Thursday, March 12, 2009

Market Voices 12-03-09

It was a volatile last hour of trade and market saw short covering today after a two-day holiday. Sensex closed at 8312, up 152 points (provisional) and Nifty at 2601, up 28 points (provisional) from the previous close. CNX Midcap index was up 0.75% and BSE Smallcap index was up 0.31%. The market breadth was positive with advances at 641 against declines of 557 on the NSE. 

Take fresh long positions or hold long with Nifty target of 2690 and stop loss of 2610, says Devangshu Dutta, market expert, on CNBC Awaaz, as closing market strategy. 

Buy 2600 Put, close Nifty positions above target of 2650 or below 2525, says Sudarshan Sukhani, technical analyst, on CNBC-TV18, as closing market strategy.  

Nifty may climb to 2720 in a pullback rally, says Mitesh Thakkar, technical analyst, on CNBC TV18. But one cannot say that Nifty has formed a bottom around 2525, he adds. So he does not advise going long yet in this market.

Be cautious till Nifty trades below 2700, says Ashwani Gujral, technical analyst, on CNBC-TV18. Nifty has a huge congestion zone around 2700-2800 and it will be difficult to go past it, he says. The market could underperform till elections despite positive global cues, he feels. Remain short on Nifty with stop loss of 2700, he adds.  

The market was oversold and a short covering rally was expected, says Anil Maghnani, technical analyst, on Zee Business. But the test of this market is whether the bounce can take Nifty upto 2700, he says. The market undertone continues to be weak, he cautions. The breakdown of outperforming stocks like Bharti Airtel signals that the panic bottom for the market is near, he adds.  

The market is showing some strength and seeing a good pullback rally, says Shrikant Chouhan, technical analyst, on CNBC Awaaz. One can stay long on Nifty if it closes above 2640, he adds. 

The Asian markets closed weak while European markets continue to trade weak. Our market continues to trade firm. Sensex is trading at 8364, up 203 points and Nifty is at 2624, up 51 points from the previous close. CNX Midcap index is up 1.05% and BSE Smallcap index is up 0.43%. The market breadth is positive with advances at 651 against declines of 533 on the NSE.  

Buy SBI, in a pullback rally it has a short-term target of Rs 960, says Ashish Chaturmotha, technical analyst, on Zee Business. The stock is currently trading at Rs 917, up 2.28% on the BSE.  

Karvy Stock Broking maintains a buy call on PNB with a target of Rs 627, reports Zee Business. The stock is currently trading at Rs 316, up 4.23% on the BSE. 

Sell ICICI Bank with a target of Rs 280-260 and stop loss of Rs 305, says Sanjeev Agarwal of Globe Capital on CNBC Awaaz. The stock is currently trading at Rs 284, up 8.35% on the BSE.  

Buy Sterlite Industries with a target of Rs 280 and stop loss of Rs 253, says Ashish Chaturmotha, technical analyst, on Zee Business. The stock is currently trading at Rs 261, up 7% on the BSE.  

Sell GMR Infrastructure with a target of Rs 66-62 and stop loss of Rs 75, says Sanjeev Agarwal of Globe Capital on CNBC Awaaz. The stock is currently trading at Rs 69, up 1.68% on the BSE. 

The market is seeing a pullback rally, so stay long on Nifty with a target of 2690, says Ashish Chaturmotha, technical analyst, on Zee Business. Maintain Nifty stop loss of 2590, he adds. 

ORG Informatics has bagged an order of Rs 20 crore, reports NDTV Profit. The stock is currently trading at Rs 9, up 19.8% on the BSE.  

The Asian markets are seeing profit booking while European markets have opened in the negative. The Indian market is seeing a short covering rally and trading strong. Sensex is trading at 8416, up 255 points and Nifty is at 2693, up 65 points from the previous close. CNX Midcap index is up 1.18% and BSE Smallcap index is up 0.63%. There is good buying in IT, oil and gas and banking stocks. The market breadth is positive with advances at 691 against declines of 472 on the NSE.  

SMC Global maintains a buy call on Cipla with a target of Rs 235 and stop loss of Rs 185, reports CNBC Awaaz. The stock is currently trading at Rs 204, up 1.32% on the BSE.  

Punj Lloyd, L&T, Praj Industries and IDFC are good stocks to hold or accumulate in the portfolio for the long term, says Rajesh Tambe, market expert, on Zee Business. In the power space, he recommends to accumulate BGR Energy for long-term gains. 

I am surprised by news of my leaving Bharti Airtel, says Manoj Kohli, CEO and Joint MD of the company, on NDTV Profit. I have sold 1.23 lakh shares for personal reasons but continue to hold 90,000 shares and 1.80 lakh options, some to be vested by mid 2010, he adds. The stock is currently trading at Rs 568, down 3.4% on the BSE.  

Centrum Broking maintains a buy call on Idea Cellular with a target of Rs 70, reports Zee Business. The stock is currently trading at Rs 44, down 0.11% on the BSE.  

FIIs continue to sell relentlessly but global cues seem to be improving, says Sanjeev Prasad of Kotak Securities on CNBC TV18. The Indian market is finding valuation support as the fundamentals continue to be positive, he says. Nifty has strong support at 2600 and Sensex at 8000, he adds.  

The Asian markets are trading mixed. The Indian market is looking good now after a quiet start. Sensex is trading at 8357, up 196 points and Nifty is at 2618, up 45 points from the previous close. CNX Midcap index is up 0.88% and BSE Smallcap index is up 0.40%. The market breadth is positive with advances at 649 against declines of 488 on the NSE.  

Hold SpiceJet with stop loss of Rs 11, says Mandar Jamsandekar, technical analyst, on NDTV Profit. It has support at Rs 12 and resistance at Rs 18, he adds. The stock is currently trading at Rs 13.05, down 2.5% on the BSE.  

Hold Everonn System with target of Rs 123, says Ashwani Gujral, technical analyst, on CNBC Awaaz. Keep stop loss of Rs 70, he adds. The stock is currently trading at Rs 85.85, down 4.4% on the BSE.  

Hold L&T with time frame of 6 months, say SP Tulsian, investment advisor, on CNBC TV18. One can add more at Rs 550, he adds. The stock is currently trading at Rs 575.30, up 2.4% on the BSE.  

Hold Vishal Retail with a long term view, says DD Sharma of Anand Rathi Securities on CNBC Awaaz. It will give good returns in the future, he adds. The stock is currently trading at Rs 28, up 4.9% on the BSE. 

The downside for the Sensex is at 6000 and for the Nifty at 2000, says Daryl Guppy of guppytraders.com on CNBC TV18. Nifty is likely to consolidate between 2000-2300, he adds. He believes the bounce in the Dow and the S&P was only a temporary pull-back and recommends selling into the rally. He feels investors are using rallies to take profit and not going long.  

Buy HUL and ITC, says Hardik Jain, technical analyst, on CNBC Awaaz. These stocks may show 5-8% pull-back rally within this week, he adds. The stocks are currently trading at Rs 226, up 4.4%, and Rs 164.25, up 3.8%, on the BSE respectively. 

Hold Sterlite Industries which has good support at Rs 235, says Mitesh Thacker, technical analyst, on CNBC TV18. Target to cover short positions will be Rs 275-280, he adds. The stock is currently trading at Rs 256.05, up 4.8% on the BSE.  

Sell Bombay Rayon on rally at around Rs 116-118, says Raj Kishore Bang of Sixth Sense on CNBC Awaaz. It could fall to Rs 95, he adds. The stock is currently trading at Rs 114, up 2.5% on the BSE.  

The January IIP figure has been declared at -0.5% versus the earlier figure of -0.6%, reports CNBC TV18. Capital goods figure is at 15.4% versus the earlier figure of 2.6%, it adds. The January manufacturing index is down 0.8%, it says.  

Hold Cairn India with stop loss of Rs 150, says PK Agarwal of Bonanza Portfolio, on Zee Business. It if it crosses Rs 170 then it will give good returns, he adds. The stock is currently trading at Rs 163.85, up 0.8% on the BSE.  

Inflation figure for week ended February 28 has been declared at 2.43% versus the last week figure of 3.03%, reports CNBC TV18. Inflation is at its lowest since June 2002, it adds.  

Exit Adlab Films on any rally, says PK Agarwal of Bonanza Portfolio, on Zee Business. It has resistance at Rs 168 but is technically weak, he adds. The stock is currently trading at Rs 139, down 1.4% on the BSE.  

The market is getting support at lower levels on positive global cues, says Deven Choksey of KR Choksey Securities on CNBC TV18. He sees a recovery for a few days and the Nifty could go up to 2630-2700 with support at 2500. He feels that auto and bank stocks may bounce.  

Go long on HDFC Bank with target of Rs 875-880, says Ashwani Gujral, technical analyst, on CNBC TV18. Keep stop loss of Rs 775, he adds. The stock is currently trading at Rs 803, up 0.5% on the BSE.  

Traders can buy Ambuja Cement, says E Mathew, technical analyst, on CNBC Awaaz. It will show up an upside of around Rs 20 from current levels, he adds. The stock is currently trading at Rs 68.75, up 1.6% on the BSE.  

Buy Sun Pharma on dips, says Sudarshan Sukhani, technical analyst, on CNBC Awaaz. Do not short sell, he adds. The stock is currently trading at Rs 995.65, up 1.7% on the BSE.  

An hour into opening, the market is trading positive though not with big gains as was expected. Sensex is trading at 8314, up 153 points from its previous close, and Nifty is at 2611, up 37 points. CNX Midcap index is up 0.9% and BSE Smallcap index is up 0.5%. The market breadth is positive with advances at 633 against declines of 413 on the NSE.  

Buy HDFC at Rs 1255 with target of Rs 1291, says Simi Bhaumik, technical analyst, on Zee Business. Keep stop loss of Rs 1230, she adds. The stock is currently trading at Rs 1283, up 2.7% on the BSE.  

Buy Tata Steel with target of Rs 210-215, says Ramesh Arora, technical analyst, on Zee Business. Keep stop loss of Rs 140, he adds. The stock is currently trading at Rs 155, up 1.8% on the BSE.  

Hold Rolta India with stop loss of Rs 33, says Raj Kishore Bang of Sixth Sense on CNBC Awaaz. It has resistance at Rs 40-42, crossing which it might go up to Rs 60, he adds.The stock is currently trading at Rs 45.25, up 5.5% on the BSE.  

Aggressive traders can buy Tech Mahindra at current levels with target of Rs 275, says Anil Singhvi, market expert, on CNBC Awaaz. Keep stop loss of Rs 260, he adds. Alternatively, investors can buy with target of Rs 290-295 and stop loss of Rs 250, he says. The stock is currently trading at Rs 271.95 on the BSE. 

Buy Cairn India at Rs 162 with target of Rs 168, says Simi Bhaumik, technical analyst, on Zee Business. Keep stop loss of Rs 158, she adds. The stock is currently trading at Rs 163.50, up 0.6% on the BSE.  

Sell DLF on rally, says Hardik Jain, technical analyst, on CNBC Awaaz. It can fall Rs 20-25 further, he adds. Fresh investors stay away, he says. The stock is currently trading at Rs 139.50, up 0.6% on the BSE.  

Go long on Infosys with stop loss of Rs 1170, says Ramesh Arora, technical analyst, on Zee Business. It has major resistance at Rs 1235 crossing which it might go up to Rs 1270, he adds. The stock is currently trading at Rs 1231.05, up 2.9% on the BSE.  

Only aggressive traders can buy Reliance Communications at current levels for small gains, says Anil Singhvi, market expert, on CNBC Awaaz. Keep strict stop loss of Rs 130-131, he adds. Alternatively, aggressive traders can sell on rally at Rs 150-155 with strict stop loss of Rs 160, he says. The stock is currently trading at Rs 135.60, up 2.5% on the BSE.  

Aggressive traders can buy Ranbaxy at current levels for small gains, says Anil Singhvi, market expert, on CNBC Awaaz. Keep stop loss of Rs 132, he adds. Alternatively, if stock shows bounce on opening, then traders can sell, he says. the stock is currently trading at Rs 137.15, up 1.6% on the BSE.  

The market has a gap-up opening, in the steps of positive global cues, especially the US market which saw a good rally before closing. It is a good start to trade this morning. Sensex is trading at 8341, up 180 points from its previous close, and Nifty is at 2619, up 45 points. CNX Midcap index is up 1.4% and BSE Smallcap index is up 1%.  

Nifty is likely to trade till 2670-2680, says Mitesh Thacker, technical analyst, on CNBC TV18. He feels that today might be a quiet day. He advises traders to wait for a few hours to see how the market behaves and then make a move. 

This is a bear market rally and may not sustain the bounce, says Ashwani Gujral, technical analyst, on CNBC TV18. He sees support for Nifty at 2523 and resistance at 2635 and 2700.  

Nifty has resistance at 2700-2750 and if it sustains the 2750 level then there will be a medium uptrend in the market, says E Mathew, technical analyst, on CNBC TV18. Bank Nifty has support at 3200, he adds.  

The Nifty is likely to stabilise around 2620-2650 after a gap-up opening, says Tushar Mahajan of Edelweiss Securities on CNBC TV18. He feels that the market remains net short and there are some more short covering. IVs are not indicating major volatility, he adds.