Market Wrap 17 Feb 2009

Tuesday, 17 February 

4:01 PM - Weak global cues saw the market end lower today. The market slide was led by heavy selling in realty, metal and banking stocks. Sensex shut shop at 9035, down 270 points and Nifty at 2770, down 78 points from the previous close. CNX Midcap index was down 2.47% and BSE Smallcap index was down 2.35%. The market breadth was negative with advances at 208 against declines of 982 on the NSE. Top Nifty gainer was Hero Honda while losers included Suzlon and Tata Steel.  » Send to friends

3:59 PM - In the auto space, buy Hero Honda, Maruti Suzuki and Mahindra & Mahindra for the medium to long term, says Ambareesh Baliga of Karvy Stock Broking on CNBC Awaaz. Sell Ashok Leyland and Tata Motors on any rally as they could be the worst performers, he adds.  » Send to friends

3:52 PM - Buy Hero Honda on dips for the long term in the auto space as it could be an outperformer, says Salil Sharma of Kapoor & Sharma Company, on Zee Business. The stock is currently trading at Rs 943, up 8% on the BSE.  » Send to friends

3:49 PM - Buy Simbhaoli Sugar with a target price of Rs 34-35 in 12 months, says PK Agarwal of Bonanza Portfolio, on CNBC Awaaz. The stock is currently trading at Rs 19, down 0.5% on the BSE.  » Send to friends

3:45 PM - The real economic data would continue to deteriorate so the new government will have to consider another round of fiscal stimulus for the economy, feels Chetan Ahya, MD of Morgan Stanley, on CNBC TV18. The RBI could cut rates by another 10 bps, he feels. Credit growth could decline sharply to 10% by December, he says. The 10-year yield is seen around 5% in the next 4-6 months, he adds.  » Send to friends

3:45 PM - HEM Securities maintains a sell call on BHEL with a target of Rs 1340 and stop loss of Rs 1420, reports CNBC Awaaz. The stock is currently trading at Rs 1380, down 1.5% on the BSE.  » Send to friends

3:40 PM - The market is likely to be in a range and no need to go short till 2700 is not broken, feels Rahul Mohindar, technical analyst, on CNBC TV18. Nifty is not looking so weak as to go down to 2500, he adds. If 2700 is respected, the market could see a relief rally, he says.  » Send to friends

3:35 PM - It was a disappointing day for the market today. Sensex closed at 9041, down 263 points (provisional) and Nifty at 2776, down 71 points (provisional) from the previous close. CNX Midcap index was down 2.35% and BSE Smallcap index was down 2.21%. There was heavy selling in realty, banking and metal stocks. The market breadth was negative with advances at 228 against declines of 961 on the NSE.  » Send to friends

3:29 PM - Hold Mro-Tek with a target of Rs 34-35, says Salil Sharma of Kapoor & Sharma Company, on Zee Business. The stock has support at Rs 22 and it is currently trading at Rs 28, up 20% on the BSE.  » Send to friends

3:29 PM - Hold Idea Cellular with a target of Rs 53 and it will see a fresh upmove once it closes above that, says Salil Sharma of Kapoor & Sharma Company, on Zee Business. The stock is currently trading at Rs 47, down 3.06% on the BSE.  » Send to friends

3:25 PM - Buy HUL with a target of Rs 262 and stop loss of Rs 250, says Hemen Kapadia, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 253, down 1.19% on the BSE.  » Send to friends

3:20 PM - Nifty is headed to 2670 if it breaks support of 2750-2770, says E Mathew, technical analyst, on CNBC-TV18, as closing market strategy. Hold on to Nifty shorts with a stop loss of 2840, he adds.  » Send to friends

3:17 PM - Hold on to Nifty shorts if you are sitting on a profit of 2%, says Deepak Mohini, technical analyst, on CNBC-TV18, as closing market strategy.  » Send to friends

3:12 PM - The relief rally in the market has come to an end, says Ved Prakash Chaturvedi of Tata Mutual Fund, on CNBC TV18. Market could trade lower for the next 3-4 months and the next trigger will be politics, he adds.  » Send to friends

3:07 PM - There are no domestic cues until mid April, says Dipan Mehta, BSE/NSE Member, on NDTV Profit. Our market is now likely to trade in line with global cues, he adds.  » Send to friends

3:01 PM - The market continues to trade weaker. Sensex is trading at 9015, down 290 points and Nifty is at 2763, down 84 points from the previous close. CNX Midcap index is down 2.65% and BSE Smallcap index is down 2.36%. The market breadth is negative with advances at 200 against declines of 977 on the NSE.  » Send to friends

2:53 PM - Buy ITC with a target of Rs 188 and stop loss of Rs 176, says Hemen Kapadia, technical analyts, on CNBC Awaaz. The stock is currently trading at Rs 180, up 0.14% on the BSE.  » Send to friends

2:45 PM - SMC Global maintains a buy call on ITC with a target of Rs 205 and stop loss of Rs 170, reports CNBC Awaaz. The stock is currently trading at Rs 180, up 0.14% on the BSE.  » Send to friends

2:34 PM - Buy Aban Offshore with a target of Rs 435 and stop loss of Rs 405, says Hemen Kapadia, technical analyts, on CNBC Awaaz. The stock is currently trading at Rs 414, down 3.72% on the BSE.  » Send to friends

2:25 PM - HEM Securities maintains a sell call on Tata Power with a target of Rs 742 and stop loss of Rs 785, reports CNBC Awaaz. The stock is currently trading at Rs 745, down 3.99% on the BSE.  » Send to friends

2:17 PM - Nifty is likely to be in a range of 2700-3000 for the next few months, says Ambareesh Baliga of Karvy Stock Broking on CNBC Awaaz. There are no positive triggers for the market till the elections and so it will continue to be under pressure, he adds.  » Send to friends

2:09 PM - The worst is yet to come and the market could go down 10-30% from here, says Mehraboon Irani of Centrum Broking, on CNBC Awaaz. The market is likely to break October lows as more global bad news is expected going forward, he adds. Sensex around 6000-7500 is also possible, he feels.  » Send to friends

2:01 PM - The market is trading at the day's low. Sensex is trading at 9059, down 245 points and Nifty is at 2775, down 72 points from the previous close. CNX Midcap index is down 2.29% and BSE Smallcap index is down 2.18%. BSE Realty index is down 5%. The market breadth is negative with advances at 195 against declines of 957 on the NSE.  » Send to friends

1:52 PM - Buy ABB with a target of Rs 427 and stop loss of Rs 397, says Hemen Kapadia, technical analyts, on CNBC Awaaz. The stock is currently trading at Rs 403, down 3.2% on the BSE.  » Send to friends

1:41 PM - SMC Global maintains a buy call on NTPC with a target of Rs 190 and stop loss of Rs 170, reports CNBC Awaaz. The stock is currently trading at Rs 174, down 1.88% on the BSE.  » Send to friends

1:33 PM - Fiscal deficit target to 'scare' FIIs and India could see more FII outflows in the next quarter, says Andrew Holland of Ambit Capital, on NDTV Profit. Do not expect a v-shaped recovery from the global market, he says. In fact, global markets are likely to fall 'sharply' in the next two months, he feels. We are not yet at the bottom of the market and may be there in another 3-4 months, he says. Sensex around 7500 would be good value to enter, he adds.  » Send to friends

1:25 PM - Chances of the market revisiting the October lows are high, says Ratnesh Kumar of Anand Rathi Securities, on CNBC TV18. The market is likely to be in a trading range for the next 6-8 weeks, he adds.  » Send to friends

1:16 PM - The market is likely to be in a Sensex range of 8500-10000 for the next 3-4 months, says Sanjeev Prasad of Kotak Securities, on CNBC TV18. The earnings outlook will continue to be bleak and there won't be easy times going ahead, he feels. The next trigger for the market will be the elections, he adds.  » Send to friends

1:09 PM - The Asian markets are deep in the negative. Weak global cues and disappointment from interim budget sees the Indian market trend lower. Sensex is trading at 9048, down 256 points and Nifty is at 2768, down 78 points from the previous close. CNX Midcap index is down 2.15% and BSE Smallcap index is down 1.83%. The market breadth is negative with advances at 195 against declines of 936 on the NSE.  » Send to friends

12:57 PM - Hold PNB and buy more on dips, says Ashish Kapur of Invest Shoppe, on CNBC Awaaz. It has good future growth, he adds. The stock is currently trading at Rs 378.45, down 3.3% on the BSE.  » Send to friends

12:52 PM - Short Reliance Communications at Rs 166 with target of Rs 157-158, says Ashu Kakkar, technical analyst, on NDTV Profit. Keep stop loss of Rs 169, he adds. The stock is currently trading at Rs 165.35, down 3.4% on the BSE.  » Send to friends

12:47 PM - Exit from Arvind, says SP Tulsian, investment advisor, on CNBC TV18. He feels there is no sense to remain invested in this stock. The stock is currently trading at Rs 14.86, down 2.2% on the BSE.  » Send to friends

12:38 PM - Short Tata Power at Rs 752 with target of Rs 727, says Ashu Kakkar, technical analyst, on NDTV Profit. Keep stop loss of Rs 756, he adds. The stock is currently trading at Rs 747, down 3.7% on the BSE.  » Send to friends

12:30 PM - Economic conditions continue to be tough with the fall in WPI coupled with slower growth, says Narayan Ramachandran of Morgan Stanley on CNBC TV18. Global uncertainties are still there, he adds. He thinks that there is tough time ahead for the markets over the next six months.  » Send to friends

12:23 PM - Invest in SBI, PNB and ICICI Bank on dips, says Sharmila Joshi of Systematix Shares on CNBC Awaaz. These will give returns of 10 to 15% in 2-3 months' time, she adds.  » Send to friends

12:17 PM - Buy JP Associates at current levels, says Sharmila Joshi of Systematix Shares on NDTV Profit. The stock is currently trading at Rs 67.70, down 2.7% on the BSE.  » Send to friends

12:10 PM - Exit from Indiabulls Real Estate with stop loss of Rs 92, says Gaurang Shah of Geojit Financials, on Zee Business. The stock is currently trading at Rs 94.30, down 4.4% on the BSE.  » Send to friends

12:02 PM - At noon, the market is trading quite flat and weak. The trend of selling continues from yesterday. Sensex is trading at 9102, down 202 points from its previous close, and Nifty is at 2788, down 59 points. CNX Midcap index is down 2% and BSE Smallcap index is down 1.7%. The market breadth is negative with advances at 198 against declines of 890 on the NSE.  » Send to friends

11:56 AM - Invest in HDFC Bank which has good fundamentals, says Ashish Kapur of Invest Shoppe, on CNBC Awaaz. Company will outperform in future, he adds. The stock is currently trading at Rs 882.90, down 3.5% on the BSE.  » Send to friends

11:47 AM - Buy Bajaj Hindustan at Rs 48-50, says Ashwani Gujral, technical analyst, on CNBC TV18. The stock is currently trading at Rs 52.60, down 0.7% on the BSE.  » Send to friends

11:40 AM - New investors can buy Aban Offshore at Rs 400 levels for 2-3 years, says Gaurang Shah of Geojit Financials, on Zee Business. It will give returns of 20-25%, he adds. The stock is currently trading at Rs 85.15, up 1% on the BSE.  » Send to friends

11:33 AM - Aggressive traders can sell Videocon Industries for small profits with target of Rs 89, says Anil Singhvi, market expert, on CNBC Awaaz. Keep stop loss of Rs 100, he adds. The stock is currently trading at Rs 90.75, down 5% on the BSE.  » Send to friends

11:26 AM - Buy ITC at Rs 174-175 with target of Rs 182, says Ashwani Gujral, technical analyst, on CNBC TV18. Keep stop loss of Rs 170, he adds. The stock is currently trading at Rs 180.40 on the BSE.  » Send to friends

11:19 AM - Sell Kalindee Rail on rally, says Raj Kishore Bang, technical analyst, on CNBC Awaaz. It has two crucial levels of Rs 135 and Rs 150 which one should watch out for, he adds. The stock is currently trading at Rs 116.50, down 7% on the BSE.  » Send to friends

11:12 AM - Traders can sell Unitech with target of Rs 27, says Anil Singhvi, market expert, on CNBC Awaaz. Keep stop loss of Rs 32, he adds. The stock is currently trading at Rs 28.30, down 6.1% on the BSE.  » Send to friends

11:05 AM - An hour after opening, sell off in the market continues, close on the negative bias of the Asian markets. Hang Seng and Nikkei are also in the red. Sensex is trading at 9081, down 224 points from its previous close, and Nifty is at 2781, down 67 points. CNX Midcap index is down 2% and BSE Smallcap index is down 1.7%.  » Send to friends

10:55 AM - Buy GMR Infra at Rs 79 with target of Rs 83 says Simi Bhaumik, technical analyst, on Zee Business. Keep stop loss of Rs 77, she adds. The stock is currently trading at Rs 78, down 1.5% on the BSE.  » Send to friends

10:51 AM - Traders can sell Bata on rally, says Raj Kishore Bang, technical analyst, on CNBC Awaaz. Investors can hold with stop loss of Rs 60-65, he adds. It has strong resistance at Rs 106, he says. The stock is currently trading at Rs 88.95, down 1.7% on the BSE.  » Send to friends

10:42 AM - Sell Mahindra & Mahindra in the range of Rs 320-325 with target of Rs 275-280, says Anil Singhvi, market expert, on CNBC Awaaz. Keep stop loss of Rs 330-335, he adds. The stock is currently trading at Rs 295, down 6.2% on the BSE.  » Send to friends

10:35 AM - Book profits in Hexaware at current levels, says Ambareesh Baliga of Karvy Stock Broking on CNBC TV18. The stock is currently trading at Rs 32.90, up 13% on the BSE.  » Send to friends

10:28 AM - Sell Infosys at Rs 1221 with target of Rs 1190, says Simi Bhaumik, technical analyst, on Zee Business. Keep stop loss of Rs 1245, she adds. The stock is currently trading at Rs 1206, down 1.3% on the BSE.  » Send to friends

10:21 AM - Sell Bartronics on rally, says Raj Kishore Bang, technical analyst, on CNBC Awaaz. It might show an upmove of 5-10% from the current levels, he adds. The stock is currently trading at Rs 85, up 0.2% on the BSE.  » Send to friends

10:14 AM - Traders can sell Unitech with target of Rs 27, says Anil Singhvi, market expert, on CNBC Awaaz. Keep stop loss of Rs 32, he adds. The stock is currently trading at Rs 28.80, down 4.5% on the BSE.  » Send to friends

10:08 AM - Sell ABB at Rs 416 with target of Rs 403, says Simi Bhaumik, technical analyst, on Zee Business. Keep stop loss of Rs 424, she adds. The stock is currently trading at Rs 407.95, down 2.2% on the BSE.  » Send to friends

9:59 AM - The market does not open on a great note today. It is more of a softish opening. Sensex is trading at 9167, down 138 points from its previous close, and Nifty is at 2806, down 41 points. CNX Midcap index is down 0.6% and BSE Smallcap index is down 0.4%. The market breadth is negative with advances at 69 against declines of 381 on the NSE.  » Send to friends

9:53 AM - Some of the Sensex heavyweight stocks are showing bearish signs and so it would be wise to stay on the short side of the market, says Prakash Gaba, technical analyst, on CNBC TV18.  » Send to friends

9:47 AM - The interim budget disappointed the market, says VK Sharma of Anangram Stock Broking, on CNBC TV18. He feels that while the Nifty remains above the crucial 2820 level, Put writers have started shifting positions to lower levels, around 2500. A re-test of 2650 level is on the cards and I would advise writing 2800 Call, he adds.  » Send to friends

9:40 AM - Supports for Nifty are at 2800-2830 and resistance at 2890-2930, says Ashwani Gujral, technical analyst, on CNBC TV18. In this non-directional market trading in Index Options is the best strategy one can opt for, he adds. He advises traders to focus on individual stocks.  » Send to friends

9:34 AM - The coming session is likely to witness a range of 2920 on advances and 2770 on declines, says Vijay Bhambwani, technical analyst, on CNBC TV18. The bullish pivot will be the 2900 level and bearish pivot will be the 2875 level, he adds. He feels that the outlook for the market today is likely to be that of caution as the bulls are at a disadvantage. Unless the Nifty trades above the 2900-2925 band consistently, ignore fresh longs, he adds.  » Send to friends