, dividend yield, the least expensive stocks appear to be Axis Bank and Wipro. Combining this work with our analysts' recommendations, we add Sun Pharma and HDFC Bank to our Focus List. We are booking gains in Dr Reddy's and Yes Bank.