Buy Bharti, Idea and RCom on dips

Shares inIdea Cellular Ltd andBharti Airtel Ltd hit their 52-week high on Monday after the latter on Friday increased its tariffs by 20 per cent for prepaid subscribers in six circles, including Delhi, Kerala and Gujarat.

Shares in Idea Cellular Ltd hit its 52-week high of Rs 94.35 in early trade today. At 12:42 PM, shares in the company were trading 7 per cent higher at Rs 91.25.

Shares in Bharti Airtel hit its 52-week high of Rs 428.20 in early trade. At 12:41 PM, shares in the company were trading 3.6 per cent higher at Rs 426.00. "Bharti Airtel Ltd increased tariff by 20 per cent in six circles which fairly contributes 36 per cent to the revenue of the company", says Karan ofICICI Direct in an interview with ET Now.

"Looking at a 20 per cent hike which should probably on the prepaid side it would result in 50-55 bps increase in EBITA margins for the consolidated entity for FY12 and 70% for FY13", adds Karan

According to media reports, Bharti Airtel Ltd is the second telecom player to increasecall rates afterTata Docomo which raised tariffs in one-two circles two months ago to protect falling margins and increasing revenue. The tariff for Bharti Airtel hiked for the first time since October 2009.

Most analysts expect overall impact of 2-3% on revenue per minute (RPM). The RPM is expected to improve from 45 paise to 46-47 paise forBharti Airtel Ltd.

"I was positive on Bharti Airtel Ltd in that sector and continue to remain bullish on that stock even from here on" adds Mehrab Irani, Investment Manager,Tata Investment Corporation Ltd in an interview with ET Now.

"This move particularly on the prepaid side is more positive because the prepaid service was the point where the lots of ARPUs were not so good and they were actually very low", adds Irani.

Telecom shares were in demand after Bharti Airtel raised call tariffs up to 20 per cent in six circles, triggering expectations other firms will follow soon to protect their eroding margins.

"Idea Cellular Ltd and Vodafone might soon get in line to increase their respective prices in near term", adds Karan.

Reliance Communications Ltd shares jumped as much as 6 percent to their highest level in about two weeks. At 12:30 PM, shares in the company were trading 6.5 per cent higher at Rs 99.70 on BSE.

Trading Calls:

"Bharti Airtel Ltd and Idea Cellular Ltd broke out to their fresh 52-week high on back of large volumes. Bharti Airtel will see levels of Rs 435-440 and traders and keep a stop loss of Rs 390-395", says Ashwani Gujral in an interview with ET Now.

"Idea Cellular Ltd has broken out after being in a tight range for several days and can see target of Rs 95-96 and traders can put a stop loss of Rs 78-80.

ICICI Direct maintains a 'BUY' on Bharti Airtel Ltd with a target price of Rs 398 and for Idea Cellular Ltd the brokerage maintains 'HOLD' with a price target of Rs 70.00.

"In case of Bharti Airtel, even current levels are good enough if you are a slightly long term trader which means if you are prepared to wait for a few weeks, you do not mind buying at current prices also", says Sudarshan Sukhani of Technical Trends in an interview with ET Now.

"For very short term traders, you want consolidation, small dips to enter but Bharti has much higher targets ahead, I am not so upbeat on Idea", adds Sudarshan.

Well not all analysts are upbeat on the stock some warn of caution while trading in Bharti Airtel's shares as the prices have already perked up from its 52-week low of Rs 292.70 on 22nd July, 2010.

"The price hike trigger is positive news for Bharti Airtel Ltd of course but in terms of valuation, we have got to be careful", adds Ajay Srivastava, Dimensions Consulting Pvt Ltd in an interview with ET Now.

"It has already gone up quite substantially, so if they are chasing the valuation now, it is at a risk today", adds Ajay. "We are chasing the last leg of the immediate rally in Bharti Airtel, so we have got to be careful when we are buying the stock", adds Ajay.

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Telecom Sector - Avoid

Driven by the seasonality factor, the telecom sector is expected to experience weak show in September quarter. On a sequential basis, while revenue growth will be muted for the sector, a marginal improvement on profit after tax (PAT) due to forex gain is expected, say industry experts.

"The 3.2% appreciation of the rupee over the last quarter should boost the reported profits on account of forex and derivative gains," said IDFC SSKI in a report. Also, with the phasing out of free minutes from the network, minutes of usage will be flat which will further decline average revenue per user (ARPU). Margins of the telcos will be range bound due to lower MoUs, they say. Thus, declining revenue per minute and lower wireless margins will impact profitability in this quarter.

"We expect MoU per subscriber per month to remain flat due to stricter subscriber verification norms and cutting down of free minutes on the network. Industry subscriber additions in the quarter averaged 17.6 million per month. The increase was driven by Uninor, BSNL, Idea and Videocon (VIDEOIND.NS : 265 -0.6) while subscriber additions declined for Bharti, RCom (RCOM.NS : 179.55 +0.4) and Vodafone.

However, subscriber growth of 6-8% quarter on quarter (QoQ) will be largely offset by 3-4% QoQ average revenue per user decline, leading to low-single digit sequential growth in wireless revenue. "We expect the downward trend in average revenue per minute (ARPM) to continue with a 1.8-2.2% QoQ decline for the top three operators-RComm, Idea and Bharti Airtel (BHARTIARTL.BO : 337.2 0) (Airtel)," said Srishti Anand an analyst with Angel Broking.

Market leader Bharti Airtel's consolidated revenue is likely to increase 25% on a quarter on quarter basis, mainly driven by consolidation of the Africa business.

"However, consolidated net profit is expected to decline 1.6% QoQ (lower forex loss offset by higher loss from full quarter consolidation for Africa)," said Shobhit Khare and Nirav Poddar from Motilal Oswal in a note.

Idea Cellular is expected to post a 0.7% consolidated QoQ revenue growth. Its margins in established circles is likely to come down QoQ by 100bps. Idea's is expected to post a 16% decline in PAT on QoQ basis.

For Reliance Communications (RComm), we expect revenue to grow sequentially by 1%. Its EBITDA margin is expected to remain stable at 32% led by margin recovery in global and broadband segments. RComm PAT is expected to stay flat QoQ.

While strong voice traffic growth, existing rural and incremental 3G revenue opportunities and potential stabilisation in tariffs will drive sector revenue growth, the potential increase in competitive intensity (given aggression from new entrants and MNP implementation) and adverse regulatory developments remain key concerns for the sector.

Source : FE

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Share Recommendation - Reliance Communication Buy

Reliance Communications: Buy at...K. Venkatasubamanian  

Investors with a two-three year horizon can consider buying the share of Reliance Communications (RComm), going by its pan-India dual-technology mobile play and the strength in its enterprise division, both of which offer long-term growth prospects.

At Rs 155, the stock is available at a reasonable seven times its likely 2008-09 per share earnings.

RComm has been in a heavy capex phase for the last one year, leading to its pan-India GSM launch in December 2008. The company has indicated that capex for 2008-09 is roughly Rs 25,000 crore (much of it already capitalised), while for the next fiscal it could be around Rs 15,000 crore. Given the fact there is heavy foreign currency borrowings in RComm’s balance sheet, servicing this debt will mean that margins are likely to remain under pressure for the next 12-18 months. However, this is probably the last significant capex phase for the company.

In the meanwhile, with a burgeoning subscriber base aided by its GSM launch in 14 new circles, strength in its other divisions — broadband and enterprise data (domestic and international) — is gaining momentum to provide broad-based growth for the company.

Synergies from GSM launch

RComm has a pan-India CDMA presence with about 50 million subscribers. In addition, in eight circles where it currently operates, there are 10 million subscribers. In late December last year, RComm launched GSM services in the other 14 circles as well. The total subscriber additions in January alone stood at 5 million, bulk of which is expected to have come from new GSM subscribers.

It remains to be seen if this success does not cannibalise its CDMA offering. Despite being a CDMA player, where ARPUs are lower, RComm’s realisations per minute are around 61 paise , which compares favourably with most GSM operators. This may improve a wee bit after the GSM launch, especially because there are no serious discounts in tariffs that is being offered to customers.

RComm has built a nationwide and international network to carry its own national and international traffic. This would also help it garner countrywide roaming revenues and incoming international roaming on both its networks which went to other GSM operators.

With its pan-India CDMA towers, the GSM arm also gains by co-locating tower facilities, resulting in lower capex and opex for RComm, apart from improving tenancy.

In a related development, new licence winner Swan Telecom has reportedly signed up for a tower sharing pact. This should provide an added source of revenue for the company.

Other Contributions

RComm derives over 33 per cent of its revenues from its Global and enterprise data businesses.

In its Global business, the company provides domestic long distance connectivity to operators such as Vodafone Essar, Idea Cellular, Tata Teleservices and Aircel and derives 40 per cent of its NLD revenues from these operators. This could grow as new operators step in to offer services, but there is competition from BSNL and Bharti Airtel as well. But as the Market is largely dominated by these three players, RComm could still end up with a substantial pie.

The company’s international connectivity division is also seeing considerable growth both in organic (through Flag) and inorganic modes through acquisition of Vanco Group in Europe and Yipes in the US. This division has 1,400 customers for data connectivity as well as 750 carriers.

Through Vanco, the company has had large multi-year deal wins with several retail majors in Europe, such as the Oxylane Group and Illy Caffe. Being transaction-intensive, these are likely to provide revenue visibility over the long-term.

The Yipes division is also witnessing traction and has added 25 customers in the last quarter, including names such as Facebook, Troutman Sanders and NASDAQ OMX Europe.

In the domestic enterprise segment, the company is the second largest player, according to a recent study by Frost & Sullivan. This is an 18.7 percent share of a Rs 7,400 crore Market, expected to go up to over Rs 13,000 crore by 2013. Client wins are happening here too. This segment serves 900 corporate customers across India and enjoys an EBITDA margin of 42.2 per cent.

More India business stories

The company has network connectivity to 8,92,000 buildings across the country that would allow it to deliver connectivity through a variety of wired and wireless modes.

With the Global Economy slowing down and with clamping down on travel budgets, corporates, it is expected, will transact and communicate more through communication modes such as virtual private network. This means greater business opportunity for companies such as RComm.

Thumbs Down for Interim

Budget disheartens D-street;

Sensex ends over 3.4% down The 30-share BSE Sensex which belled on a negative note on negative global cues continued its bearish trend after the sixth interim budget failed to bolster investor confidence.

Interim budget 2009-10 announced today by minister of external affairs, Pranab Mukherjee, highlighted the state of economy and outlook for the future and said that the UPA kept the promises outlined in the Common Minimum Programme (CMP).

Asian stocks declined, led by finance and consumer companies, as Japan`s economy overshrank the most since 1974 and Group of Seven finance chiefs said the economic slowdown will persist through most of 2009.

The Sensex ended the day with a loss of 329.29 points, or 3.42% at 9,305.45 after touching a high of 9,637.04 and a low of 9,279.10. The broad-based NSE Nifty fell 99.85 points, or 3.39% at 2,848.50 after hitting a high of 2,953.20 and a low of 2,839.10.

BSE Midcap and Smallcap too ended on a negative note down 2.93% and 2.10% respectively.
All Sectoral indices also ended on a negative note led by Metal (4.75%), Realty(4.58%), Bankex (4.58%), Capital Goods (4.55%) and Oil and Gas (4.23%).
ITC which gained 0.75% was the only major gainer in the 30-share index .

On the other hand, Jaiprakash Associates (7.88%), Reliance Energy (6.35%), ICICI Bank (5.79%), Reliance Communications (5.78%), Tata Steel (5.20%) and Reliance Industries (5.17%) were the major losers in the Sensex.

Overall market breadth was negative. Out of the total 2,482 shares traded at BSE, 776 advanced, 1,598 declined while 103 remained unchanged.

Source: IRIS (16 February 2009)

Market Wrap for week ending

It was a good week for the Indian market that showed resilience and held its own amidst its global peers. On the domestic front, good IIP numbers and lower inflation figures kept the market in a positive frame. While the market goes into next week with a positive bias, experts are not convinced there is more steam left for the market to go up. This week's good figures are: Sensex up 3.5% and Nifty up 3.7%. BSE Midcap index up 4.5%, BSE Smallcap index up 3.5% over the week. BSE Realty index up 13%, BSE Consumer Goods index up 7.7%, BSE Auto index up 6.5%, BSE Bankex index up 5.5%, BSE Metal index up 3.5% and BSE Oil & Gas index up 3%.  

Positive global cues saw the Indian market close higher today. There was some profit booking in last hour of trade. Experts felt the market did not have any major expectations from the interim rail budget and thus almost ignored the event today. They added that the market could see a sell off on Monday due to the vote on account and interim budget. Sensex shut shop at 9634, up 168 points and Nifty at 2948, up 55 points from the previous close. CNX Midcap index was up 1.65% and BSE Smallcap index was up 0.62%. The market breadth was positive with advances at 771 against declines of 417 on the NSE. Top Nifty gainers included Mahindra & Mahindra, Idea and Reliance Communications while losers included Sun Pharma, GAIL and ABB. 

One can expect a global rally in the next two months, feels Amitabh Chakraborty of Religare Securities, on CNBC TV18. The market could see a selloff on Monday on account of the interim budget, he says. But Nifty could possibly go to 3500 till the elections, he adds. 

The market may see a sell off on Monday if there are negative surprises in the interim budget, says Gaurang Shah of Geojit Financials, on NDTV Profit. It would be a good time to book profits across the board, he adds.  

The acid test for the market is likely to be 3100, feels E Mathew, technical analyst, on CNBC TV18. It is to be seen if Nifty can convincingly cross that level or peter out, he says. If Nifty can cross 3100 then levels of 3482 and 3500 is what one can expect, he adds. 

Hold Reliance Communications with a target price of Rs 200 where one can book profits and exit the stock, says Ashwani Gujral, technical analyst, on CNBC Awaaz. The stock has support at Rs 160 and is currently trading at Rs 181, up 5.3% on the BSE.  

Hold Sesa Goa with a target price of Rs 120 in 2 months, says Salil Sharma of Kapoor & Sharma Company, on CNBC Awaaz. The stock is currently trading at Rs 95, up 2.08% on the BSE.  

Hold Bharti Airtel with a target price of Rs 750 where one can book profits and exit the stock, says Ashwani Gujral, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 652, up 0.26% on the BSE. 

Hold Dish TV with a target price of Rs 30-32 where one can book profits and exit the stock, says E Mathew, technical analyst, on CNBC TV18. The stock is currently trading at Rs 27, up 16% on the BSE. 

Hold Idea Cellular with a target price of Rs 58 where one can book profits and exit the stock, says Ashwani Gujral, technical analyst, on CNBC Awaaz. The stock has support at Rs 33 and is currently trading at Rs 51, up 5.2% on the BSE.  

Hold Idea Cellular with a target price of Rs 56-60 where one can book profits and exit the stock, says VK Sharma of Anagram Stock Broking, on Zee Business. The stock is currently trading at Rs 51, up 5.2% on the BSE.

 If Nifty is able to sustain above 2950 then it could see an upmove to 3050, says Atul Badkar of Edelweiss, on CNBC TV18. It would be good to book profits at higher levels, he adds.  

It was a good day for the market that closed higher thanks to positive global cues. Sensex closed at 9617, up 151 points (provisional) and Nifty at 2948, up 55 points (provisional) from the previous close. CNX Midcap index was up 1.4% and BSE Smallcap index was up 0.82%. The market breadth was positive with advances at 771 against declines of 417 on the NSE.  

Hold all Nifty long positions with a target of 3050-3075 and stop loss of 2840, says E Mathew, technical analyst, on CNBC TV18, as closing market strategy. 

Book 50% profits on long positions and hold the rest with Nifty target of 3050, says Anil Maghnani, on CNBC TV18, as closing market strategy.

Hold Nifty long positions, says Deepak Mohoni, technical analyst, on CNBC TV18, as closing market strategy.

It is worthwhile to wait and watch which way the market is likely to go, says Sudarshan Sukhani, technical analyst, on CNBC-TV18. If Nifty is able to cross 2940 then it could rally another 100 points, he says. So stay long, he adds. 

If Nifty closes above 2930 then it could go up to 2960 which is a strong resistance level, says MB Singh, technical analyst, on Zee Business. If Nifty is able to cross 2960 then it would mark a short-term uptrend and Nifty could even rally another 150 points, he adds.  

Crnindia.com maintains a buy call on GMR Infrastructure with a target of Rs 88 and stop loss of Rs 73, reports CNBC Awaaz. The stock is currently trading at Rs 79, up 2.57% on the 

SMC Global Securities maintains a buy call on Alstom Projects with a target of Rs 340 and stop loss of Rs 268, reports CNBC Awaaz. The stock is currently trading at Rs 287, up 0.90% on the BSE. 

HEM Securities maintains a sell call on Ranbaxy with a target of Rs 192 and stop loss of Rs 222, reports CNBC Awaaz. The stock is currently trading at Rs 211, down 0.59% 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 484, up 1.25% on the BSE.  » Send to friends

Crnindia.com maintains a buy call on Ambuja Cements with a target of Rs 79 and stop loss of Rs 70, reports CNBC Awaaz. The stock is currently trading at Rs 73, down 0.20% on the BSE. 

Tata Steel continues to be in a range of Rs 165-Rs 220 and one can trade accordingly on the lower and upper side, says Ashwani Gujral, technical analyst, on CNBC TV18. The stock is currently trading at Rs 195, up 5.23% on the BSE. 

Buy Kalpataru Power and Lupin for the long term for good returns, says Jigar Shah of KIM ENG Securities, on CNBC TV18. Kalpataru Power is currently trading at Rs 277, up 4.4% and Lupin at Rs 638, up 0.23% on the BSE. 

Hold Nifty long with a stop loss of 2880, says Ashwani Gujral, technical analyst, on CNBC TV18. Nifty range is 2940-2960 and the market does not seem to have much fuel left to go up, he says. The market does not have much upside now, he adds.  

The European markets have opened in the positive. Positive global cues see the Indian market continue to trade firm. Sensex is trading at 9666, up 200 points and Nifty is at 2954, up 61 points from the previous close. CNX Midcap index is up 1.7% and BSE Smallcap index is up 1.11%. The market breadth is positive with advances at 868 against declines of 285 on the NSE. 

Buy Sterlite Technologies with a price target of Rs 120 in 12 months, says Jigar Shah of KIM ENG Securities, on CNBC TV18. The stock is currently trading at Rs 65, up 2.42% on the BSE.  

Angel Broking maintains a buy call on Petronet LNG with a target of Rs 80, reports Zee Business. The stock is currently trading at Rs 37, up 0.02% on the BSE.  

HEM Securities maintains a buy call on Titan Industries with a target of Rs 879 and stop loss of Rs 820, reports CNBC Awaaz. The stock is currently trading at Rs 857, up 0.42% on the BSE.

The economy is likely to see a significant slowdown in the second half of this year, says Tushar Poddar of Goldman Sachs, on CNBC TV18. Do not expect the IIP numbers to bounce back in January-March, he says. Exports may go down by 20%, he adds.  

Buy ABB close to Rs 435-420 with long-term view, says PK Agarwal of Bonanza Portfolio, on Zee Business. It has resistance at Rs 480, he adds. It will give good returns, he says. The stock is currently trading at Rs 448, down 1.6% on the BSE. 

Investors should stay away from Educomp Solutions, says Deepak Mohoni, technical analyst, on CNBC Awaaz. There is downside volatility in the stock and overnight risk is too much, he adds. The stock is currently trading at Rs 2051.50, up 4.9% on the BSE. 

Buy MRPL with target of Rs 46, says Ashwani Gujral, technical analyst, on CNBC Awaaz. Keep stop loss of Rs 37, he adds. The stock is currently trading at Rs 40.90, up 0.4% on the BSE.  

Hold Power Grid with stop loss of Rs 80, says PK Agarwal of Bonanza Portfolio, on Zee Business. It can go up to Rs 140, he adds. The stock is currently trading at Rs 93.70, up 3.1% on the BSE.  

I am negative on IT space, says Vibhav Kapur of IL&FS Investmart on CNBC TV18. Indications are that IT spending will be cut and there is a lot of pricing pressure, he adds.

Hold IDFC with stop loss of Rs 50, says PK Agarwal of Bonanza Portfolio, on Zee Business. It will give good returns in the long run, he adds. The stock is currently trading at Rs 58.75, up 3.1% on the BSE. 

Stay away from SKumars Nationwide, says Sudarshan Sukhani, technical analyst, on CNBC TV18. The stock is currently trading at Rs 20.90, up 2.2% on the BSE

Hold IDBI Bank which is for quite some time trading in the range of Rs 50-60, says PK Agarwal of Bonanza Portfolio, on Zee Business. Keep stop loss of Rs 50, he adds. The stock is currently trading at Rs 56.10, up 1.5% on the BSE.  

Go long on Hero Honda with target of Rs 970, says Devangshu Dutta, market expert, on CNBC TV18. Keep stop loss of Rs 890, he adds. The stock is currently trading at Rs 926.95, up 1.2% on the BSE. 

Hold Nagarjuna Construction with stop loss of Rs 45, says PK Agarwal of Bonanza Portfolio, on Zee Business. It has resistance at Rs 55, he adds. The stock is currently trading at Rs 52.75, up 0.9% on the BSE.  

Both investors and traders should sell Kernex Microsystems on rally, says Anil Singhvi, market expert, on CNBC Awaaz. The stock is currently trading at Rs 94.30, up 10% on the BSE. 

Go long on Power Grid with target of Rs 105, says Ashwani Gujral, technical analyst, on CNBC TV18. Keep stop loss of Rs 85, he adds. The stock is currently trading at Rs 93.95, up 3.4% on the BSE.  

An hour into opening, the market continues to hold on to its morning gains with rail stocks buzzing ahead of the rail budget announcement. Sensex is trading at 9631, up 165 points from its previous close, and Nifty is at 2944, up 50 points. CNX Midcap index is up 1.3% and BSE Smallcap index is up 1.5%. The market breadth is strongly positive with advances at 832 against declines of 219 on the NSE.  

Hold BHEL, says Ashish Kapur of Invest Shoppe, on CNBC Awaaz. New investors can buy on dips, he adds. It is a fundamentally strong stock, he adds. The stock is currently trading at Rs 1454, up 3% on the BSE. 

Buy TCS at Rs 490 with stop loss of Rs 475, says Ramesh Arora, technical analyst, on Zee Business. It has resistance at Rs 530, he adds. The stock is currently trading at Rs 514.55, up 1.1% on the BSE. 

Buy BEML when it is available 5 to 7% down from its current levels, says Ashish Kapur of Invest Shoppe on CNBC Awaaz. The company's valuations are good, he adds. The stock is currently trading at Rs 411.80, up 4.3% on the BSE.  

Hold Texmaco which is fundamentally strong, says Ashish Kapur of Invest Shoppe, on CNBC Awaaz. New investors can buy on dips, he adds. It will give returns of 30-40% from the current levels. The stock is currently trading at Rs 62, up 7.1% on the BSE.  

Hold JP Associates with stop loss of Rs 61, says Ramesh Arora, technical analyst, on Zee Business. It has resistance at Rs 90-95, he adds. The stock is currently trading at Rs 75.60, up 3.5% on the BSE. 

Buy Aban Offshore at Rs 443 with target of Rs 461, says Simi Bhaumik, technical analyst, on Zee Business. Keep stop loss of Rs 434, she adds. The stock is currently trading at Rs 456.80, up 3% on the BSE. 

Buy Reliance Industries at Rs 1325 with target of Rs 1425, says Ramesh Arora, technical analyst, on Zee Business. Keep stop loss of Rs 1290, he adds. The stock is currently trading at Rs 1380, up 2.1% on the BSE.  

Sell Gail at Rs 214 with target of Rs 210, says Simi Bhaumik, technical analyst, on Zee Business. Keep stop loss of Rs 219, she adds. The stock is currently trading at Rs 216.75, up 1% on the BSE  

The market opens on a positive note with most of the heavyweights in the green. Sensex is trading at 9599, up 133 points from its previous close, and Nifty is at 2935, up 42 points. CNX Midcap index is up 0.9% and BSE Smallcap index is up 0.6%. 

Market may have flat to positive opening and may remain volatile as it is still moving within a narrow range, says Ashwani Gujral, technical analyst, on CNBC TV18. He sees support at 2830-2860 and resistance at 2960-2980. Markets are moving in a very narrow range and this range may break in either direction, he adds. He advises traders to go long on dips for intra-day gains as long as Nifty is trading above 2800.  

2800 Put buyers have been squaring up their positions, says Siddharth Bhamre of Angel Broking, on CNBC TV18. This is not the right time to go short or form longs, he adds. He advises investors to wait for 3000 level for creating shorts in the market. He finds RIL and ONGC weak.  

I think we can see some technical rebound in Asian markets today but however most of the markets have no clear direction, says Patrick Shum of Karl-Thomson Securities on CNBC TV18. I think the investors are waiting for further news from US side and also from Chinese Government, so I guess in the near-term most markets will continue to move within a range, he adds. 

We are positive on the market and may see a higher base after the recent consolidation, says Deven Choksey of KR Choksey, on CNBC TV18. The Nifty can gain 100-150 points if it manages to cross 2950, he adds. He expects continued focus on capex in the Rail Budget today and additional stimulus measures in the Interim Budget next week.