Markets continued to power ahead on the back of stable global cues and strong buying interest in stocks across sectors. A late spurt helped the Nifty close 82 points higher, at 5,940, while the Sensex shut shop at 19,738, up 208 points.

Technical Analyst Rajat Bose is positive on Ispat, Hind Motors, Tata Motors, WWIL and GAIL.

Here’s how Rajat Bose views the stocks on board:

On Ispat:

Since the target on Ispat was earlier at about Rs 67-70, that has scaled up today. From here, the next target would be Rs 79-82 and may even scale up to Rs 90.

On auto sector:

The stock that performed brilliantly is Hindustan Motors. Definitely, there is a reason to have confidence in the rally because it posted an 18-months high.

But if you look at Tata Motors, which is generally a lackluster performer, it has shown a good rise. Stocks like Tata Motors and Mahindra need to sustain this kind of momentum, otherwise it will taper off.

Maruti has to cross Rs 1,080 and Rs 1,100 range to show some good move. Otherwise, it will be just another rally that happened for some time and then tapered off. Hindustan Motors and Ashok Leyland are showing some signs, that there must be some more steam left, especially for Hindustan Motors.

In case of Hind Motors, earlier, it used to test Rs 46-48 kind of range and then move down. For the first time, Hindustan Motors is trading above Rs 50 after May 2006.  So, this should be considered a breakout. This is a high volume breakout and it is one of the volume leaders today.

The technical target for the medium-term would be Rs 65-68. For this move to be sustained, Hindustan Motors should not go below Rs 46. Once again, there should not be any two consecutive closes below that. However, the overall moves seems to be pretty strong. So, we can expect Hindustan Motors to carry on with this current swing.

On WWIL:

About 6-7 trading sessions back, WWIL was half the price that it is currently quoting. It was close to about Rs 50. This swing is very strong, after the protracted down that lasted for several months.

WWIL has actually started on this uptrend and has now really acquired momentum. Of course, the psychological barrier of Rs 100 needs to be crossed and sustained for at least two consecutive trading sessions. If somebody has purchased this stock, in the last ten trading sessions, profit booking is definitely warranted.

On GAIL:

Gail has been correcting for some time. Today, the kind of move it has given is also very encouraging. Gail might test the earlier high, posted about couple of weeks back, which was close to Rs 500 or so. That level is possible as far as Gail is concerned and its movement today is very encouraging after a sustained correction.

Disclosure:

It is safe to assume that my clients and I may have an interest in the stocks/sectors discussed.