Monday, March 30, 2009

Market Voices 30-03-09

It was a bad day for our market that tumbled in line with its global peers. Sensex shut shop at 9568, down 480 points and Nifty was at 2978, down 130 points from the previous close. CNX Midcap index was down 0.84% and BSE Smallcap index was down 1.18%. Banking, metal and realty index were all down nearly 8%. The market breadth was negative with advances at 376 against declines of 819 on the NSE. Top Nifty gainers included BPCL and NTPC while losers included ICICI Bank, Tata Steel and Reliance Infrastructure.  

Hold Punj Lloyd with a target of Rs 98 and once that is crossed it can go to Rs 116, says Anu Jain, technical analyst, on CNBC Awaaz. Keep a stop loss of Rs 83.90, she adds. It is currently trading at Rs 85, down 4.9% 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 611, down 1.6% on the BSE.  

Sell Reliance Capital with a target of Rs 311 and stop loss of Rs 382, says Sanjeev Agarwal of Globe Capital Markets on CNBC Awaaz. The stock is currently trading at Rs 337, down 9.7% on the BSE. 

After a sharp rally this market pullback is healthy, says Rahul Mohindar, technical analyst, on CNBC TV18. Nifty could stay in the 2850-2950 zone for 2-3 days, consolidate or take a breather and then move up, he feels. These are also good levels to get into the market, he adds. Metal stocks are a buy on dips, like Tata Steel and SAIL, he advises. 

General Motors may file for bankruptcy in Chapter 11 and that could mean another 300,000 jobs on the line which could affect European markets tomorrow, says VK Sharma of Anagram Stock Broking, on CNBC Awaaz. It would be important to watch global cues and Dow tomorrow as there could be pressure on our market, he adds. 

It was a bad day for our market due to global weakness. Sensex closed at 9584, down 464 points (provisional) and Nifty was at 2984, down 124 points (provisional) from the previous close. CNX Midcap index was down 0.82% and BSE Smallcap index was down 1.14%. BSE Bankex was down 8%. The market breadth was negative with advances at 388 against declines of 812 on the NSE.  

Buy 3000 Nifty put and exit tomorrow if trade is not profitable, says Sudarshan Sukhani, on CNBC TV18 as closing market strategy. Sell Reliance Capital with target of Rs 310 and stop loss of Rs 340, he adds. 

Nifty support at 2920 and resistance at 3100-3150, says E Mathew, technical analyst, on CNBC Awaaz as closing market strategy. Buy ICSA with target of Rs 157 and stop loss of Rs 65, he adds.  

Hold Nifty short positions with a target of 2940 and stop loss of 3030, says Vijay Bhambwani, technical analyst, on CNBC Awaaz as closing market strategy.  

Buy Financial Technologies with target of Rs 680 and stop loss of Rs 585, says Nishant Jain of Trade Swift Broking, on CNBC Awaaz as closing market strategy.  

There is a big question on politics for new portfolios to be allocated to India, says Rajesh Jain of Pranav Securities, on CNBC TV18. If there is a smooth government formation and budget then there will be a renewed interest in the market, he says. There is regeneration of interest but no conviction yet till these events are out, he adds. But one should be ready with stocks picks and buy on dips, he adds. L&T, BHEL, HCC and Idea Cellular are his top picks.  

Buy today for some upside tomorrow, says Ashwani Gujral, technical analyst, on CNBC TV18. This one-day pullback was expected after the runaway rally, he says. Market is in a good zone and till Nifty holds 2880 one should buy as market could roar up, he adds.  

The market is still under pressure and trading weak. Sensex is trading at 9610, down 437 points and Nifty is down at 2987, down 120 points from the previous close. CNX Midcap index is down 0.78% and BSE Smallcap index is down 1.09%. BSE Bankex is down 8%. The market breadth is negative with advances at 376 against declines of 812 on the NSE.  

Sell Reliance Power in a rally and switch to frontline power stocks like BHEL and NTPC, says Shrikant Chouhan of Kotak Securities, on CNBC Awaaz. Reliance Power is currently trading at Rs 103, down 5.4% on the BSE.  

Buy Opto Circuits with a medium-term target of Rs 160, says E Mathew, technical analyst, on CNBC TV18. The stock is currently trading at Rs 95, up 13.3% on the BSE. 

Sell Jindal Iron & Steel with a target of Rs 1120 and stop loss of Rs 1300, says Sanjeev Agarwal of Globe Capital Markets on CNBC Awaaz. The stock is currently trading at Rs 1178, down 3% on the BSE.  

SMC Global maintains a buy call on Ashok Leyland with a target of Rs 24 and stop loss of Rs 16.30, reports CNBC Awaaz. The stock is currently trading at Rs 18, down 2.15% on the BSE. 

Buy ICSA with a medium-term target of Rs 152-154 and stop loss of Rs 66, says E Mathew, technical analyst, on CNBC TV18. The stock is currently trading at Rs 77, up 7.3% on the BSE.  

Sell Axis Bank with a target of Rs 376 and stop loss of Rs 452, says Sanjeev Agarwal of Globe Capital, on CNBC Awaaz. The stock is currently trading at Rs 395, down 8.6% on the BSE.  

After a huge six-day run up surprise rally, a fall in the market was expected and we are seeing this, says Sanjeev Agarwal of Globe Capital, on CNBC Awaaz. Nifty range is 2700-3150 and Sensex has stiff resistance at 11000, he adds. Nifty resistance of 3400-3500 is building up as a consensus and market always goes against consensus, he says. 

The market is under huge selling pressure. Sensex is trading at 9647, down 401 points and Nifty is down at 2997, down 110 points from the previous close. CNX Midcap index is down 0.37% and BSE Smallcap index is down 1.08%. Banking, realty and metal stocks are being beaten down and seeing major selling. The market breadth is negative with advances at 344 against declines of 820 on the NSE.  

Sell TVS Motors in a rally and switch to frontline auto stock like Maruti Suzuki, Vijay Bhambwani, technical analyst, on CNBC Awaaz. TVS Motors is currently trading at Rs 21, up 3.05% on the BSE. 

Sell Cipla in a rally with a target of Rs 240 where one can book profits, says Shrikant Chouhan of Kotak Securities, on CNBC Awaaz. The stock is currently trading at Rs 218, down 0.77% on the BSE.  

L&T has bagged orders worth Rs 345 crore for nuclear project, reports Zee Business. The stock is currently trading at Rs 664, down 2.3% on the BSE.  

Sell Financial Technolgies on a rally and switch to frontline IT stocks like Infosys and TCS, says Shrikant Chouhan of Kotak Securities, on CNBC Awaaz. 

KEC International has bagged orders worth Rs 207 crore, reports Zee Business. The stock is currently trading at Rs 153, up 2.6% on the BSE.  

Recent rally a short-term bear market rally that is likely to continue, says CK Narayan of ICICI Securities, on CNBC TV18. See Nifty resistance levels at 3400-3500 by June, he says. The market has formed a bottom at October lows, he adds. Focus shifting to emerging markets, he says.  

The Asian markets are bleeding while European markets have opened weak. Poor global cues see our market under pressure and it's a rough start to the week. Sensex is trading at 9604, down 443 points and Nifty is down at 2984, down 123 points from the previous close. CNX Midcap index is down 1.66% and BSE Smallcap index is down 1.12%. The market breadth is negative with advances at 336 against declines of 817 on the NSE.  

Buy Reliance Capital, Bombay Dyeing and Jindal South for short-term trading, says Hemen Kapadia, technical analyst, on NDTV Profit. 

Buy Mercator Lines 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 28.50, down 0.9% on the BSE.  

Buy NTPC at Rs 175-180 with targets of Rs 230 and, till mid-August Rs 275, says Prasad Kushe, technical analyst, on CNBC Awaaz. Keep stop loss of Rs 173, he adds. The stock is currently trading at Rs 183.35, up 0.5% on the BSE. 

Hold Cipla which is technically quite sound, says Hemen Kapadia, technical analyst, on NDTV Profit. It has support at Rs 218 and resistance at Rs 231, he adds. The stock is currently trading at Rs 221.50, up 0.5% on the BSE. 

Hold Allahabad Bank with targets of Rs 51 and Rs 56, says Prasad Kushe, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 39.95, down 0.1% on the BSE.  

Buy Tata Steel at Rs 170-178 in staggered fashion, says Ashish Kapur of Invest Shoppe on NDTV Profit. The fundamentals of the company look good and the long-term horizon is quite attractive, he adds. The stock is currently trading at Rs 209.80, down 6.1% on the BSE.  

Buy Sesa Goa on dips, says Ambareesh Baliga of Karvy Stock Broking on CNBC Awaaz. The stock is currently trading at 101.40, down 7.3% on the BSE. 

The global rally in equities over the last two weeks has come with good volumes and FII participation, says Raamdeo Agrawal of Motilal Oswal Securities on CNBC TV18. But he does not believe this is the beginning of a structural bull market. Q4 results will be challenging and the election is a key trigger for India over near-term, he adds. 

Sell Ispat on any rally, says Gaurang Shah of Geojit Financials on Zee Business. Instead invest in JSW, Tata Steel or Sail, he adds. The stock is currently trading at Rs 10.98, down 3% on the BSE.  

At noon, the market is trading near the day's low with metal stocks taking the most beating. The Asian markets experience a further slide, with most of the indices in the red. Sensex is trading at 9735, down 313 points from its previous close, and Nifty is at 3022, down 86 points. CNX Midcap index is down 0.7% and BSE Smallcap index is down 0.2%. The market breadth is negative with advances at 431 against declines of 684 on the NSE. 

Buy Hero Honda with target of Rs 1300-1350, says Ashwani Gujral, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 1049, down 3.3% on the BSE. 

Hold GSPL which is fundamentally good, says Rajesh Tambe of Sunchan Securities, on Zee Business. New investors can buy this stock but do not average at these levels, he adds. The stock is currently trading at Rs 37.55, up 0.4% on the BSE. 

Buy HDFC Bank at Rs 870-890 in staggered fashion, says Vijay Bhambwani, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 962, down 2.9% on the BSE.  

New investors stay away from NTPC, says Rajesh Tambe of Sunchan Securities on Zee Business. Instead buy PTC or Reliance Power at Rs 90, he adds. The stock is currently trading at Rs 183.40, up 0.5% on the BSE. 

Hold Peninsula Land with target of Rs 27-28, says Simi Bhaumik, technical analyst, on Zee Business. Keep stop loss below Rs 17, she adds. The stock is currently trading at Rs 21.65, down 0.2% on the BSE.  

Hold Aditya Birla Nuvo with target of Rs 470-475, says Vijay Bhambwani, technical analyst, on CNBC Awaaz. It has support at Rs 410-415, he adds. The stock is currently trading at Rs 443, down 1.5% on the BSE.  

Hold OBC with target of Rs 125-126, says Simi Bhaumik, technical analyst, on Zee Business. Keep stop loss of Rs 105, she adds. The stock is currently trading at Rs 114.60, down 3.7% on the BSE.  

An hour into opening, the market is trading lower after key heavyweights see selling pressure. Banks and metals are showing signs of losses. Sensex is trading at 9751, down 297 points from its previous close, and Nifty is at 3029, down 80 points. CNX Midcap index is down 0.5% but BSE Smallcap index is up 0.2%. The market breadth is negative with advances at 397 against declines of 674 on the NSE.  

Sell Satyam with targets of Rs 40.50 and then Rs 36, says Anil Singhvi, market expert, on CNBC Awaaz. Keep stop loss of Rs 44.50, he adds. The stock is currently trading at Rs 40.80, down 4.6% on the BSE.  

For the next two-three days there could be sideways kind of consolidation which could continue, says Ashwani Gujral, technical analyst, on CNBC TV18. Till 2980-3000 holds up there is not a major risk to the market and midcaps may do better than the largecaps here, he adds. He believes that as long as Nifty holds on to 2900, this uptrend should remain intact.  

Buy Tata Motors on dips at around Rs 165, says Ambareesh Baliga of Karvy Stock Broking on CNBC Awaaz. Keep target of Rs 205-210, he adds. The stock is currently trading at Rs 184.05, down 2.2% on the BSE. 

Avoid Suzlon Energy which is not showing much momentum, says Prakash Gaba, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 44, down 3.3% on the BSE. 

Hold Reliance Infrastructure with target of Rs 600, says Simi Bhaumik, technical analyst, on Zee Business. Keep stop loss of Rs 540, she adds. The stock is currently trading at Rs 544.65, down 4% on the BSE.  

Sell Unitech for 3-5% gains, says Anil Singhvi, market expert, on CNBC Awaaz. Keep stop loss of Rs 36.50, he adds. The stock is currently trading at Rs 34.25, down 4.6% on the BSE.  

Sell IFCI with target of Rs 19, says Anil Singhvi, market expert, on CNBC Awaaz. Keep stop loss above Rs 21, he adds. The stock is currently trading at Rs 19.80, down 3.7% on the BSE. 

Buy JP Associates on dips at around Rs 82-77 with target of Rs 105-106, says Simi Bhaumik, technical analyst, on Zee Business. Keep stop loss of Rs 75, she adds. The stock is currently trading at Rs 85.70, down 4% on the BSE. 

Sell Orissa Sponge for 3-5% gains, says Anil Singhvi, market expert, on CNBC Awaaz. Keep stop loss of Rs 330, he adds. The stock is currently trading at Rs 310.70, down 5% on the BSE.  

The market opens on a soft note today in the steps of weak global cues. It is not a great start to trade today. The Asian markets are trading weak with Hang Seng and Nikkei down. Sensex is trading at 9841, down 207 points from its previous close, and Nifty is at 3051, down 57 points. CNX Midcap index is down 1.1% and BSE Smallcap index is down 0.04%. The market breadth is negative with advances at 109 against declines of 405 on the NSE.  

Buy Tata Chemicals with target of Rs 148 and 160, says Anil Singhvi, market expert, on CNBC Awaaz. Keep stop loss of Rs 131, he adds. The stock is at Rs 145.15, up 2.5% on the BSE.  

Go short on the Nifty with target of 3050, says Devangshu Dutta, market expert, on CNBC TV18. Keep stop loss of 3150, he adds.  

The market may see some profit booking after a huge rally, says Tushar Mahajan of Edelweiss Securities on CNBC TV18. He sees resistance for the Nifty at 3150 and support at 2800 level. He points out that the Put-Call ratio has been going up with investors buying puts to hedge cash positions. He feels that metals, oil and gas look most vulnerable to profit booking.  

Stiff resistance for the Nifty is in the range of 3148-3170, says Simi Bhaumik, technical analyst, on Zee Business. If it stays above 3000 then buy on dips, she advises. She believes that there is still momentum left in the Nifty.  

Resistance for Nifty will be seen at 3115-3120, says Rajat Bose, technical analyst, on CNBC TV18. If it crosses this, then it could go up to 3145-3165 levels, he adds. He sees support for Nifty at 3080, 3055 and then 3045.  » Send to friends