Monday, May 11, 2009

Market Voices 11 May 2009

Market Voices  11 May  2009 

Weak global cues, pre-poll jitters and profit booking made it a bad Monday for our market that closed almost at the low point of the day. Sensex shut shop at 11682, down 193 points and Nifty was at 3554, down 66 points from the previous close. CNX Midcap index was down 1.27% and BSE Smallcap index was down 2.15%. The market breadth was negative with advances at 328 against declines of 888 on the NSE. Top Nifty gainers included Axis Bank, Mahindra & Mahindra and Nalco while losers were Unitech, DLF and Cairn India. 

Nifty formed a bottom around 3350 and till that is broken we cannot write off the intermediate uptrend, says Deepak Mohoni, technical analyst, on CNBC TV18. The important level is not 3500 but 3350 on Nifty as below that will signal an intermediate downtrend, he adds. 

Buy ABG Shipyard with a target of Rs 180 and stop loss of Rs 115, says Neera Jain of crnindia.com on CNBC Awaaz. The stock is currently trading at Rs 142, down 5.8% on the BSE. 

Buy Dredging Corporation with a target of Rs 360 and stop loss of Rs 320, says Hemen Kapadia, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 322, up 1.3% on the BSE. 

Buy Crompton Greaves with a target of Rs 200 and stop loss of Rs 155, says Neera Jain of crnindia.com on CNBC Awaaz. The stock is currently trading at Rs 161, down 2.7% on the BSE. 

It was a day of profit booking for our market with weakness across world markets. Sensex closed at 11667, down 209 points (provisional) and Nifty was at 3552, down 68 points (provisional) from the previous close. CNX Midcap index was down 1.58% and BSE Smallcap index was down 2.37%. The market breadth was negative with advances at 328 against declines of 888 on the NSE.  

Nifty has resistance at 3600 and support at 3475, says E Mathew, technical analyst, on CNBC TV18, as closing market strategy. If Nifty breaks that support then the downside target is 3300, he adds. 

Buy Sesa Goa with a target of Rs 150 and stop loss of Rs 130, says Ashwani Gujral, technical analyst, on CNBC TV18, as closing market strategy.  

Hold Nifty short positions with target of 3480 and stop loss of 3620, says Vijay Bhambwani, technical analyst, on CNBC Awaaz, as closing market strategy. 

Sell Nifty with target of 3440 and stop loss of 3600, says Ashwani Gujral, technical analyst, on CNBC Awaaz, as closing market strategy.

The market is showing weakness now, says Rajat Bose, technical analyst, on CNBC Awaaz. If Nifty breaks 3530 it could go down to 3450, he adds.  

Asian markets closed weak while European markets are under pressure. Our market continues to trade lower. Sensex is trading at 11690, down 185 points and Nifty is at 3556, down 64 points from the previous close. CNX Midcap index is down 1.27% and BSE Smallcap index is down 1.97%. The market breadth is negative with advances at 336 against declines of 887 on the NSE.  

Buy Gujarat NRE Coke with a target of Rs 37 and stop loss of Rs 28, says Hemen Kapadia, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 31, up 4% on the BSE. 

Buy Videocon Industries with a target of Rs 140 and stop loss of Rs 110, says Neera Jain of crnindia.com on CNBC Awaaz. The stock is currently trading at Rs 115, down 7.2% on the BSE.  

Hold Tulip Telecom with a target of Rs 687 and stop loss of Rs 596, says Hemen Kapadia, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 630, up 10.5% on the BSE.

Buy Suzlon around Rs 73 with a target of Rs 95 and keep stop loss of Rs 64, says MB Singh, technical analyst, on Zee Business. The stock is currently trading at Rs 74, down 2.8% on the BSE. 

Buy Bajaj Hindustan around Rs 90 with a target of Rs 135 and stop loss of Rs 80, says Neera Jain of crnindia.com on CNBC Awaaz. The stock is currently trading at Rs 110, up 2% on the BSE. 

Weak global cues add pressure on our market that is seeing profit booking today. Sensex is trading at 11687, down 188 points and Nifty is at 3550, down 70 points from the previous close. CNX Midcap index is down 1.54% and BSE Smallcap index is down 2.20%. The market breadth is negative with advances at 299 against declines of 901 on the NSE. 

Buy Tata Steel around Rs 250 with a target of Rs 400 and keep stop loss of Rs 225, says MB Singh, technical analyst, on Zee Business. The stock is currently trading at Rs 270, down 4.23% on the BSE. 

Buy Rajesh Exports with a target of Rs 36 and stop loss of Rs 26, says Neera Jain of crnindia.com on CNBC Awaaz. The stock is currently trading at Rs 27, down 6% on the BSE. 

Edelweiss maintains a buy call on SBI with a target of Rs 1663, reports CNBC Awaaz. The stock is currently trading at Rs 1292, down 2.49% on the BSE.  

Hold Aban Offshore with a target of Rs 530 and after that it could go to Rs 825 and keep stop loss of Rs 470, says MB Singh, technical analyst, on Zee Business. The stock is currently trading at Rs 461, up 1.32% on the BSE. 

This is a bear market rally, says Devina Mehra of First Global on CNBC TV18. The market may correct 15% going ahead, she adds. Polls remain a worry for the market, she says. 

The Asian markets are mixed while European markets have opened weak. Our market is cooling off and trending lower. Sensex is trading at 11706, down 170 points and Nifty is at 3560, down 60 points from the previous close. CNX Midcap index is down 1.70% and BSE Smallcap index is down 2.22%. The market breadth is negative with advances at 295 against declines of 885 on the NSE. 

Hold SBI and buy more on dips, says P Phani Sekhar of Angel Broking on CNBC TV18. The stock is currently trading at Rs 1285.80, down 3% on the BSE. 

Resistance and support for the Sensex is seen at 14500 and 10000 respectively, says Daryl Guppy of guppytraders.com on CNBC TV18. He expects an uptrend in Wipro, RIL, Reliance Communications and Tata Motors. He sees support for Dow Jones and S&P 500 at 7800 and 800 respectively.  

SMC Global maintains a buy call on Orchid Chemicals with target of Rs 130, reports CNBC Awaaz. Keep stop loss of Rs 99, it adds. The stock is currently trading at Rs 101, down 7.5% on the BSE. 

Hold Reliance Power as there's no major supply in this stock, says Paras Bothra of Ashika Stock Broking on NDTV Profit. It is going to trade in the range of Rs 100-180 for a year or two and will give good returns in the short term, he adds. The stock is currently trading at Rs 127.75, down 4.1% on the BSE. 

The markets are likely to trade in a range ahead of Saturday's election result, says Vibhav Kapoor of IL&FS on CNBC TV18. He expects the markets trading subdued on the higher side and sees profit booking setting in on account of the huge run-up. 

Buy Bharati Shipyard at current levels, says P Phani Sekhar of Angel Broking on CNBC TV18. The stock is currently trading at Rs 104.05, down 2.6% on the BSE. 

Hold SBI with long-term view, says Hemen Kapadia, technical analyst, on NDTV Profit. It has support at Rs 1313 and resistance at Rs 1379 and target of Rs 1350 can be achieved by next week, he adds. But he advises short-term traders to exit this stock. It is currently trading at Rs 1324.80, down 0.03% on the BSE. 

The US markets are not out of the woods yet, says David Kelly of JP Morgan Funds on CNBC TV18. He foresees a rocky rebound though he believes the uncertainty has reduced and even economic data is better. He expects the US markets to recover before the rest of the world. However, he is quick to add that in the long run, the rest of the world will grow faster than the US. 

Buy Hindalco on dips with short-term target of Rs 85 and medium-term target of Rs 95, says Nitin Murarka of SMC Global on Zee Business. Keep stop loss of Rs 52, he adds. The stock is currently trading at Rs 68.25, down 0.1% on the BSE. 

The market at noon is trading flat and there's not much buying seen. Sensex is trading at 11849, down 27 points from its previous close, and Nifty is at 3606, down 14 points. CNX Midcap index is down 0.6% and BSE Smallcap index is down 0.4%. The market breadth is negative with advances at 460 against declines of 703 on the NSE. 

Buy Cairn India at Rs 210 with short-term target of Rs 240 and medium-term target of Rs 260, says Nitin Murarka of SMC Global on Zee Business. Keep stop loss of Rs 190, he adds. The stock is currently trading at Rs 213, down 1.7% on the BSE.  

Hold Idea Cellular which will good returns in 6-12 months, says Pankaj Jain of Satguru Capital on Zee Business. Traders may hold with stop loss of Rs 55, he adds. The stock is currently trading at Rs 58.55, down 1.2% on the BSE. 

Buy TV18 at current levels with short-term target of Rs 125 and medium-term target of Rs 145, says Nitin Murarka of SMC Global on Zee Business. Keep stop loss of Rs 85, he adds. The stock is currently trading at Rs 99.65, down 0.4% on the BSE.  

We have seen buying of Put Options at 3600 strike and call writing between 3850-3900, says TS Harihar of ICICI Securities on CNBC TV18. This indicates that the market may top in the short-term on account of uncertainty about election results, he adds. 

Buy ONGC which has support at Rs 790, says Vijay Bhambwani, technical analyst, on CNBC Awaaz. It has resistance at Rs 925 crossing which it can go up to Rs 980-1000, he adds. The stock is currently trading at Rs 895.35, up 1.4% on the BSE. 

Buy Neyveli Lignite at current levels with short-term target of Rs 125 and medium-term target of Rs 145, says Nitin Murarka of SMC Global on Zee Business. Keep stop loss of Rs 90, he adds. The stock is currently trading at Rs 101.25, down 1.6% on the BSE.  

Buy ICICI Bank at Rs 500 with short-term target of Rs 560-580, says Mitesh Thacker, technical analyst, on CNBC TV18. The stock is currently trading at Rs 538.05, up 3.4% on the BSE. 

Buy Tech Mahindra with target of Rs 375, says Prakash Gaba, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 356, up 1% on the BSE. 

An hour into opening the market has turned choppy having come under a lot of selling pressure. The Asian markets are still trading mixed. Sensex is trading at 11846, down 34 points from its previous close, and Nifty is at 3605, down 15 points. CNX Midcap index is down 0.3% and BSE Smallcap index is down 0.05%. The market breadth is negative with advances at 504 against declines of 606 on the NSE. 

Buy GTL Infra at current levels with short-term target of Rs 41 and medium-term target of Rs 50, says Nitin Murarka of SMC Global on Zee Business. Keep stop loss of Rs 29, he adds. The stock is currently trading at Rs 32.75, down 1.2% on the BSE. 

old Suzlon Energy with target of Rs 84-85, says Pankaj Jain of Satguru Capital on Zee Business. Keep stop loss of Rs 70, he adds. The stock is currently trading at Rs 77.25, up 1.4% on the BSE.  

Buy Bajaj Hindustan on dips, says Mitesh Thacker, technical analyst, on CNBC TV18. Book profits at its resistance level of Rs 120-125, he adds. The stock is currently trading at Rs 105.25, down 2.5% on the BSE. 

Buy Cairn India with short-term target of Rs 224-232 and long-term target of Rs 400, says Vijay Bhambwani, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 218.15, up 0.7% on the BSE. 

Buy TVS Motor with target of Rs 50-52, says Prakash Gaba, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 40.80, down 4% on the BSE.

Hold HDFC with stop loss of Rs 1050, says Vijay Bhambwani, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 1160, up 1.4% on the BSE.

Hold LNG Petronet for long term, says Pankaj Jain of Satguru Capital on Zee Business. Add more on dips, he adds. Traders may hold with stop loss of Rs 45 and exit on rally, he says. The stock is currently trading at Rs 55.10, up 4.1% on the BSE. 

Buy Vishal Retail on dips with long-term view, says Prakash Gaba, technical analyst, on CNBC Awaaz. Keep target of Rs 75-80, he adds. The stock is currently trading at Rs 51.25, up 4.4% on the BSE. 

Buy Aban Offshore with targets of Rs 478 and then 495, says Rajat Bose, technical analyst, on CNBC TV18. Keep stop loss of Rs 443, he adds. The stock is currently trading at Rs 472, up 3.7% on the BSE. 

Buy JP Associates at Rs 142 with target of Rs 147, says Simi Bhaumik, technical analyst, on Zee Business. Keep stop loss of Rs 137, she adds. The stock is currently trading at Rs 142.30, up 0.1% on the BSE.  

The market opens on a good note and it is a good start to trade. The Asian markets are trading mixed. Sensex is trading at 11961, up 85 points from its previous close, and Nifty is at 3639, up 19 points. CNX Midcap index is up 1.1% and BSE Smallcap index is up 1.2%. The market breadth is positive with advances at 464 against declines of 71 on the NSE. 

This week, Nifty will be trading in the range of 3520 on the upside and 3760 on the downside, says Deven Choksey of KR Choksey on CNBC TV18. He advises booking profits at higher levels.

The market may have a gap-up opening but there will be pressure at the higher levels, says Vijay Bhambwani, technical analyst, on CNBC Awaaz. Till the Nifty does not cross the 3715-3720 level then the pressure will continue, he adds. In such a scenario, profit booking should be expected, he says. 

The market is likely to be range-bound but the downside looks capped as funds are waiting to be deployed, says Devesh Kumar of Centrum Finance on CNBC TV18. However, mixed flows may continue as domestic funds are expected to sell ahead of election results, he adds. 

Nifty may cross the resistance level of 3760, says E Mathew, technical analyst, on CNBC TV18. It may then head to 3800-4000 levels, he adds.  

Today the crucial level for the Nifty will be at 3650, says Rajat Bose, technical analyst, on CNBC TV18. Resistance will be seen at 3700-3720 and the major resistance level will be 3744, he adds. He sees support at 3570 and 3540.