Wednesday, March 4, 2009

Market Voices 04-03-09

The market was choppy and ranged but closed in the positive on account of good global cues. Sensex shut shop at 8446, up 19 points and Nifty at 2645, up 22 points from the previous close. CNX Midcap index was down 0.15% and BSE Smallcap index was down 0.64%. There was buying in metal, oil & gas and auto stocks. The market breadth was negative with advances at 468 against declines of 716 on the NSE. Top Nifty gainers included SAIL, Cipla and Grasim while losers included ICICI Bank, HDFC and BHEL.  

Buy Ranbaxy with a target of Rs 166 in the short term and Rs 240 in 12 months and maintain a stop loss of Rs 130, says Salil Sharma of Kapoor & Sharma Company, on CNBC Awaaz. The stock is currently trading at Rs 159, up 1.08% on the BSE.  

Buy Pantaloon Retail with a target of Rs 180 in 12 months, says a technical analyst of Angel Broking on CNBC Awaaz. The stock is currently trading at Rs 119, up 1.14% on the BSE.  

Sell Tata Power with a target of Rs 590 and a stop loss of Rs 755, says Anuj Dixit, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 674, up 1.24% on the BSE.  
Buy RIL with a target of Rs 1300 and a stop loss of Rs 1210, says Hemen Kapadia, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 1212, up 1.09% on the BSE.  

Positive global cues saw our market close flat but in the positive. Sensex closed at 8458, up 31 points (provisional) and Nifty at 2650, up 28 points (provisional) from the previous close. CNX Midcap index was up 0.04% and BSE Smallcap index was down 0.59%. BSE Metal index was up 2.8%. The market breadth was negative with advances at 488 against declines of 684 on the NSE.  

Go short on Nifty that has strong support around 2620-2570 and resistance around 2675-2724, says E Mathew, technical analyst, on CNBC-TV18, as closing market strategy.  »

Short Nifty futures with a target of 2500 and stop loss of 2700, says Ashwani Gujral, technical analyst, on CNBC-TV18, as closing market strategy.  

On a bad day, Nifty is likely to fall to 2200 but it will be a short-lived fall, says Rajesh Jain of Pranav Securities, on Zee Business. There is buying intention but clarity on the market will emerge only after June-July after which committed buying may emerge, he feels.  »
Maintain Nifty shorts with a short term target of 2520, says Rahul Mohindar, technical analyst, on CNBC TV18. The weakness in the market is likely to continue and banking, real estate stocks are likely to drag the index down, he adds.  

There are no positive triggers to take this market up, says Kavi Kumar, markt expert, on Zee Business. The downside for this market seems limited, he adds. India is likely to emerge out of the global crisis before China as it has a strong domestic story, he says.  

The market is still looking good, held up by buying in metal stocks. Sensex is trading at 8475, up 48 points and Nifty is at 2655, up 32 points from the previous close. CNX Midcap index is up 0.01% and BSE Smallcap index is down 0.35%. The market breadth is negative with advances at 491 against declines of 672 on the NSE.  

Sell Kotak Mahindra Bank on a rally, with a target of Rs 240 and a stop loss of Rs 226, says Salil Sharma of Kapoor & Sharma Company, on CNBC Awaaz. The stock is currently trading at Rs 233, down 1.69% on the BSE.  

Sell Reliance Infrastructure with a target of Rs 385 and a stop loss of Rs 485, says Anuj Dixit, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 453, up 3.66% on the BSE.  

Sell WWIL on a rally, with a target of Rs 17-18 and a stop loss of Rs 9, says Salil Sharma of Kapoor & Sharma Company, on CNBC Awaaz. In the same space, buy Dish TV for the long term, he adds. The stock is currently trading at Rs 11.9, down 0.8% on the BSE.  » 

Buy JP Associates with a target of Rs 100 in 12-18 months, says a Brokers Poll on Zee Business. The stock is currently trading at Rs 65, up 3.2% on the BSE.  

Crnindia.com maintains a buy call on Hindustan Zinc with a target of Rs 360 and stop loss of Rs 315, reports CNBC Awaaz. The stock is currently trading at Rs 337, up 0.13% on the BSE.  

Sell Bank of India with a target of Rs 170 and a stop loss of Rs 230, says Anuj Dixit, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 206, down 2.39% on the BSE.  

SMC Global maintains a sell call on Great Eastern Shipping with a target of Rs 130 and stop loss of Rs 175, reports CNBC Awaaz. The stock is currently trading at Rs 156, down 1.02% on the BSE.  

The European markets have opened in the positive. The Indian market is holding on to its gains. Sensex is trading at 8443, up 16 points and Nifty is at 2638, up 16 points from the previous close. CNX Midcap index is up 0.56% and BSE Smallcap index is down 0.20%. The market breadth is negative with advances at 517 against declines of 639 on the NSE.  

Buy ICICI Bank with a target of Rs 325-340 and a stop loss of Rs 280, says Hemen Kapadia, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 291, down 1.6% on the BSE.  

Hold Reliance Capital for the long term, the stock could go down to Rs 290 where one can average and buy more stock for the long term, Rajesh Tambe, technical analyst, on Zee Business. The stock will give excellent profits by 2012, he adds. The stock is currently trading at Rs 326, up 1.89% on the BSE.  

Crnindia.com maintains a buy call on Sesa Goa with a target of Rs 87 and stop loss of Rs 65, reports CNBC Awaaz. The stock is currently trading at Rs 75, up 3.48% on the BSE.  

The market will be in a trading range from March to May, says Sandeep Bhatia of Kotak Mahindra Securities, on CNBC TV18. Sensex upside could be 9000-9500 and bottom could be 7000, he says. Market could break down another 700-1000 points from here, he adds. Weak rupee to impact equity markets, he feels. 

Sell Ispat on any rally and switch to some fundamentally good steel stocks that could give nice returns in the long term, says Rajesh Tambe, technical analyst, on Zee Business. His top picks are Tata Steel, JSW Steel and Welspun Gujarat.  

Investors can hold RIL, says VK Sharma of Anangram Stock Broking, on CNBC TV18. And fresh buying can be done at current levels, he adds. The stock is currently trading at Rs 1205, up 0.50% on the BSE. 

The Asian markets are surging ahead. The Indian market is trading quiet with metals holding out. Sensex is trading at 8456, up 29 points and Nifty is at 2641, up 18 points from the previous close. CNX Midcap index is up 0.41% and BSE Smallcap index is down 0.28%. The market breadth is negative with advances at 503 against declines of 631 on the NSE. 

Exit Punj Lloyd on rally at Rs 80-85, says Sudhanshu Pandey, technical analyst of LKP Shares, on CNBC Awaaz. It will go down further, he adds. The stock is currently trading at Rs 72.70, up 3.5% on the BSE.  » Send to friends

12:53 PM - Traders can sell Cipla between Rs 190-205, says Neppolian Pillai, technical analyst, on CNBC TV18. Keep target of Rs 182-172, he adds. The stock is currently trading at Rs 193, up 0.5% on the BSE.  » Send to friends

12:47 PM - Hold Sesa Goa and exit when it reaches Rs 87, says Rakesh Bansal, technical analyst, on NDTV Profit. It has support at Rs 63 and resistance at Rs 83, he adds. The stock is currently trading at Rs 75.40, up 2.8% on the BSE. 

Traders can buy JP Associates at Rs 52 with target of Rs 78-80, says Sudhanshu Pandey, technical analyst of LKP Shares, on CNBC Awaaz. Investors should stay away, he adds. The stock is currently trading at Rs 64.40, up 1.9% on the BSE.  

Hold Reliance Communications which has resistance at Rs 162, says Rakesh Bansal, technical analyst, on NDTV Profit. It will form a bottom at Rs 110-115 at which level one may get chance to average, he adds. The stock is currently trading at Rs 138.95, up 0.04% on the BSE.

Hold Noida Toll Bridge with long-term target of Rs 27-28, says Sudhanshu Pandey, technical analyst, on CNBC Awaaz. Keep stop loss of Rs 21, he adds. The stock is currently trading at Rs 21.85 on the BSE.  

Hold Tata Communications with stop loss of Rs 350, says Sudhanshu Pandey, technical analyst with LKP Shares, on CNBC Awaaz. It can go up to Rs 450-465 at which level book profit, he adds. The stock is currently trading at Rs 411.75, up 3.3% on the BSE.  

Buy Mahindra & Mahindra in the range of Rs 305-285, says Neppolian Pillai, technical analyst, on CNBC TV18. Keep target of Rs 330-343 and stop loss of Rs 280, he adds. The stock is currently trading at Rs 315.50, up 1% on the BSE.  

At noon, the market recovers from the day's low but no clear trend seems to be emerging. Cement and metal stocks are, however, buzzing. Sensex is trading at 8433, up 6 points from its previous close, and Nifty is at 2635, up 13 points. CNX Midcap index is down 0.1% and BSE Smallcap index is down 0.4%. The market breadth continues to be negative with advances at 481 against declines of 632 on the NSE.  

Hold Unitech with stop loss of Rs 25, says MB Singh, technical analyst, on Zee Business. It may go up to Rs 29-30, he says. The stock is currently trading at Rs 26.75, up 0.8% on the BSE.  - Sell SBI at Rs 1025 with target of Rs 917-925, says Mitesh Thakkar, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 966.50, down 1% on the BSE.  

Sell India Infoline, says Vikas Sethi, market expert, on CNBC Awaaz. There is not much in this stock, he adds. The stock is currently trading at Rs 44 on the BSE.  

Stay away from Ranbaxy, says Rajat Bose, technical analyst, on CNBC Awaaz. This rally is temporary and it will not sustain, he adds. The stock is currently trading at Rs 159.80, up 1.5% on the BSE.  

Create a short in Tata Steel at around Rs 160-200, says Neppolian Pillai, technical analyst, on CNBC TV 18. Keep target of Rs 138 and stop loss of Rs 205, he adds. The stock is currently trading at Rs 157.55, up 1.2% on the BSE. 

Buy ACC with target of Rs 570, says Ashwani Gujral, technical analyst, on CNBC Awaaz. Keep stop loss of Rs 515, he adds. The stock is currently trading at Rs 542, down 2.2% on the BSE.  

Hold short positions in Tata Steel, says Siddharth Bhamre of Angel Broking, on CNBC Awaaz. It will go down to Rs 140-145, he adds. The stock is currently trading at Rs 157.50, up 1.3% on the BSE.  

An hour into opening, the Indian market is trading choppy on the lack of domestic cues. Asian markets are trading mixed but China sees gains on positive news of fresh stimulus policy announced. Sensex is trading at 8435, up 8 points from its previous close, and Nifty is at 2632, up 10 points. CNX Midcap index is up 0.3% but BSE Smallcap index is down 0.2%. The market breadth is negative with advances at 489 against declines of 584 on the NSE. 

The key breakdown level for the S&P 500 was 740 level earlier, it is now seen at 640-670, says Shane Oliver of AMP Capital Investors on CNBC TV18. Although the risk remains on the downside, markets may get oversold and could be close to near-term lows, he adds. The relative outperformance of EMs and India is likely to continue, he says. 

Traders buy IVRCL Infra at current levels with target of Rs 108-110, says Anil Singhvi, market expert on CNBC Awaaz. Keep stop loss of Rs 100, he adds. Investors buy at Rs 90 with target of Rs 120-125, he adds. The stock is currently trading at Rs 108.25, up 3.6% on the BSE.  

Hold Reliance Communications, says Rajesh Jain of SMC Global Securities, on CNBC Awaaz. Sell when it reaches Rs 150, he adds. The stock is currently trading at Rs 139.45, up 0.4% on the BSE.  

Sell ICICI Bank on rally, says Rajesh Jain of SMC Global Securities, on CNBC Awaaz. The stock is currently trading at Rs 292.40, down 1.4% on the BSE.  

Traders go long on Mahindra & Mahindra with target of Rs 325, says Anil Singhvi, market expert on CNBC Awaaz. Keep stop loss of Rs 300, he adds. The stock is currently trading at Rs 312.50, up 0.6% on the BSE.  

Fresh investors stay away from Rolta, says Vikas Sethi, market expert, on CNBC Awaaz. Those invested may hold, he adds. The stock is currently trading at Rs 67, down 2.3% on the BSE.  

Only aggressive traders and investors may buy Orissa Sponge Iron & Steel at current levels, says Anil Singhvi, market expert, on CNBC Awaaz. Keep stop loss of Rs 330, he adds. This is a high-risk, high-return stock, he adds. The stock is currently trading at Rs 359.95, up 5% on the BSE.  

Go long on Infosys with target of Rs 1250, says Devangshu Dutta, market expert, on CNBC TV18. Keep stop loss of Rs 1170, he adds. The stock is currently trading at Rs 1190.10, down 0.6% on the BSE.  

The market opens on a very quiet and tepid note today, in the footsteps of slightly positive Asian cues. Sensex is trading at 8429, up 2 points from its previous close, and Nifty is at 2624, up 2 points. CNX Midcap index is down 1.8% and BSE Smallcap index is down 0.1%. The market breadth is positive with advances at 299 against declines of 137 on the NSE.  Sensex has support at 8000 and 8100, says E Mathew, technical analyst, on CNBC TV18. He sees major support for Nifty at 2450-2500 and minor support at 2600.  

Go long on Nifty with stop loss of 2590 and target of 2670, says Devangshu Dutta, market expert, on CNBC TV18. 

Market may have flat to negative opening today, says Ashwani Gujral, technical analyst, on CNBC TV18. He sees supports for Nifty at 2500-2580 and resistances at 2700-2750. He feels that global cues will play an important role as there are no domestic triggers to decide the direction of the markets.  

Markets look oversold and Nifty is likely to trade in a range of 2,568-2,635, says Sandeep Nayak of Kotak Securities on CNBC TV18. He feels that huge Put action at 2500 suggests some support at that level. The bias remains bearish till Nifty is below 2,635, he add. He believes that outperforming sectors like auto, cement may see profit booking, while banking, real estate do not show signs of recovery.