Sunday, February 15, 2009

Market Wrap for week ending

It was a good week for the Indian market that showed resilience and held its own amidst its global peers. On the domestic front, good IIP numbers and lower inflation figures kept the market in a positive frame. While the market goes into next week with a positive bias, experts are not convinced there is more steam left for the market to go up. This week's good figures are: Sensex up 3.5% and Nifty up 3.7%. BSE Midcap index up 4.5%, BSE Smallcap index up 3.5% over the week. BSE Realty index up 13%, BSE Consumer Goods index up 7.7%, BSE Auto index up 6.5%, BSE Bankex index up 5.5%, BSE Metal index up 3.5% and BSE Oil & Gas index up 3%.  

Positive global cues saw the Indian market close higher today. There was some profit booking in last hour of trade. Experts felt the market did not have any major expectations from the interim rail budget and thus almost ignored the event today. They added that the market could see a sell off on Monday due to the vote on account and interim budget. Sensex shut shop at 9634, up 168 points and Nifty at 2948, up 55 points from the previous close. CNX Midcap index was up 1.65% and BSE Smallcap index was up 0.62%. The market breadth was positive with advances at 771 against declines of 417 on the NSE. Top Nifty gainers included Mahindra & Mahindra, Idea and Reliance Communications while losers included Sun Pharma, GAIL and ABB. 

One can expect a global rally in the next two months, feels Amitabh Chakraborty of Religare Securities, on CNBC TV18. The market could see a selloff on Monday on account of the interim budget, he says. But Nifty could possibly go to 3500 till the elections, he adds. 

The market may see a sell off on Monday if there are negative surprises in the interim budget, says Gaurang Shah of Geojit Financials, on NDTV Profit. It would be a good time to book profits across the board, he adds.  

The acid test for the market is likely to be 3100, feels E Mathew, technical analyst, on CNBC TV18. It is to be seen if Nifty can convincingly cross that level or peter out, he says. If Nifty can cross 3100 then levels of 3482 and 3500 is what one can expect, he adds. 

Hold Reliance Communications with a target price of Rs 200 where one can book profits and exit the stock, says Ashwani Gujral, technical analyst, on CNBC Awaaz. The stock has support at Rs 160 and is currently trading at Rs 181, up 5.3% on the BSE.  

Hold Sesa Goa with a target price of Rs 120 in 2 months, says Salil Sharma of Kapoor & Sharma Company, on CNBC Awaaz. The stock is currently trading at Rs 95, up 2.08% on the BSE.  

Hold Bharti Airtel with a target price of Rs 750 where one can book profits and exit the stock, says Ashwani Gujral, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 652, up 0.26% on the BSE. 

Hold Dish TV with a target price of Rs 30-32 where one can book profits and exit the stock, says E Mathew, technical analyst, on CNBC TV18. The stock is currently trading at Rs 27, up 16% on the BSE. 

Hold Idea Cellular with a target price of Rs 58 where one can book profits and exit the stock, says Ashwani Gujral, technical analyst, on CNBC Awaaz. The stock has support at Rs 33 and is currently trading at Rs 51, up 5.2% on the BSE.  

Hold Idea Cellular with a target price of Rs 56-60 where one can book profits and exit the stock, says VK Sharma of Anagram Stock Broking, on Zee Business. The stock is currently trading at Rs 51, up 5.2% on the BSE.

 If Nifty is able to sustain above 2950 then it could see an upmove to 3050, says Atul Badkar of Edelweiss, on CNBC TV18. It would be good to book profits at higher levels, he adds.  

It was a good day for the market that closed higher thanks to positive global cues. Sensex closed at 9617, up 151 points (provisional) and Nifty at 2948, up 55 points (provisional) from the previous close. CNX Midcap index was up 1.4% and BSE Smallcap index was up 0.82%. The market breadth was positive with advances at 771 against declines of 417 on the NSE.  

Hold all Nifty long positions with a target of 3050-3075 and stop loss of 2840, says E Mathew, technical analyst, on CNBC TV18, as closing market strategy. 

Book 50% profits on long positions and hold the rest with Nifty target of 3050, says Anil Maghnani, on CNBC TV18, as closing market strategy.

Hold Nifty long positions, says Deepak Mohoni, technical analyst, on CNBC TV18, as closing market strategy.

It is worthwhile to wait and watch which way the market is likely to go, says Sudarshan Sukhani, technical analyst, on CNBC-TV18. If Nifty is able to cross 2940 then it could rally another 100 points, he says. So stay long, he adds. 

If Nifty closes above 2930 then it could go up to 2960 which is a strong resistance level, says MB Singh, technical analyst, on Zee Business. If Nifty is able to cross 2960 then it would mark a short-term uptrend and Nifty could even rally another 150 points, he adds.  

Crnindia.com maintains a buy call on GMR Infrastructure with a target of Rs 88 and stop loss of Rs 73, reports CNBC Awaaz. The stock is currently trading at Rs 79, up 2.57% on the 

SMC Global Securities maintains a buy call on Alstom Projects with a target of Rs 340 and stop loss of Rs 268, reports CNBC Awaaz. The stock is currently trading at Rs 287, up 0.90% on the BSE. 

HEM Securities maintains a sell call on Ranbaxy with a target of Rs 192 and stop loss of Rs 222, reports CNBC Awaaz. The stock is currently trading at Rs 211, down 0.59% on the BSE.  

Sharekhan maintains a buy call on Bajaj Auto with a target of Rs 640, reports Zee Business. The stock is currently trading at Rs 484, up 1.25% on the BSE.  » Send to friends

Crnindia.com maintains a buy call on Ambuja Cements with a target of Rs 79 and stop loss of Rs 70, reports CNBC Awaaz. The stock is currently trading at Rs 73, down 0.20% on the BSE. 

Tata Steel continues to be in a range of Rs 165-Rs 220 and one can trade accordingly on the lower and upper side, says Ashwani Gujral, technical analyst, on CNBC TV18. The stock is currently trading at Rs 195, up 5.23% on the BSE. 

Buy Kalpataru Power and Lupin for the long term for good returns, says Jigar Shah of KIM ENG Securities, on CNBC TV18. Kalpataru Power is currently trading at Rs 277, up 4.4% and Lupin at Rs 638, up 0.23% on the BSE. 

Hold Nifty long with a stop loss of 2880, says Ashwani Gujral, technical analyst, on CNBC TV18. Nifty range is 2940-2960 and the market does not seem to have much fuel left to go up, he says. The market does not have much upside now, he adds.  

The European markets have opened in the positive. Positive global cues see the Indian market continue to trade firm. Sensex is trading at 9666, up 200 points and Nifty is at 2954, up 61 points from the previous close. CNX Midcap index is up 1.7% and BSE Smallcap index is up 1.11%. The market breadth is positive with advances at 868 against declines of 285 on the NSE. 

Buy Sterlite Technologies with a price target of Rs 120 in 12 months, says Jigar Shah of KIM ENG Securities, on CNBC TV18. The stock is currently trading at Rs 65, up 2.42% on the BSE.  

Angel Broking maintains a buy call on Petronet LNG with a target of Rs 80, reports Zee Business. The stock is currently trading at Rs 37, up 0.02% on the BSE.  

HEM Securities maintains a buy call on Titan Industries with a target of Rs 879 and stop loss of Rs 820, reports CNBC Awaaz. The stock is currently trading at Rs 857, up 0.42% on the BSE.

The economy is likely to see a significant slowdown in the second half of this year, says Tushar Poddar of Goldman Sachs, on CNBC TV18. Do not expect the IIP numbers to bounce back in January-March, he says. Exports may go down by 20%, he adds.  

Buy ABB close to Rs 435-420 with long-term view, says PK Agarwal of Bonanza Portfolio, on Zee Business. It has resistance at Rs 480, he adds. It will give good returns, he says. The stock is currently trading at Rs 448, down 1.6% on the BSE. 

Investors should stay away from Educomp Solutions, says Deepak Mohoni, technical analyst, on CNBC Awaaz. There is downside volatility in the stock and overnight risk is too much, he adds. The stock is currently trading at Rs 2051.50, up 4.9% on the BSE. 


Buy MRPL with target of Rs 46, says Ashwani Gujral, technical analyst, on CNBC Awaaz. Keep stop loss of Rs 37, he adds. The stock is currently trading at Rs 40.90, up 0.4% on the BSE.  

Hold Power Grid with stop loss of Rs 80, says PK Agarwal of Bonanza Portfolio, on Zee Business. It can go up to Rs 140, he adds. The stock is currently trading at Rs 93.70, up 3.1% on the BSE.  

I am negative on IT space, says Vibhav Kapur of IL&FS Investmart on CNBC TV18. Indications are that IT spending will be cut and there is a lot of pricing pressure, he adds.

Hold IDFC with stop loss of Rs 50, says PK Agarwal of Bonanza Portfolio, on Zee Business. It will give good returns in the long run, he adds. The stock is currently trading at Rs 58.75, up 3.1% on the BSE. 

Stay away from SKumars Nationwide, says Sudarshan Sukhani, technical analyst, on CNBC TV18. The stock is currently trading at Rs 20.90, up 2.2% on the BSE

Hold IDBI Bank which is for quite some time trading in the range of Rs 50-60, says PK Agarwal of Bonanza Portfolio, on Zee Business. Keep stop loss of Rs 50, he adds. The stock is currently trading at Rs 56.10, up 1.5% on the BSE.  

Go long on Hero Honda with target of Rs 970, says Devangshu Dutta, market expert, on CNBC TV18. Keep stop loss of Rs 890, he adds. The stock is currently trading at Rs 926.95, up 1.2% on the BSE. 

Hold Nagarjuna Construction with stop loss of Rs 45, says PK Agarwal of Bonanza Portfolio, on Zee Business. It has resistance at Rs 55, he adds. The stock is currently trading at Rs 52.75, up 0.9% on the BSE.  

Both investors and traders should sell Kernex Microsystems on rally, says Anil Singhvi, market expert, on CNBC Awaaz. The stock is currently trading at Rs 94.30, up 10% on the BSE. 

Go long on Power Grid with target of Rs 105, says Ashwani Gujral, technical analyst, on CNBC TV18. Keep stop loss of Rs 85, he adds. The stock is currently trading at Rs 93.95, up 3.4% on the BSE.  

An hour into opening, the market continues to hold on to its morning gains with rail stocks buzzing ahead of the rail budget announcement. Sensex is trading at 9631, up 165 points from its previous close, and Nifty is at 2944, up 50 points. CNX Midcap index is up 1.3% and BSE Smallcap index is up 1.5%. The market breadth is strongly positive with advances at 832 against declines of 219 on the NSE.  

Hold BHEL, says Ashish Kapur of Invest Shoppe, on CNBC Awaaz. New investors can buy on dips, he adds. It is a fundamentally strong stock, he adds. The stock is currently trading at Rs 1454, up 3% on the BSE. 

Buy TCS at Rs 490 with stop loss of Rs 475, says Ramesh Arora, technical analyst, on Zee Business. It has resistance at Rs 530, he adds. The stock is currently trading at Rs 514.55, up 1.1% on the BSE. 

Buy BEML when it is available 5 to 7% down from its current levels, says Ashish Kapur of Invest Shoppe on CNBC Awaaz. The company's valuations are good, he adds. The stock is currently trading at Rs 411.80, up 4.3% on the BSE.  

Hold Texmaco which is fundamentally strong, says Ashish Kapur of Invest Shoppe, on CNBC Awaaz. New investors can buy on dips, he adds. It will give returns of 30-40% from the current levels. The stock is currently trading at Rs 62, up 7.1% on the BSE.  

Hold JP Associates with stop loss of Rs 61, says Ramesh Arora, technical analyst, on Zee Business. It has resistance at Rs 90-95, he adds. The stock is currently trading at Rs 75.60, up 3.5% on the BSE. 

Buy Aban Offshore at Rs 443 with target of Rs 461, says Simi Bhaumik, technical analyst, on Zee Business. Keep stop loss of Rs 434, she adds. The stock is currently trading at Rs 456.80, up 3% on the BSE. 

Buy Reliance Industries at Rs 1325 with target of Rs 1425, says Ramesh Arora, technical analyst, on Zee Business. Keep stop loss of Rs 1290, he adds. The stock is currently trading at Rs 1380, up 2.1% on the BSE.  

Sell Gail at Rs 214 with target of Rs 210, says Simi Bhaumik, technical analyst, on Zee Business. Keep stop loss of Rs 219, she adds. The stock is currently trading at Rs 216.75, up 1% on the BSE  

The market opens on a positive note with most of the heavyweights in the green. Sensex is trading at 9599, up 133 points from its previous close, and Nifty is at 2935, up 42 points. CNX Midcap index is up 0.9% and BSE Smallcap index is up 0.6%. 

Market may have flat to positive opening and may remain volatile as it is still moving within a narrow range, says Ashwani Gujral, technical analyst, on CNBC TV18. He sees support at 2830-2860 and resistance at 2960-2980. Markets are moving in a very narrow range and this range may break in either direction, he adds. He advises traders to go long on dips for intra-day gains as long as Nifty is trading above 2800.  

2800 Put buyers have been squaring up their positions, says Siddharth Bhamre of Angel Broking, on CNBC TV18. This is not the right time to go short or form longs, he adds. He advises investors to wait for 3000 level for creating shorts in the market. He finds RIL and ONGC weak.  

I think we can see some technical rebound in Asian markets today but however most of the markets have no clear direction, says Patrick Shum of Karl-Thomson Securities on CNBC TV18. I think the investors are waiting for further news from US side and also from Chinese Government, so I guess in the near-term most markets will continue to move within a range, he adds. 

We are positive on the market and may see a higher base after the recent consolidation, says Deven Choksey of KR Choksey, on CNBC TV18. The Nifty can gain 100-150 points if it manages to cross 2950, he adds. He expects continued focus on capex in the Rail Budget today and additional stimulus measures in the Interim Budget next week.