Monday, March 16, 2009

Market Voices 16-03-09


Positive global cues saw a smart pullback rally on our market that closed near the day's high. Sensex shut shop at 8943, up 186 points and Nifty at 2777, up 58 points from the previous close. CNX Midcap index was up 3.14% and BSE Smallcap index is up 2.20%. The market breadth was positive with advances at 881 against declines of 315 on the NSE. Top Nifty gainers included Mahindra & Mahindra, Reliance Communications and Ranbaxy while losers included Maruti Suzuki, Sun Pharma and Unitech. Buy SBI with a target of Rs 1000-1050 for the short term, says Alex Mathew of Geojit Financials, on CNBC Awaaz. The stock is currently trading at Rs 987, up 3.65% on the BSE. Sell Jet Airways with a target of Rs 218 where one can exit the stock and keep a stop loss of Rs 115, says Prasad Kushe, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 149, up 17.16% on the BSE. Buy Mahindra & Mahindra with a target of Rs 400 and stop loss of Rs 340, says Anuj Dixit of Gupta Equities, on CNBC Awaaz. The stock is currently trading at Rs 374, up 8.48% on the BSE. It is best to book profits tomorrow, says Rajat Bose, technical analyst, on CNBC Awaaz. Unless Nifty trades above 2800-2830 for 2-3 days consistently, do not take fresh positions, he adds. It was another good day as the market closed at the high point of the day. Good global cues saw a smart pullback rally today. Sensex closed at 8950, up 194 points (provisional) and Nifty at 2777, up 57 points (provisional) from the previous close. CNX Midcap index was up 3.13% and BSE Smallcap index is up 2.22%. The market breadth was positive with advances at 882 against declines of 326 on the NSE. Buy Ranbaxy with target of 153 and stop loss of 142, says Prakash Gaba, technical analyst, on CNBC Awaaz, as closing market strategy. Hold Nifty long positions with Nifty target of 2820 and stop loss of 2750, says Vijay Bhambwani, technical analyst, on CNBC-TV18, as closing market strategy. Book partial profits on long positions and hold rest for Nifty target of 2860 and stop loss of 2700, says Ashwani Gujral, technical analyst, on CNBC-TV18, as closing market strategy. In the best-case scenario in a bear market the rally lasts for 4 days and tomorrow is the fourth day so it would be prudent to book profits, says Sudarshan Sukhani, technical analyst, on CNBC-TV18. The bulls are showing strength and one should take profits home and not push one's luck, he adds. Technically the global markets were oversold so we are seeing a sharp pullback rally in a bear market, says Amit Khurana of Collins Stewart, on CNBC TV18. At best this is a bounce back and not a long-term trend reversal, he feels. The trading band on Nifty from the earlier 2100-3100 has now shifted to 2500-2800, he adds. Good global cues sees our market post a meaningful rally. Sensex is trading at 8916, up 160 points and Nifty is at 2771, up 52 points from the previous close. CNX Midcap index is up 2.85% and BSE Smallcap index is up 2.02%. The market breadth is positive with advances at 886 against declines of 325 on the NSE. Sell Reliance Communications on any rally with a target of Rs 185, says Prasad Kushe, technical analyst, on CNBC Awaaz. If market weakens, the stock will be available around Rs 100, he feels. The stock is currently trading at Rs 156, up 6.5% on the BSE. Sell Union Bank with a target of Rs 108 and stop loss of Rs 132, says Anuj Dixit of Gupta Equities, on CNBC Awaaz. The stock is currently trading at Rs 127, up 0.95% on the BSE. Buy Union Bank with a target of Rs 130, states Nomura on CNBC TV18. The stock is currently trading at Rs 126, up 0.95% on the BSE. Sell ACC with a target of Rs 525 and stop loss of Rs 585, says Anuj Dixit of Gupta Equities, on CNBC Awaaz. The stock is currently trading at Rs 567, up 0.93% on the BSE. Slowly accumulate Voltas around Rs 25-20 for the long term for good returns, says MB Singh, technical analyst, on Zee Business. The stock is currently trading at Rs 35, up 4.3% on the BSE. Sell Shree Renuka Sugars with a target of Rs 60 and stop loss of Rs 86.50, says Anuj Dixit of Gupta Equities, on CNBC Awaaz. The stock is currently trading at Rs 80, up 2.23% on the BSE. Gradually accumulate RIL and Reliance Communications in frontline stocks and in the auto space Mahindra & Mahindra and Maruti Suzuki for the long term (2-3 years) for excellent gains, says MB Singh, technical analyst, on Zee Business. The medium term trend for the market is up, says Deepak Mohoni, technical analyst, on CNBC TV18. But one cannot say the long-term trend has turned bullish till Nifty crosses 3250, he says. For now, those who have missed the Nifty 2500-2800 rally can be stock specific and enter this market, he says. His top picks are Hindustan Zinc and Mphasis for some more upside. The European markets have opened in the positive. The Indian market is looking good and trading very firm. Sensex is trading at 8896, up 140 points and Nifty is at 2761, up 42 points from the previous close. CNX Midcap index is up 2.32% and BSE Smallcap index is up 1.46%. There is buying in consumer durables, realty, banking and oil and gas stocks. The market breadth is positive with advances at 817 against declines of 352 on the NSE. HSBC maintains a buy call on RIL with a target of Rs 1640, reports CNBC Awaaz. The stock is currently trading at Rs 1316, up 2.68% on the BSE. Buy Hexaware as it has strong support at Rs 19, says MB Singh, technical analyst, on Zee Business. Traders can exit on rally while investors can gradually accumulate around current levels for the long term with a stop loss of Rs 18, he adds. The stock is currently trading at Rs 21, up 3.31% on the BSE. SMC Global maintains a buy call on Ashok Leyland with a target of Rs 21 and stop loss of Rs 15.80, reports CNBC Awaaz. The stock is currently trading at Rs 17, up 1.72% on the BSE. Gammon India has bagged new constructions projects worth Rs 4874 crore, says Parvez Umrigar, MD of the company, on NDTV Profit. These projects are to be completed by October 2014, he says. The company expects to complete its Mumbai-Nasik expressway project this year, he adds. The stock is currently trading at Rs 53, up 2.8% on the BSE. SMC Global maintains a buy call on Tata Motors with a target of Rs 230 and stop loss of Rs 135.50, reports CNBC Awaaz. The stock is currently trading at Rs 168, up 4% on the BSE. Hold long positions in Nifty for now, says Mitesh Thakkar, technical analyst, on CNBC TV18. Maintain Nifty stop loss of 2675, he adds. The global markets were oversold and this is a pullback rally, says Vibhav Kapoor of IL&FS, on CNBC TV18. Nifty is now likely to be in the 2300-2800 range for some time, he says. Elections are expected to cap the upside for the market, he adds. The Asian markets are trading mixed. The Indian market is trading firm. Sensex is trading at 8812, up 56 points and Nifty is at 2735, up 19 points from the previous close. CNX Midcap index is up 1.87% and BSE Smallcap index is up 1.06%. The market breadth is positive with advances at 750 against declines of 393 on the NSE. Hold Cairn India which has support at Rs 155, says Hemen Kapadia, technical analyst, on NDTV Profit. It has resistance at Rs 175-180, he adds. The stock is currently trading at Rs 167.85, down 1.1% on the BSE Buy McLeod Russel at current levels with long-term view, says Ashish Kapur of Invest Shoppe on NDTV Profit. It has limited downside and will give good returns, he adds. The stock is currently trading at Rs 47.50, down 1.1% on the BSE. Buy Tata Motors with stop loss of Rs 157, says E Mathew, technical analyst, on CNBC TV18. If it breaks its resistance level of Rs 165, it will go up to Rs 178-190, he adds. The stock is currently trading at Rs 165.50, up 2.4% on the BSE. Buy Reliance Capital with target of Rs 355, says Ashwani Gujral, technical analyst, on CNBC Awaaz. Keep stop loss of Rs 290, he adds. The stock is currently trading at Rs 309.25, down 0.4% on the BSE. The current market rally is fuelled by short covering, says Samir Arora of Helios Capital on CNBC TV18. He feels the rally may be sharp but may not last during elections. He thinks that the current rise can be more substantial than just a bear market rally but it is too early to say if this is beginning of a bigger bull run. Poor technicals and elections could be key negatives for the market, he adds. Hold Glenmark Pharma with target of Rs 161, says Hitendra Vasudev, technical analyst, on CNBC Awaaz. Keep stop loss of Rs 105, he adds. The stock is currently trading at Rs 131.70, up 1.4% on the BSE. Hold Suzlon Energy, says Rajesh Tambe, technical analyst, on Zee Business. But new investors stay away, he adds. The stock is currently trading at Rs 34.35, down 0.7% on the BSE. Hold Bharti Airtel for a pull-back rally, says E Mathew, technical analyst, on CNBC TV18. It will see an upmove of Rs 40 from current levels, he adds. The stock is currently trading at Rs 570.15, up 2.1% on the BSE. The market at noon is weak and volatile, unable to hold on to its Friday gains. Metal stocks appear to be under a lot of selling pressure. The Asian markets are trading mixed with Nikkei up 2% and Strait Times down 1.3%. Sensex is trading at 8770, up 16 points from its previous close, and Nifty is at 2723, up 5 points. CNX Midcap index is up 1.2% and BSE Smallcap index is up 0.2%. The market breadth is positive with advances at 698 against declines of 426 on the NSE. Invest in Axis Bank with a two-year horizon, says Vibhav Kapoor of IL&FS on CNBC TV18. It will give good returns, he adds. The stock is currently trading at Rs 334.25, up 1.1% on the BSE. Hold Satyam with stop loss of Rs 41.50, says Pankaj Jain of Satguru Capital on Zee Business. Exit when it reaches around Rs 50-52, he adds. The stock is currently trading at Rs 45.40, down 0.2% on the BSE. Buy Tata Motors on dips with short-term target of Rs 200, says Prakash Gaba, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 165, up 2.1% on the BSE. Hold or avoid Ashok Leyland, says Harendra Kumar of Centrum Broking on CNBC Awaaz. The trigger in this stock is still six months away, he adds. The stock is currently trading at Rs 17.65, up 1.4% on the BSE. Hold Matrix Labs with stop loss of Rs 79-80, says Pankaj Jain of Satguru Capital on Zee Business. Book profits at levels of Rs 100 and Rs 112, he adds. It is among the weaker pharma stocks, he says. The stock is currently trading at Rs 88.45, up 1.6% on the BSE. Hold Educomp Solutions which has support at Rs 1400-1500, says Rajesh Jain of SMC Global Securities, on CNBC Awaaz. Book profits at Rs 2100 levels, he adds. The stock is currently trading at Rs 1843.10, up 4.6% on the BSE. Buy Aban Offshore at Rs 250, says Rajesh Jain of SMC Global Securities, on CNBC Awaaz. But do not short sell, he adds. The stock is currently trading at Rs 265, up 4.1% on the BSE. Buy Essar Oil at Rs 64-65 with a stop loss, says Sudarshan Sukhani, technical analyst, on CNBC TV18. One can expect gains of 10% of Rs 70 plus, he adds. The stock is currently trading at Rs 66.05, up 4% on the BSE. An hour into opening the market is losing its morning steam and appears to be heading downwards. FMCG and capital goods stocks are seeing selling pressure. However, Asian markets are trading firm. Sensex is trading at 8749, down 7 points from its previous close, and Nifty is at 2716, down 3 points. CNX Midcap index is up 1% and BSE Smallcap index is up 0.6%. Buy SBI at Rs 953 with target of Rs 974, says Simi Bhaumik, technical analyst, on Zee Business. Keep stop loss of Rs 940, she adds. The stock is currently trading at Rs 964.25, up 1.2% on the BSE. Hold GSPL with stop loss of Rs 34.50, says Pankaj Jain of Satguru Capital on Zee Business. It is a safe stock for long-term investment and will give good returns, he adds. It may go up to Rs 40-42, he says. The stock is currently trading at Rs 35.65, down 1.7% on the BSE. Aggressive traders buy Bharti Airtel with target of Rs 570, says Anil Singhvi, market expert on CNBC Awaaz. Keep stop loss of Rs 545-548, he adds. The stock is currently trading at Rs 567.90, up 1.7% on the BSE. » Send to friends 10:39 AM - Buy ICICI Bank at Rs 308 with target of Rs 324, says Simi Bhaumik, technical analyst, on Zee Business. Keep stop loss of Rs 298, she adds. The stock is currently trading at Rs 310.70, up 0.7% on the BSE. Traders buy Dr Reddy's with target of Rs 425, says Anil Singhvi, market expert on CNBC Awaaz. Keep stop loss of Rs 405, he adds. The stock is currently trading at Rs 416.50, up 1% on the BSE. Nifty has intra-day support at 2650, says E Mathew, technical analyst, on CNBC TV18. Go long on declines, he adds. Banking stocks provide good trading opportunity, he says. Aggressive traders buy GMR Infra with target of Rs 80, says Anil Singhvi, market expert on CNBC Awaaz. Keep stop loss of Rs 75, he adds. Short-term investors may buy with target of Rs 85 and stop loss of Rs 70, he says. The stock is currently trading at Rs 77.35, up 1.7% on the BSE. Buy Ashok Leyland when it goes above Rs 17.70 with target of Rs 18.40, 18.80 and 19.20, says Rajat Bose, technical analyst, on CNBC TV18. Keep stop loss of below Rs 17.20, he adds. The stock is currently trading at Rs 17.85, up 2.6% on the BSE. The market opens on a flat note today with most of Asian markets showing a good rally. Sensex is trading at 8794, up 37 points from its previous close, and Nifty is at 2738, up 9 points. CNX Midcap index is up 0.6% and BSE Smallcap index is up 0.3%. The market breadth is positive with advances at 328 against declines of 108 on the NSE. Markets are rallying on the uptrend in global financial stocks and India to follow suit, says PN Vijay, investment advisor, on CNBC TV18. One may see some impetus in capital good stocks after good IIP data last week, he adds. If Nifty sustains above the 2810-2830 levels, then we will see a bear market rally, says E Mathew, technical analyst, on CNBC TV18. Markets have been driven by global cues and short covering, says Siddharth Bhamre of Angel Broking on CNBC TV18. Put buyers have covered positions especially at 2500, while 2700-2800 continues to be the supply zone with heavy Call writing, he adds. He does not see a significant upside from here, but does not suggest going short or long. He feels that midcaps may catch up while Nifty may consolidate. Nifty may open today at 2700-2720, says Rajat Bose, technical analyst, on CNBC TV18. He sees support for Nifty at 2640, 2665 and resistance at 2733, 2745.