Tuesday, April 28, 2009

Market Voices 28 April 2009

It was a bad day for the Indian market today on many fronts. Profit booking, volatility ahead of F&O expiry tomorrow (truncated week as Thursday and Friday are holidays) and poor global cues (chill from swine flu outbreak). Experts feel though the uptrend is intact, the market could correct some more which could be used as an opportunity to enter. Sensex shut shop at 11001, down 370 points and Nifty at 3362, down 107 points from the previous close. CNX Midcap index was down 3.52% and BSE Smallcap index was down 3.45%. The market breadth was negative with advances at 170 against declines of 1061 on the NSE. BPCL was the only Nifty gainer while losers were aplenty, like PNB, DLF and HDFC.  » Send to friends


MindTree will be a tough trading call, but one can hold the stock with a target of Rs 340-350 where one can book profits and keep a stop loss of Rs 270, says E Mathew, technical analyst, on CNBC TV18. The stock is currently trading at Rs 306, up 22% on the BSE. 

Buy Welspun Gujarat with a target of Rs 165 and stop loss of Rs 83, says Hardik Jain of ISJ Securities on CNBC Awaaz. The stock is currently trading at Rs 91, down 9.8% on the BSE. 

Buy Petronet LNG with target of Rs 65 and stop loss of Rs 45, says Neerja Jain of crnindia.com on Zee Business. The stock is currently trading at Rs 50, down 3.08% on the BSE. 

Sell Idea Cellular with a target of Rs 54 and stop loss of Rs 62, says Hardik Jain of ISJ Securities on CNBC Awaaz. The stock is currently trading at Rs 58, down 2.4% on the 

It was a day of profit booking and volatility ahead of F&O expiry tomorrow. Poor global cues on account of the swine flu outbreak added to the woes of our market. Sensex closed at 10996, down 375 points (provisional) and Nifty at 3360, down 109 points (provisional) from the previous close. CNX Midcap index was down 3.54% and BSE Smallcapindex was down 3.37%. The market breadth was negative with advances at 183 against declines of 1042 on the NSE. 

Sell Nifty short and long positions with a target of 3350-3320, says Rajat Bose, technical analyst, on CNBC Awaaz, as closing market strategy.  » Send to friends.  Book profits on Nifty longs and don't initiate fresh positions, says Ashwani Gujral, technical analyst, on CNBC TV18, as closing market strategy. 

Hold Nifty shorts with a target of 3310 and stop loss of 3400, says Vijay Bhambwani, technical analyst, on CNBC TV18, as closing market 

Sell Nifty with a target of 3290 and stop loss of 3380, says Prakash Gaba, technical analyst, on CNBC Awaaz. Sell Cairn India with a target of Rs 178 and stop loss of Rs 187, he 

There is uncertainty in the global market on account of the news of swine flu, says Ved Prakash Chaturvedi of Tata Mutual Fund, on CNBC TV18. Other factors like 'expected corporate results' with no positive surprise added to the pressure in the market, he adds. People are taking profits ahead of F&O expiry tomorrow and hence the volatility, he feels. 

The uptrend is intact in the market till Nifty holds 3100, says E Mathew, technical analyst, on CNBC TV18. If Nifty closes below 3385, it could go down to 3250-3270 which will provide an opportunity to enter, he adds. If Nifty breaks 3100, then one should bail out of all long positions, he says.

The market is seeing profit booking and under pressure also on account of weak global cues. Sensex is trading at 11000, down 371 points and Nifty is at 3363, down 106 points from the previous close. CNX Midcap index is down 3.53% and BSE Smallcap index is down 3.33%. The market breadth is negative with advances at 174 against declines of 1036 on the NSE. 

Hold Essar Oil with a target of Rs 175-180 and it has support at Rs 130, says Ashwani Gujral, technical analyst, on CNBC TV18. The stock is currently trading at Rs 144, down 3.9% on the 

Hold Nagarjuna Fertilizer with target of Rs 25 where one can exit the stock, says Neerja Jain of crnindia.com on Zee Business. The stock is currently trading at Rs 21, down 7.3% on the BSE.

Buy Zee Entertainment with a target of Rs 135 and stop loss of Rs 105, says Hardik Jain of ISJ Securities on CNBC Awaaz. The stock is currently trading at Rs 111, up 1.09% on the 

Hold Rolta with target of Rs 100-125 where one can exit the stock, says Neerja Jain of crnindia.com on Zee Business. The stock is currently trading at Rs 76, down 7.25% on the 

Hold RNRL if it closes above Rs 65, then it can go to Rs 75-90, says MB Singh, technical analyst, on Zee Business. The stock is currently trading at Rs 56, down 4.2% on the BSE.

Hold IDFC with target of Rs 80-95 and keep a stop loss of Rs 65, says Neerja Jain of crnindia.com on Zee Business. The stock is currently trading at Rs 68, down 5.6% on the BSE. 

Hold IDFC with a stop loss of Rs 62 where one can average and buy more for the long term, says Anu Jain, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 69, down 5.4% on the BSE. Or investors can switch to fundamentally good stocks like HDFC Bank or SBI instead, she adds.  

Weak global cues see a volatile and weak session for our market. Sensex is trading at 11131, down 240 points and Nifty is at 3393, down 76 points from the previous close. CNX Midcap index is down 2.66% and BSE Smallcap index is down 2.5%. The market breadth is negative with advances at 234 against declines of 949 on the 

Hold Wipro, if it is able to cross Rs 300 then its next target is Rs 360, says Ashwani Gujral, technical analyst, on CNBC TV18. The stock is currently trading at Rs 317, down 2.3% on the BSE. 

Buy Power Grid around Rs 90 with target of Rs 100-105 after which it can show fresh upmove, says Neerja Jain of crnindia.com on Zee Business. The stock is currently trading at Rs 93, down 3.7% on the 

Sell Indiabulls Real Estate on rally at Rs 150, at least book partial profits as the stock has support at Rs 115-120, says Ashwani Gujral, technical analyst, on CNBC TV18. The stock is currently trading at Rs 129, down 1.6% on the BSE. 

Hold Bank of Maharashtra with target of Rs 27 after which it can show fresh upmove, keep a stop loss of Rs 23, says Neerja Jain of crnindia.com on Zee Business. The stock is currently trading at Rs 24, down 0.82% on the 

The worst for markets is over, global money supply is increasing and emerging markets may see a very good rebound, says Mark Mobius, Managing Director of Templeton on CNBC TV18. The markets may retest October lows but those lows won't be broken, he feels. The market is building a base for the next big bull market rally, he adds. Base building by 2009-end and 2010 could be another bull market year globally, he 

The market has some more strength and strong support at Nifty 3300, says Ashwani Gujral, technical analyst, on CNBC TV18. Nifty range is seen at 3300-3500 and it is unlikely to fall much, he says.

The Asian markets are trading under pressure with a potential economic fallout from the swine flu outbreak. European markets have opened weak. Poor global cues and selling pressure see our market trade weak. Sensex is trading at 11220, down 151 points and Nifty is at 3417, down 52 points from the previous close. CNX Midcap index is down 1.85% and BSE Smallcap index is down 1.54%. The market breadth is negative with advances at 290 against declines of 872 on the 

Hold JP Associates with target of Rs 150-175 in six months, says Ashu Kakkar, technical analyst, on NDTV Profit. It has support at Rs 110, he adds. The stock is currently trading at Rs 132.45, up 1.7% on the BSE. 

Hold Hexaware Technologies, says Phani Sekhar of Angel Broking on NDTV Profit. It will give returns of 20-25% in 12-15 months, he adds. The stock is currently trading at Rs 31.60, down 1.6% on the BSE. 

Hold Godrej Consumer Products for 2-2.5 years, says Vijay Bhambwani, technical analyst, on CNBC Awaaz. It will go up to levels of Rs 250-300, he adds. The stock is currently trading at Rs 136, up 1.5% on the 

Sell JP Associates on rally, says Phani Sekhar of Angel Broking on NDTV Profit. The stock is currently trading at Rs 132.30, up 1.5% on the 

Hold Axis Bank for 2-3 years because it is among the best private banks, says Sharmila Joshi of Systematix Shares on CNBC TV18. It will show good upside from current levels, she adds. The stock is currently trading at Rs 540, down 3.2% on the BSE. 

Hold Union Bank with stop loss of Rs 150, says Vijay Bhambwani, technical analyst, on CNBC Awaaz. But a better banking stock to invest in is SBI, he adds. The stock is currently trading at Rs 167.45, down 2.6% on the BSE.  

Hold L&T with targets of Rs 920 and then Rs 960 over the next few days, says Mitesh Thacker, technical analyst, on CNBC TV18. The stock is currently trading at Rs 893.75, down 1.6% on the 

Hold Satyam with stop loss below Rs 42, says Simi Bhaumik, technical analyst, on Zee Business. It could go up to Rs 56-60, she adds. The stock is currently trading at Rs 47.10, down 2.4% on the 

Hold Glenmark Pharma for at least two years, says Gaurang Shah of Geojit Financials on Zee Business. Add more when it comes to Rs 165-170, he adds. The stock is currently trading at Rs 188.95, down 4.6% on the BSE.

The market at noon is trading weak with both Sensex and Nifty on the decline. Metal and banking stocks lead the decline. The Asian markets are also seeing selling pressure. Sensex is trading at 11187, down 185 points from its previous close, and Nifty is at 3405, down 66 points. CNX Midcap index is down 1.5% and BSE Smallcap index is down 1.6%. The market breadth is negative with advances at 283 against declines of 856 on the 

Buy Reliance Infrastructure at 10-15% lower levels, says Phani Sekhar of Angel Broking on NDTV Profit. It will give good returns in 12-15 months, he adds. The stock is currently trading at Rs 688.65, down 3.1% on the 

Hold Cipla and book profits at Rs 260-270, says Vijay Bhambwani, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 241.50, down 1% on the 

Buy Indiabulls Real Estate at Rs 120 for positional trade, says Mitesh Thacker, technical analyst, on CNBC TV18. At the moment it is moving in the range of Rs 150-130, he adds. The stock is currently trading at Rs 128.80, down 1.8% on the BSE.  

The Sensex is likely to consolidate between 10000 and 11500 over the near term, says Devesh Kumar of Centrum Finance on CNBC TV18. He adds that the earnings so far have been mixed. Consensus is that we may see a correction after the election results, he 

Buy Ranbaxy when it comes down to Rs 135-140, says Ashwani Gujral, technical analyst, on CNBC Awaaz. Do not buy at current levels, he adds. The stock is currently trading at Rs 168.60, up 0.6% on the 

Hold ONGC with stop loss below Rs 800, says Simi Bhaumik, technical analyst, on Zee Business. It has resistance at Rs 890 crossing which it could go up to Rs 1000, she adds. The stock is currently trading at Rs 834, down 1.8% on the 

Book profits in L&T but do not buy at current levels, says Mehraboon Irani of Centrum Broking on CNBC Awaaz. Think of buying when it comes down to Rs 700 levels, he adds. The company has good potential, he says. The stock is currently trading at Rs 901.25, down 0.8% on the 

An hour into opening, the market is trading volatile after a flat opening. There is no major buying interest seen in small and midcap stocks. The Asian markets continue to trade weak. Sensex is trading at 11266, down 106 points from its previous close, and Nifty is at 3426, down 45 points. CNX Midcap index is down 0.3% and BSE Smallcap index is down 0.6%. The market breadth is negative with advances at 382 against declines of 697 on the 

Buy Reliance Infrastructure at Rs 680, says Siddharth Bhamre of Angel Broking on CNBC TV18. Keep target of Rs 760-780, he adds. The stock is currently trading at Rs 709.50, down 0.2% on the BSE. 

Hold ICSA-India with stop loss below Rs 98, says Simi Bhaumik, technical analyst, on Zee Business. It has resistance at Rs 118 crossing which it could go up to Rs 140, she adds. The stock is currently trading at Rs 114.30, up 0.2% on the BSE.

Buy NTPC if it crosses Rs 195, says Sudarshan Sukhani, technical analyst, on CNBC TV18. The stock is currently trading at Rs 184.60, down 2% on the BSE. 

Buy Pfizer with intra-day target of Rs 750, says Anil Singhvi, market expert, on CNBC Awaaz. Keep stop loss of Rs 700, he adds. The stock is currently trading at Rs 730, up 1.4% on the 

Buy Unitech on dips, says Ashwani Gujral, technical analyst, on CNBC Awaaz. Keep target of Rs 60, he adds. The stock is currently trading at Rs 43.20, down 1.4% on the BSE. 

Buy Mirc Electronics with intra-day target of Rs 17, says Anil Singhvi, market expert, on CNBC Awaaz. Keep stop loss of Rs 14.50, he adds. The stock is currently trading at Rs 15.89, up 3.7% on the 

Exit Alkali Metals which is weak on the charts, says Simi Bhaumik, technical analyst, on Zee Business. It could show a downside of Rs 20-25, she adds. The stock is currently trading at Rs 249.20, down 0.6% on the 

Sell Ashok Leyland with intra-day target of Rs 18.50, says Anil Singhvi, market expert, on CNBC Awaaz. Keep stop loss of Rs 23, he adds. The stock is currently trading at Rs 20.55, down 3.1% on the 

Hold Cipla which still has some upside left in it, says Ashwani Gujral, technical analyst, on CNBC Awaaz. It has resistance at Rs 270 crossing which it can go up to Rs 300, he adds. The stock is currently trading at Rs 245.70, up 0.8% on the 

Buy Glenmark Pharma with intra-day target of Rs 207, says Anil Singhvi, market expert, on CNBC Awaaz. Keep stop loss of Rs 195, he adds. The stock is currently trading at Rs 199.55, up 0.7% on the BSE. 

The market has a very quiet and tepid opening, in the steps of weak global cues. The Asian markets are trading in the red this morning. Sensex is trading at 11320, down 52 points from its previous close, and Nifty is at 3447, down 23 points. CNX Midcap index is up 0.05% and BSE Smallcap index is up 0.06%. The market breadth is positive with advances at 264 against declines of 256 on the 

The Nifty has stiff resistance at 3500 at which levels we will see profit booking, says Ashwani Gujral, technical analyst, on CNBC Awaaz. If the Nifty comes down to 3250-3300 then there will be buying, he adds. He feels that there will be profit booking in midcap 

A 100-150 point upmove this week cannot be ruled out, says Dipan Mehta, member of the BSE & NSE, on CNBC TV18. He feels that the Implied Volatility is expected to trend higher in May. Banking stocks may continue to be in focus, he adds.

The market may have a flat to negative opening today, says Gaurang Shah of Geojit Financials on CNBC Awaaz. He reckons that there will be buying seen at lower levels. He advises buying HDIL and Reliance Power.

Nifty is trading in a range now, says Sudarshan Sukhani, technical analyst, on CNBC TV18. He sees support for it at 3350 and resistance at 3500. He believes that the market is going to remain choppy today. The Nifty is facing a lot of resistance between 3503-3540, says E Mathew, technical analyst, on CNBC TV18. It is possible that traders are going to remain cautious because of which the Nifty levels could go down to 3290-3300, 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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