Friday, February 20, 2009

Market Voices - 20-02-09

Friday, 20 February 

It was a bad week for the Indian market that saw selling pressure at higher levels. Next week being a truncated week (Monday holiday) and F&O expiry on Thursday, some experts feel the market may outperform its global peers and head higher on the expectation of an interest rate cut by the RBI. This week's poor figures are: Sensex down 8.5% and Nifty down 7.3%. BSE Midcap index down 7.5%, BSE Smallcap index down 6.8% over the week. BSE Bankex index down up 14.5%, BSE Metal index down 11.5%, BSE Consumer Goods down 9.3% and BSE Oil & Gas index down 8%.  » Send to friends

4:25 PM - It was a disappointing session for the market today with the heavyweights witnessing selling pressure. Sensex shut shop at 8843, down 199 points and Nifty at 2736, down 52 points from the previous close. CNX Midcap index was down 1.51% and BSE Smallcap index was down 1.66%. The market breadth was negative with advances at 250 against declines of 960 on the NSE. Top Nifty gainers included ABB and ACC while losers included ICICI Bank and Reliance Communications.  » Send to friends

4:20 PM - Buy ABG Shipyard with a target of Rs 127 in 24 months, says Ashish Maheshwari of Globe Capital Market, on CNBC Awaaz. The stock is currently trading at Rs 85, down 3.6% on the BSE.  » Send to friends

4:15 PM - Hold Reliance Communications with a target of Rs 240 in 12 months, says Hardik Jain, technical analyst, on CNBC Awaaz. The stock has support at Rs 150 and is currently trading at Rs 155, down 4.55% on the BSE.  » Send to friends

4:10 PM - One can build a diversified portfolio with buy on dips strategy for long-term benefits, says Rajesh Jain of SMC Global Securities, on Zee Business. Accumulate ACC, Prism Cement, Colgate, Dish TV, Renuka Sugar, Alstom Projects, KSK Energy and WWIL on dips, he adds.  » Send to friends

4:05 PM - In the power space, accumulate NTPC, PFC and Power Grid on dips for good long term gains, says Hardik Jain, technical analyst, on CNBC Awaaz.  » Send to friends

4:00 PM - To build a long-term portfolio, accumulate HUL, Colgate, Ranbaxy (with a stop loss of Rs 180) and Lupin (with a stop loss of Rs 570) on dips for good returns, says Salil Sharma of Kapoor & Sharma Company, on CNBC Awaaz.  » Send to friends

3:55 PM - Hold Titan Industries with a target of Rs 800-820 where one can exit the stock, says Vijay Bhambwani, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 764, down 0.65 on the BSE. 

Buy Excide Industries as it could give 40-50% upside in 12 months, says Vaishali Jaju of Angel Broking, on CNBC Awaaz. The stock is currently trading at Rs 41, down 1.56% on the BSE.  

Hold Welspun Gujarat with a target of Rs 70 where one can exit the stock, says Vijay Bhambwani, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 64, down 2.5% on the BSE.  

The market is looking oversold and Nifty needs to hold 2750, says Sanjeev Agarwal of Globe Capital on Zee Business. Nifty has strong resistance at 2800-2840 and the market may see a short covering rally next week, he feels. Use any rally to book profits, he advises.

It was a flat close for the market today. Sensex closed at 8861, down 181 points (provisional) and Nifty at 2747, down 42 points (provisional) from the previous close. CNX Midcap index was down 1.49% and BSE Smallcap index was down 1.56%. The market breadth was negative with advances at 263 against declines of 935 on the NSE.  

Sell Ambuja Cements with a target of Rs 62.50 and stop loss of Rs 75.50, says Prasad Kushe, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 68, down 1.59% on the BSE. 

Maintain Nifty long positions with a target of 2785 and stop loss below 2680, says Rahul Mohindar, technical analyst, on CNBC TV18, as closing market strategy. 

Buy 2700 Put and 2700 Call, close losing leg on Tuesday morning, says Sudarshan Sukhani, technical analyst, on CNBC TV18, as closing market strategy. (The market is closed on Monday on account of Mahashivratri).

Sell CESC with a target of Rs 230 where one can exit the stock and switch to Tata Power for the long term for good returns, says Vijay Bhambwani, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 203, down 2.4% on the BSE.

The odds are that the market is looking weaker, says Salil Sharma of Kapoor & Sharma Company, on CNBC Awaaz. If Nifty closes below 2680 then it is headed lower to 2500, he says. The 2500 support is strong and crucial, if that is broken Nifty could be headed to 2200, he adds.

Dow Jones has touched its six-year low and is looking ugly today, says E Mathew, technical analyst, on CNBC TV18. If Dow retests 7200 then Nifty will not be able to hold support levels of 2670-2700 and go down to 2500, he adds. Dow is currently trading at 7372, down 90 points from its previous close. 

The market has seen a small bounce back and is off the low's of the day. Sensex is trading at 8853, down 189 points and Nifty is at 2740, down 48 points from the previous close. CNX Midcap index is down 1.37% and BSE Smallcap index is down 1.48%. The market breadth is negative with advances at 255 against declines of 930 on the NSE. 

Each Tata group company has to critically analyse what to do next, says Ratan Tata, chairman Tata Group, on the global meltdown, on NDTV Profit. Each company has been mandated to come back with a survival plan, he says. We want to nurture the JLR brands and keep them British, he adds. Tata Motors is currently trading at Rs 133, down 0.78% on the BSE.  

Hold Piramal Healthcare with a target of Rs 190-200 where one can exit the stock, says Vijay Bhambwani, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 172, down 0.1% on the BSE.  » Send to friends

2:45 PM - Sell IVRCL Infrastructure with a target of Rs 80 and stop loss of Rs 122, says Prasad Kushe, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 110, down 0.36% on the BSE. 

Crnindia.com maintains a buy call on ITC with a target of Rs 188 and stop loss of Rs 177, reports CNBC Awaaz. The stock is currently trading at Rs 178, down 1.22% on the BSE.  

Sell ICICI Bank as it has support at Rs 320, if that breaks it could head lower, says Ashwani Gujral, technical analyst, on CNBC-TV18. The stock is currently trading at Rs 347, down 4% on the BSE. 

Buy Educomp Solutions with a target of Rs 2150-2200 where one can exit the stock, says Hitendra Vasudev, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 1742, down 13.58% on the BSE.

Hold DCB as it has resistance at Rs 21 where one can exit the stock, says Rajesh Jain of SMC Global Securities, on Zee Business. Maintain a stop loss of Rs 17, he adds. The stock is currently trading at Rs 17.8, down 2.2% on the BSE. 

Nifty range is now 2650 on the downside and 3100 on the upside, says Martin Pring, market expert, on CNBC TV18. Nifty needs to decisively breakdown or breakout but global indicators are all pointing southwards, he says. Dow Jones has important resistance at 8200 and if it is able to cross that then all short term trends would be cancelled, he adds. 

Nifty has support at 2550-2660 and resistance at 2800, says Prasad Kushe, technical analyst, on CNBC Awaaz. If Nifty is able to hold 2500 on Tuesday, then the market will have formed a bottom at the support levels and a pre-election rally could start, he adds. 

The Asian markets are trading weak. The European markets opened weak and continue to bleed. Poor global cues see Indian market under pressure. Sensex is trading at 8798, down 244 points and Nifty is at 2718, down 71 points from the previous close. CNX Midcap index is down 1.59% and BSE Smallcap index is down 1.50%. The market breadth is negative with advances at 214 against declines of 938 on the NSE. 

Sell HDFC Bank as it looks weak and has a target of Rs 725-700, says Ashwani Gujral, technical analyst, on CNBC-TV18. The stock is currently trading at Rs 865, down 2.18% on the BSE.  » Send to friends

1:45 PM - Buy Zee Entertainment with a target of Rs 130 in the short term, Rs 150 in the medium term and stop loss of Rs 107, says Nishant Jain of Tradeswift, on CNBC Awaaz. The stock is currently trading at Rs 109, down 3.8% on the BSE. 

Buy GVK Power around Rs 12-13 for the long term if the market shows more weakness, says MB Singh, technical analyst, on Zee Business. In any rally, if the stock moves to its resistance of Rs 28 book partial profits, he adds. The stock is currently trading at Rs 19, down 3.2% on the BSE.

Sell SBI as it has support at Rs 1000, if it breaks that it has a target of Rs 980, says Ashwani Gujral, technical analyst, on CNBC-TV18. The stock is currently trading at Rs 1048, down 1.06% on the BSE. 

The market is seeing fatigue at higher levels on account of weak macros, says Vibhav Kapoor of IL&FS, on CNBC TV18. The worry continues on higher fiscal deficit and in such a scenario it will be difficult in the long-term for interest rates to go down, he adds. 

Nifty has strong support at 2600-2650, says Ashwani Gujral, technical analyst, on CNBC-TV18. Unless Dow Jones breaks 7400 decisively, Nifty is unlikely to crack below 2500, he adds. 

The Asian markets are trading weak. Poor global cues see the Indian market also trade weak. Sensex is trading at 8847, down 195 points and Nifty is at 2733, down 55 points from the previous close. CNX Midcap index is down 1.20% and BSE Smallcap index is down 1.07%. The market breadth is negative with advances at 266 against declines of 864 on the NSE.

Hold Tata Tea with stop loss of Rs 450-470, says Neera Jain, technical analyst, on CNBC Awaaz. It has resistance at Rs 640 at which level sell, she adds. The stock is currently trading at Rs 525.90, up 1.1% on the BSE.

Book profits on every rise in Idea Cellular, says VVLN Sastry of Firstcall India Equity Advisors on NDTV Profit. It is currently trading at Rs 48.65, down 1.8% on the BSE.

We are confident that any easing by central banks will support markets, says Roger Groebli of LGT Capital Management on CNBC TV18. But investors are throwing in the towel and markets can fall another 5 to 6% as fear psychosis is going up, he adds. He advises buying select blue chips in power and IT. 


Hold Tech Mahindra for long term, says Phani Sekhar of Angel Broking on CNBC Awaaz. In 3 to 4 years' time it can go up to Rs 1400-1500, he adds. The stock is currently trading at Rs 264, down 1.2% on the BSE.  

Hold Shree Renuka Sugars at this level, says Sharmila Joshi of Systematix Shares on CNBC TV18. They have some capex and are going slow on that, she adds. The stock is currently trading at Rs 85.20, down 3.6% on the BSE.

Hold Ispat with stop loss of Rs 9, says Neera Jain, technical analyst, on CNBC Awaaz. It has resistance at Rs 12-14 at which levels exit, she adds. The stock is currently trading at Rs 10.48, down 1.6% on the BSE. 

Stay away from Hindalco, says Ashwani Gujral, technical analyst, on CNBC TV18. The stock is currently trading at Rs 39.40, down 1.8% on the BSE.

At noon, the broader market is still looking weak. However, the realty sector is suddenly perking up with some buying after announcement by Finance Minister Pranab Mukherjee that the Government is looking at hiking spending in this sector. Sensex is trading at 8855, down 187 points from its previous close, and Nifty is at 2735, down 53 points. CNX Midcap and BSE Smallcap indices are down 1% each. The market breadth is negative with advances at 247 against declines of 847 on the NSE. 

Hold Shree Renuka Sugars with stop loss of Rs 75, says PK Agarwal of Bonanza Portfolio, on Zee Business. In any rally in the market, it can go up to Rs 100, he adds. The stock is currently trading at Rs 85.50, down 3.3% on the BSE. 

There can be low-risk, high-returns based buying in Reliance Petro for long term, says Ashish Kapur of Invest Shoppe, on CNBC Awaaz. It is a safe stock to invest in, he adds. The stock is currently trading at Rs 78.55, down 1.4% on the BSE.

Exit from Spice Communications on rally, says Prakash Gaba, technical analyst, on CNBC Awaaz. It has support at Rs 70 and can go up to Rs 90-95, he adds. Fresh buyers should stay away, he says. The stock is currently trading at Rs 76.95, down 6.6% on the BSE. 

Accumulate ICICI Bank in staggered fashion, says Ashish Kapur of Invest Shoppe on CNBC Awaaz. There will be downside in the stock but in the long term it will give high returns, he adds. The stock is currently trading at Rs 349.75, down 3.3% on the BSE. 

Buy Idea Cellular at around Rs 42-43 levels with target of Rs 55, says Prakash Gaba, technical analyst, on CNBC Awaaz. Keep stop loss of Rs 48, he adds. The stock is currently trading at Rs 48.80, down 1.5% on the BSE. 

Buy Educomp Solutions when it reaches levels of Rs 1500-1600, says Ashish Kapur of Invest Shoppe on CNBC Awaaz. The stock is currently trading at Rs 1887, down 6.4% on the BSE. 

Go long on SBI at around Rs 1000 with target of Rs 1150, says Hemant Thukral, market expert, on CNBC TV18. The stock is currently trading at Rs 1044.20, down 1.5% on the BSE.

There is short-selling opportunity around 2700 today, says Sudarshan Sukhani, technical analyst, on CNBC TV18. Traders should wait for dips to buy for small profits, he adds. 

The Indian market looks grim and somber an hour into opening. It too is experiencing a downside in line with its global counterparts. Sensex is trading at 8834, down 207 points from its previous close, and Nifty is at 2726, down 62 points. CNX Midcap index is down 1.2% and BSE Smallcap index is down 1.3%. The market breadth is negative with advances at 184 against declines of 842 on the NSE. 

Buy Hexaware at Rs 24-25, says Ashwani Gujral, technical analyst, on CNBC TV18. Exit when it reaches Rs 35-36, he adds. The stock is currently trading at Rs 26.20, down 5.4% on the BSE.

Buy Tata Steel which has support at Rs 164-165, says Hemant Thukral, market expert, on CNBC TV18. The stock is currently trading at Rs 169.15, down 1.9% on the BSE. 

Buy Siemens at Rs 225 with target of Rs 231, says Simi Bhaumik, technical analyst, on Zee Business. Keep stop loss of Rs 221, she adds. The stock is currently trading at Rs 220.80, down 2.1% on the BSE. 

Smart traders can book profit in Infosys between Rs 1260-1390 levels, says E Mathew, technical analyst, on CNBC TV18. It has resistance at Rs 1390, he adds. The stock is currently trading at Rs 1182.20, down 2.2% on the BSE. 

Buy Mundra Port & Sez at current levels for long term, says Ashish Kapur of Invest Shoppe on CNBC Awaaz. The company's future is attractive, he adds. The stock is currently trading at Rs 258.55, up 1.8% on the BSE. 

Hold Reliance Capital with stop loss of Rs 350, says Ramesh Arora, technical analyst, on Zee Business. Book profits at Rs 425-430 levels, he adds. The stock is currently trading at Rs 374.30, down 1.8% on the BSE.

Buy Infosys at Rs 1208 with target of Rs 1230, says Simi Bhaumik, technical analyst, on Zee Business. Keep stop loss of Rs 1188, she adds. The stock is currently trading at Rs 1181, down 2.3% on the BSE.  » Send to friends

10:07 AM - Buy Dena Bank with target of Rs 38, says Ashwani Gujral, technical analyst, on CNBC Awaaz. Keep stop loss of Rs 30, he adds. The stock is currently trading at Rs 32.05, down 0.5% on the BSE.  » Send to friends

9:59 AM - The market does not open on a great note today. A sticky kind of start for financials, real estate, telecom and technology. Sensex is trading at 8910, down 132 points from its previous close, and Nifty is at 2751, down 37 points. CNX Midcap index is down 0.8% and BSE Smallcap index is down 0.4%. The market breadth is negative with advances at 64 against declines of 371 on the NSE. 

Hold NTPC with trailing stop loss of Rs 170, says Ramesh Arora, technical analyst, on Zee Business. It is a good stock and has resistance at Rs 190 crossing which it might go up to Rs 220, he adds. The stock is at Rs 178.65, up 1.3% on the BSE. 

Market may have flat to negative opening today, says Ashwani Gujral, technical analyst, on CNBC TV18. He sees supports for Nifty at 2700-2730 and resistances at 2830-2860. He believes that the market may remain volatile today on account of the F&O expiry and uncertain global cues. This is a non-directional market and traders should write out of the money Index calls instead of trading in Index future, he advises. 

The Nifty is likely to be range-bound between 2700-3000 for the next few weeks, says Ambareesh Baliga of Karvy Stock Broking on CNBC TV18. The only domestic trigger could be a possible interest rate cut, he adds. He does not think that there will be a return to the October lows for now as there is buying support at lower levels. 

The intraday range for the Nifty is likely to be between the 2830 and 2740 levels, says Vijay Bhambwani, technical analyst, on CNBC TV18. The outlook for the markets today is that of cautious optimism as markets are trading on thin open interest and small amounts of buying may cause an upthrust, he adds. He advises ignoring big ticket exposure for now.