Friday, March 6, 2009

BSE, NSE Indian Stock market analysis 06-03-09

 It was a bad week for the Indian market. Most experts feel the market is headed downward and the October lows will be tested or even broken. This week's poor figures are: Sensex down 6.5% and Nifty down 5.25%. BSE Midcap index down 6.25%, BSE Smallcap index down 6% over the week. BSE FMCG Index down 9.5%, BSE Power index down 6.5%, BSE Consumer Goods index down 6%, BSE Oil & Gas index down 5.5%, BSE Realty index down 4.7%, BSE Tech index down 3.5% and BSE Metal index down 3%.  

It was a good day for the Indian market that saw a smart pullback rally and closed in the positive despite a US selloff. Sensex shut shop at 8325, up 127 points and Nifty at 2620, up 43 points from the previous close. CNX Midcap index was down 0.40% and BSE Smallcap index was down 0.83%. The market breadth was negative with advances at 482 against declines of 710 on the NSE. Top Nifty gainers included PNB, HDFC and TCS while losers included Reliance Capital, Suzlon and Maruti Suzuki.  

Stay cautious next week and book 50% profits, says Sanjeev Agarwal of Globe Capital on Zee Business. US markets look oversold, he says. In a pullback, Nifty could go to 2660-2750, he adds. So sell all rallies, he advises.

Next week is a truncated one with Tuesday and Wednesday being holidays, so take cues from the US markets that could be positive, says Sharmila Joshi, technical analyst, on CNBC Awaaz. But the strategy should be sell on rallies in our market, she adds.  

Sell NTPC with a target of Rs 150 and stop loss of Rs 182, says Prasad Kushe, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 176, up 2.28% on the BSE. 

Hold Aban Offshore as in a pullback rally it could go up and has a target of Rs 260-275, says Vijay Bhambwani, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 231, down 10.4% on the BSE.  

Sell Cairn India with a target of Rs 150-141 and stop loss of Rs 130, says Prasad Kushe, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 160, up 1.2% on the BSE.  

HEM Securities maintains a sell call on Reliance Capital with a target of Rs 280 and stop loss of Rs 316, reports CNBC Awaaz. The stock is currently trading at Rs 287, down 6.24% on the BSE. 

Bharati Shipyard has bagged new order of Rs 281 crore, says PC Kapoor, MD of the company on CNBC TV18. The company order book is at Rs 5000 crore, he adds. The stock is currently trading at Rs 48, down 2.24% on the BSE.  

HEM Securities maintains a sell call on Tata Motors with a target of Rs 126 and stop loss of Rs 143, reports CNBC Awaaz. The stock is currently trading at Rs 138, down 0.57% on the BSE.  

Buy Tata Motors with a target of Rs 162-168 and stop loss of Rs 130, says Prasad Kushe, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 138, down 0.57% on the BSE. 

The market saw a good pullback rally to close in the positive today. Sensex closed at 8332, up 134 points (provisional) and Nifty at 2619, up 42 points (provisional) from the previous close. CNX Midcap index was down 0.40% and BSE Smallcap index was down 0.70%. The market breadth was negative with advances at 478 against declines of 708 on the NSE.  

Square off all short positions, says E Mathew, technical analyst, on CNBC TV18, as closing market strategy.  

Square all Nifty short positions, says Rajat Bose, technical analyst, on CNBC TV18, as closing market strategy. 

Buy Alstom Projects with a stop loss of 245 and target of 275, says Trade Swift Broking, on CNBC Awaaz, as closing market strategy. The stock is currently trading at Rs 253, up 0.62% on the BSE.  

Short Nifty March futures with a stop loss of 2700 and target of 2250, says Ashwani Gujral, technical analyst, on CNBC Awaaz, as closing market strategy. Sell SBI with a target of 817 and stop loss of Rs 1000, he adds.  

The positive takeaway from today is that Nifty has held above 2500, says E Mathew, technical analyst, on CNBC TV18. There seems to be a massive positive divergence and sooner a later the selling climax will end, he feels. Dow has support at 6500 and that needs to be protected or it could see weakness and go to 5600, he adds.  

In a pullback rally, Nifty could go up to 2660, says Sanjeev Agarwal of Globe Capital on Zee Business. But the maximum Nifty could go up to is 2750, he adds. If global cues are positive this level could be seen next week, he says. 

The Asian markets closed in the negative while European markets are trading quiet. The Indian market is looking good and trading firm. Sensex is trading at 8317, up 119 points and Nifty is at 2618, up 41 points from the previous close. CNX Midcap index is down 0.46% and BSE Smallcap index is down 0.95%. There is buying in IT, metal, power and banking stocks. The market breadth is negative with advances at 447 against declines of 734 on the NSE.  

ICICI Bank cuts rates on new home loans by 25-50 bps, reports NDTV Profit. Rate of interest on new home loan upto Rs 20 lakh is at 9.25% and on new home loan for Rs 20-30 lakh is at 10%. Rates are only for new customers. Overall margins will not be impacted and we recommend a buy on the bank with a target price of Rs 750 in 18-24 months, says Vaibhav Agarwal of Angel Broking.  

HEM Securities maintains a sell call on SBI with a target of Rs 870 and stop loss of Rs 935, reports CNBC Awaaz. The stock is currently trading at Rs 944, up 1.01% on the BSE.  

Hold Bank of Baroda with a target of Rs 200 and stop loss of Rs 190, says Salil Sharma of Kapoor & Sharma Company, on Zee Business. The stock is currently trading at Rs 193, down 0.97% on the BSE. 

Hold RIL, it is looking weak and has support at Rs 1120, if that breaks it has a target of Rs 1000, says Rajat Bose, technical analyst, on CNBC TV18. The stock is currently trading at Rs 1164, up 1.38% on the BSE.  

The global picture is gloomy and though S&P has support at 670 that may not hold, says Philip Roberts of Barclays Capital on CNBC TV18. S&P is in a downtrend and could accelarate to 605, he adds. The trend for the Indian market is down and it could test the October lows, he says. Possibly even throw out the lows, he adds.  

The market has seen a huge correction and this is a great opportunity for investors to get into equities, says Prashant Sharma of New York Max Life, on CNBC Awaaz. Valuations are attractive and one can invest for the long term into the banking, pharma and FMCG space, he adds. One can easily expect 10-15% gains over a 3-5 year period on select equities, he feels. 

The market is looking weak and is certainly headed lower, says Mehraboon Irani of Centrum Broking, on CNBC TV18. So this is not the time to buy, he adds. The market is likely to test the October lows and could even go below those levels, he says. This could possibly be the most cruel weak for the market, he says.  

The European markets are trading mixed. The Indian market is slightly choppy but holding on to its gains. Sensex is trading at 8231, up 33 points and Nifty is at 2591, up 14 points from the previous close. CNX Midcap index is down 1.11% and BSE Smallcap index is down 1.46%. The market breadth is negative with advances at 358 against declines of 808 on the NSE.  

SMC Global maintains a sell call on Reliance Power with a target of Rs 75 and stop loss of Rs 101, reports CNBC Awaaz. The stock is currently trading at Rs 93, down 0.32% on the BSE.  

Sell Hotel Leela on a rally, with a target of Rs 22, says Simi Bhaumik, technical analyst, on Zee Business. The stock is looking weak and could even go down to Rs 12, she adds. It is currently trading at Rs 16, down 0.90% on the BSE.  

Buy Tata Steel with a target of Rs 172 and stop loss of Rs 146, says Salil Sharma of Kapoor & Sharma Company, on Zee Business. The stock is currently trading at Rs 152, up 0.30% on the BSE.  

ICICI Bank is looking weak and in any pullback if it does not cross Rs 286-291 then it is headed lower, says Rajat Bose, technical analyst, on CNBC TV18. The stock has a target of Rs 244-230, he adds. The stock is currently trading at Rs 264, down 2.04% on the BSE.  

Sell Chambal Fertilisers on a rally, with a target of Rs 40 and stop loss of Rs 29, says Simi Bhaumik, technical analyst, on Zee Business. The stock is currently trading at Rs 34, down 2.01% on the BSE.  

Buy Alstom Projects around Rs 240 with a stop loss of Rs 220 and a target of Rs 290-300 where one can exit the stock, says Rajesh Jain of SMC Global Securities, on Zee Business. The stock is currently trading at Rs 243, down 3.38% on the BSE.  

The Asian markets are trading weak. The Indian market is seeing a short covering rally. Sensex is trading at 8210, up 12 points and Nifty is at 2584, up 7 points from the previous close. CNX Midcap index is down 1.16% and BSE Smallcap index is down 1.53%. The market breadth is negative with advances at 340 against declines of 777 on the NSE.  

Exit Hindustan Unilever at Rs 245-250, says Ashu Bagri, technical analyst, on NDTV Profit. It can fall to Rs 210, he adds. The stock is currently trading at Rs 225.65, down 1.9% on the BSE.  

Buy Dena Bank at Rs 25-26 with target of Rs 40, says Ashwani Gujral, technical analyst, on CNBC Awaaz. Keep stop loss of Rs 25, he adds. The stock is currently trading at Rs 28.85, up 1.6% on the BSE. 

Stay away from largecap stocks for the time being and over the next 6-8 weeks, look to bottom fish in the midcap space, says Gautam Shah of JM Financial on CNBC TV18. He believes that one could get abnormal returns in a midcap fund over the next 6-12 months. 

Buy JP Associates in this market at current levels with target of Rs 74-77, says Rajat Bose, technical analyst, on CBNC Awaaz. Keep stop loss of Rs 62, he adds. The stock is currently trading at Rs 67.85, up 1.7% on the BSE.  

Hold RNRL with stop loss of Rs 36, says Ashu Bagri, technical analyst, on NDTV Profit. It has resistance at Rs 41, he adds. The stock is currently trading at Rs 36.50, up 1% on the BSE.  

Buy Power Grid with target of Rs 100, says Ashwani Gujral, technical analyst, on CNBC Awaaz. Keep stop loss of Rs 86, he adds. The stock is currently trading at Rs 90.40, down 1.3% on the BSE.  

Buy Maruti Suzuki in this market at current levels with target of Rs 685-703, says Rajat Bose, technical analyst, on CBNC Awaaz. Keep stop loss of Rs 644, he adds. The stock is currently trading at Rs 646, down 3.6% on the BSE.  

Buy Voltas at current levels, says Ashwani Gujral, technical analyst, on CNBC Awaaz. In a market pull-back rally, this stock might give 100% returns, he adds. The stock is currently trading at Rs 33, up 1.2 on the BSE.  » Send to friends

12:04 PM - The market at noon recovers from the day's low with banking stocks leading the recovery. Sensex is trading at 8240, down 43 points from its previous close, and Nifty is at 2586, down 9 points. CNX Midcap index is down 0.6% and BSE Smallcap index is down 1.1%. The market breadth continues to be negative with advances at 389 against declines of 718 on the NSE.  

Do not buy RIL at current levels because stock is under pressure at the moment, says Akshita Deshmukh, technical analyst, on CNBC Awaaz. Buy when it reaches Rs 950, she adds. The stock is currently trading at Rs 1154.50, up 0.5% on the BSE.  

Stay away from Ranbaxy, says Sudarshan Sukhani, technical analyst, on CNBC TV18. There is no investment or trading opportunity in this, he adds. The stock is currently trading at Rs 139.25, down 3.6% on the BSE. 

Sell SBI with target of Rs 850, says E Mathew, technical analyst, on CNBC TV18. Keep stop loss of Rs 1030-1040, he adds. The stock is currently trading at Rs 955.20, up 2.2% on the BSE. 

Buy Shree Renuka Sugars at Rs 55-60, says Ashwani Gujral, technical analyst, on CNBC Awaaz. He is bullish in sugar stocks. The stock is currently trading at Rs 79.60, up 2.5% on the BSE. 

Buy NTPC when it reaches Rs 120-125, says Sudarshan Sukhani, technical analyst, on CNBC TV18. It is one of the few bullish stocks in the market, he adds. The stock is currently trading at Rs 172, down 0.5% on the BSE. 

Sell HDIL at Rs 68 with target of Rs 66, says Simi Bhaumik, technical analyst, on Zee Business. Keep stop loss of Rs 70, she adds. The stock is currently trading at Rs 69.20, up 0.6% on the BSE.  

Buy Balrampur Chini in this market at current levels with target of Rs 49-53, says Rajat Bose, technical analyst, on CBNC Awaaz. Keep stop loss of Rs 40, he adds. The stock is currently trading at Rs 45.25, up 2.6% on the BSE.  

An hour into opening, the market is trading flat with negative bias. The global equities market picture is quite dismal, too. However, Satyam stock is surging, up 14% on the BSE. Some bank stocks are showing a bounce, too. Sensex is trading at 8195, down 22 points from its previous close, and Nifty is at 2577, down 3 points. CNX Midcap index is down 0.8% and BSE Smallcap index is down 1.3%. The market breadth is negative with advances at 319 against declines of 757 on the NSE.  

Buy Cairn India between Rs 155-145, says Anil Maghnani, technical analyst, on CNBC TV18. Keep target of Rs 172-180, he adds. The stock is currently trading at Rs 160.50, up 1.2% on the BSE.  

Buy SBI in staggered fashion only when it reaches in the range of Rs 850-750, says Ramesh Arora, technical analyst, on Zee Business. The stock is currently trading at Rs 946.20, up 1.3% on the BSE.  

Nifty has support in the band of 2550-2500 and major resistance at 2700-2720, says Rajat Bose, technical analyst, on CNBC Awaaz. Sell on rally in this market, he adds. But do not buy because this pull-back rally is temporary, he adds.  

Buy Aban Offshore only when it is available at Rs 220-240, says Neera Jain, technical analyst, on CNBC Awaaz. This stock will go in consolidation mode, she says. The stock is currently trading at Rs 244, down 5.5% on the BSE.  

Stay away from Suzlon Energy, says Sudarshan Sukhani, technical analyst, on CNBC TV18. There is nothing in this stock at the moment, he adds. The stock is currently trading at Rs 35.35, down 2.5% on the BSE.  

Sell Kotak Mahindra Bank at Rs 216 with target of Rs 209, says Simi Bhaumik, technical analyst, on Zee Business. Keep stop loss of Rs 220, she adds. The stock is currently trading at Rs 211.90, down 2% on the BSE. 

Satyam has finally got the SEBI approval for a global competitive bidding process, reports CNBC TV18. This will enable the investor to acquire a total of 51% stake in the company. The qualified investor must have net assets of over $150 million, it adds. The management of Satyam has said that it will issue fresh equity of 31% to the investor. The stock is currently trading at Rs 37.70, up 7.4% on the BSE  

Aggressive traders buy Wockhardt on dips at any rally in market, says Anil Singhvi, market expert, on CNBC Awaaz. Keep stop loss of 2-3% below buying price, he adds. Expect small gains of 5-7%, he says. The stock is currently trading at Rs 71.70, up 0.8% on the BSE.  

The market does not open on a great note today in the steps of weak global cues. It was a big day of losses in the US markets with General Motors announcing possible bankruptcy. Dow fell to 281 points to a 12-year low. Sensex is trading at 8075, down 122 points from its previous close, and Nifty is at 2552, down 24 points. CNX Midcap index is down 1.3% and BSE Smallcap index is down 0.6%. The market breadth is negative with advances at 73 against declines of 427 on the NSE.  

Market will have a negative opening today on account of weak global cues, says Ashwani Gujral, technical analyst, on CNBC TV18. He sees supports for Nifty at 2500-2530 and resistance at 2600-2650. He thinks that if Nifty breaches 2500 then there may be some more downside.  

Sensex could head to 7700, says Anil Maghnani, technical analyst, on CNBC TV18. It has support at 7840-7880, he adds. He advises cutting your shorts between 7900-7800 level. For Nifty he sees support at 2500-2520 which will be the trading support level.  

Markets are likely to trade weak due to fear among retail investors leading to continuous liquidation, says PN Vijay, investment advisor, on CNBC TV18. Improving fundamentals like falling interest rates, strong auto sales are being shrugged off because of the weak sentiment in the market, he adds.  

The coming session is likely to witness a range of 2640 on advances and 2500 on declines, says Vijay Bhambwani, technical analyst, on CNBC TV18. The outlook for the markets today is that of caution as the weekend session will see limited buying support from the bulls, he adds. He advises to ignore bargain buying for now.