Wednesday, April 22, 2009

Market Voices 22 April 2009

The market ended flat after having struggled in the last couple of hours of trade. All major indices witnessed profit booking. The market was reacting negatively to news of SEBI excluding 50 stocks from the F&O and there was also reaction to some Q4 results announced today. Sensex shut shop at 10817, down 80 points and Nifty at 3330, down 35 points from the previous close. CNX Midcap index was down 1% and BSE Smallcap index was down 1.6%. The market breadth was negative with advances at 426 against declines of 791 on the NSE. Top Nifty gainers included Suzlon Energy, Reliance Power and ACC while losers included HCL Technologies, Unitech and ABB.

Book profits in Dewan Housing from current levels to Rs 95, says Hitendra Vasudev, technical analyst, on CNBC Awaaz. The stock is at Rs 79.20, up 4.6% on the BSE. 

Hem Securities maintains a buy call on Tata Tea with target of Rs 820, reports CNBC Awaaz. The stock is at Rs 688.20, up 0.04% on the BSE. 

Exit Tata Steel, Hindalco, Sail at current levels and wait for deeper corrections, says Sudarshan Sukhani, technical analyst, on CNBC TV18. 

Hold Essel Propack with short-term stop loss of Rs 14.50, says Hitendra Vasudev, technical analyst, on CNBC Awaaz. It has resistance at Rs 17-20, he says. The stock is at Rs 16.38, up 9.5% on the BSE.

The Indian market ended flat amid uncertainity and volatility. Sensex closed at 10821, down 77 points (provisional) and Nifty at 3334, down 30 points (provisional) from the previous close. CNX Midcap index was down 1% and BSE Smallcap index was down 1.6%. The market breadth was negative with advances at 445 against declines of 772 on the NSE.  

Buy Nifty April 3300 Call with stop loss of 20 points, says Sudarshan Sukhani, technical anlayst, on CNBC TV18, as market closing strategy. 

Close all long positions and look at 3250 as support, says Vijay Bhambwani, technical anlayst, on CNBC TV18, as market closing strategy.

Hold Noida Toll Bridge with stop loss of Rs 25, says Hitendra Vasudev, technical analyst, on CNBC Awaaz. Short-term traders may book profits, he adds. It has resistance at Rs 32, he says. The stock is currently trading at Rs 28.10, down 10.7% on the BSE. 

If the Nifty level of 3300 breaks down then there is strong support at 3250-3150, says Ashwani Gujral, technical analyst, on CNBC TV18. He expects the market to remain flat for the next few days before making a further move. 

The market appears to be struggling again, witnessing a fall in all major sectors. Sensex is trading at 10800, down 98 points and Nifty is at 3323, down 46 points from the previous close. CNX Midcap index is down 1.5% and BSE Smallcap index is down 1.9%. The market breadth is negative with advances at 403 against declines of 805 on the NSE.

Hold Pantaloon with stop loss of Rs 160, says Hitendra Vasudev, technical analyst, on CNBC Awaaz. It has resistance at Rs 208 crossing which it might go up to Rs 245, he adds. The stock is currently trading at Rs 184.75, up 3.2% on the 

Hold Suzlon Energy with targets of Rs 63 and then Rs 72, says Simi Bhaumik, technical analyst, on Zee Business. Keep stop loss below Rs 52, she adds. The stock is currently trading at Rs 60.50, up 5.3% on the 

The stimulus packages and the policy action taken by various central banks have finally begun kicking in and helped in boosting the markets, says KN Vaidyanathan of Alchemy Capital Management on CNBC TV18. However, he does not see too much of an upside and expects the rally to cap at 3800 on the Nifty and 12000 on the Sensex.

Buy PFC on dips and hold for long term, says Simi Bhaumik, technical analyst, on Zee Business. The stock is currently trading at Rs 153.15, down 0.7% on the 

Traders should avoid fresh positions in stocks that have been excluded from F&O by SEBI, says Askhita Deshmukh, technical analyst, on CNBC Awaaz. There is volatility in these stocks and buying should be only after they come out of expiry, she 

Buy Idea Cellular on dips with stop loss below Rs 51, says Simi Bhaumik, technical analyst, on Zee Business. The stock is currently trading at Rs 56.30, down 3.6% on the 

Buy Suzlon Energy with long-term view, says Sudarshan Sukhani, technical analyst, on CNBC TV18. It has strong resistance at Rs 77-75, he adds. The stock is currently trading at Rs 60, up 4.4% on the 

Sell Alok Industries, says SP Tulsian, investment advisor, on CNBC TV18. The stock is currently trading at Rs 13.50, down 6.4% on the BSE. 

The market appears to be making some recovery from the day's low amid volatility. The European markets are now trading mixed. Sensex is trading at 10781, down 116 points and Nifty is at 3319, down 45 points from the previous close. CNX Midcap index is down 0.8% and BSE Smallcap index is down 1.4%. The market breadth is negative with advances at 451 against declines of 744 on the NSE. 

Hold Sterlite Industries with stop loss of Rs 370, says MB Singh, technical analyst, on Zee Business. The stock is currently trading at Rs 376, down 1.7% on the BSE.

The exclusion of 50 stocks from F&O is a step in the right direction as it will reduce speculation and encourage cash buying, says Dipan Mehta, member of BSE & NSE, on CNBC TV18. He feels that there may be short-term pressure due to unwinding of leveraged positions. He advises avoiding volatile counters like Akruti in future. He expects the Nifty to break out of the 3300-3350 range closer to the 

Sell Rolta India at around Rs 100, says SP Tulsian, investment advisor, on CNBC TV18. Buy again at Rs 80-85, he adds. The stock is currently trading at Rs 88.75, down 13.4% on the 

Buy BHEL with target of Rs 1750, says Bharat Dalal of Dawnay Day AV Financial Services on NDTV Profit. It has support at Rs 1590, he adds. The stock is currently trading at Rs 1591.90, down 3.2% on the BSE. 

Buy Edelweiss Capital around Rs 250 with targets of Rs 330 and then Rs 415-420, says MB Singh, technical analyst, on Zee Business. The stock is currently trading at Rs 286, down 5.3% on the BSE. 

The market is likely to be range-bound and I expect some consolidation after the recent rally, says Vibhav Kapoor of IL&FS on CNBC TV18. He sees the Nifty between 3100-3500 till elections. 

Buy Hindalco with target of Rs 65-68, says Bharat Dalal of Dawnay Day AV Financial Services on NDTV Profit. It has support at Rs 52, he adds. The stock is currently trading at Rs 54.15, down 2.6% on the 

The market is trading near the day's low. Traders appear to be avoiding long positions awaiting Q4 results from index heavyweights. Banking and power stocks seem to be pulling the market down. The European markets have opened in the red and the Asian markets are trading mixed. Sensex is trading at 10772, down 126 points and Nifty is at 3317, down 48 points from the previous close. CNX Midcap index is down 1.2% and BSE Smallcap index is down 2%. The market breadth is negative with advances at 400 against declines of 772 on the NSE. 

Buy Wipro with a target of Rs 311-325 where one can exit and keep a stop loss of Rs 272, says Ashu Bagri, technical analyst, on NDTV Profit. The stock is currently trading at Rs 277, up 1.2% on the BSE. 

Buy Yes Bank with a target of Rs 100-150 where one can exit and keep a stop loss of Rs 50, says Prakash Gaba, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 80, up 1% on the 

Buy ICICI Bank with a target of Rs 455 and stop loss of Rs 385, says MB Singh, technical analyst, on Zee Business. The stock is currently trading at Rs 398, down 0.15% on the 

Buy Idea Cellular with a target of Rs 67-68 and keep a stop loss of Rs 53, says Rahul Mohindar, technical analyst, on CNBC TV18. The stock is currently trading at Rs 57, down 2.4% on the BSE.

Buy Hindustan Zinc with a target of Rs 540 where one can exit and keep a stop loss of Rs 480, says Prakash Gaba, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 487, down 0.25% on the 

Buy SBI, Infosys, L&T and Tata Steel on any dips as these are top large cap picks for good long-term gains, says Ashish Kapur of Invest Shoppe on NDTV Profit. 

Nifty range for now seems 3300 on the downside and 3500 on the upside, says Ashu Bagri, technical analyst, on NDTV Profit. His top picks if Nifty runs are ACC and BPCL. 

SMC Global Securities maintains a buy call on NDTV with a target of Rs 132 and stop loss of Rs 104, reports CNBC Awaaz. The stock is currently trading at Rs 111, down 0.8% on the 

Buy Marico with a target of Rs 75, says Prakash Gaba, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 64, up 0.7% on the BSE. 

The market is seeing some choppiness in trade at noon. Sensex is trading at 10909, up 11 points and Nifty is at 3355, down 10 points from the previous close. CNX Midcap index is up 0.54% and BSE Smallcap index is down 0.28%. The market breadth is positive with advances at 637 against declines of 503 on the NSE.

Buy Punj Lloyd on dips around Rs 100 as it has an excellent long-term upside potential, says SP Tulsian, market expert, on CNBC TV18. The stock is currently trading at Rs 106, up 3.3% on the BSE. 

Hold Indian Hotels with a target of Rs 65-75 where one can book profits, says MB Singh, technical analyst, on Zee Business. The stock is currently trading at Rs 51, up 2.5% on the BSE. 

Hold Rolta with a target of Rs 137 and it has support at Rs 95, says Ashwani Gujral, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 96, down 5.3% on the BSE. 

The unemployment situation in the US may get worse, says Cantor Fitzgerald Services on NDTV Profit. As per IMF over $4 trillion in credit related writedowns are expected. The outcome of stress tests remain key trigger and credit quality is likely to deteriorate. 

The market is likely to remain volatile until outcome of elections is clear, says Ved Prakash Chaturvedi of Tata Mutual Fund, on NDTV Profit. The Q4 corporate earnings and guidance will impact the market, he says. There are early signs of return of confidence to emerging markets, including India, he adds. 

It is difficult to say which direction the market is likely to go now unless Nifty breaks below 3300 or goes past 3500 decisively, says MB Singh, technical analyst, on Zee Business. Overall the market is likely to consolidate for some time and then an upside looks possible, he adds. 

The market continues to trade firm. Sensex is trading at 10997, up 100 points and Nifty is at 3387, up 22 points from the previous close. CNX Midcap index is up 1.89% and BSE Smallcap index is up 1.58%. The market breadth is positive with advances at 865 against declines of 248 on the 

Buy HCL Technologies with a target of Rs 144, says Ashwani Gujral, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 131, down 4.5% on the BSE. 

Buy GMR Infra around Rs 90 with a target of Rs 145 where one can book profits and keep a stop loss of Rs 75, says MB Singh, technical analyst, on Zee Business. The stock is currently trading at Rs 122, up 4.03% on the BSE. 

Buy IDFC with a target of Rs 105-110, says E Mathew, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 78, up 3.6% on the BSE.  

Hold Opto Circuits with a target of Rs 130 then it can go to Rs 162 and keep a stop loss of Rs 104-99, says MB Singh, technical analyst, on Zee Business. The stock is currently trading at Rs 115, up 1.14% on the BSE.

Buy Karur Vysa Bank with a target of Rs 272, says E Mathew, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 246, down 4.2% on the BSE. 

Buy Tech Mahindra on dips with a target of Rs 327-361 and it has support at Rs 295, says Ashwani Gujral, technical analyst, on CNBC TV18. The stock is currently trading at Rs 320, up 0.6% on the BSE. 

Wipro comes out with its Q4 results, posts revenues up 13% at Rs 6482 crore versus Rs 5732 crore (YoY) and net profit up 15% at Rs 1010 crore versus Rs 880 crore (YoY), reports NDTV Profit. The stock is currently trading at Rs 290, up 5.8% on the BSE.  

Sell TCS with a target of Rs 535 and stop loss of Rs 557, says PK Agarwal of Bonanza Portfolio, on Zee Business. The stock is currently trading at Rs 544, down 1.23% on the BSE. 

Buy GMR Infra with a target of Rs 140 and stop loss of Rs 110, says Ashwani Gujral, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 120, up 2.1% on the 

The pullback in the US market helps the Indian market make a reasonable start. Sensex is trading at 10956, up 58 points and Nifty is at 3372, up 7 points from the previous close. CNX Midcap index is up 1.49% and BSE Smallcap index is up 1.12%. 

Flat to positive opening expected for the market, says Pankaj Jain of ICICI Securities, on NDTV Profit. Sensex below 10900 may correct to 10719 in the near term, he adds. Sensex range seen around 10900-11300, he adds. 

SEBI comes out with new criteria for F&O stock selection and excludes 50 stocks with immediate effect, reports NDTV Profit.  » Send to friends  Nifty has been trading volatile for past few days, says Anu Jain, technical analyst, on CNBC TV18. Nifty still has a stiff challenge to break past 3400, she adds. 

The market is likely to be flat for the next few days as Nifty has strong support around 3300-3250, says Ashwani Gujral, technical analyst, on CNBC TV18. Now the market is likely to be in a cyclical bull market that can take Nifty up to 3800-4200 and cyclical bear market that can take it lower, he feels. 

Today Nifty is likely to bounceback from lower levels of 3250, says Rahul Mohindar, technical analyst, on CNBC TV18. So buy on declines and hold for a couple of days, he adds. Buy SBI around Rs 1240 with a target of Rs 1320 over 1-2 weeks, he adds.

Compiled and Brought to you by 

Equity Research Team

Intelligent Investor -
Invest Advisory Arm of

Ravina Consulting
Bangalore India

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