Market Voices 27th April 2009
The Indian market outperformed its global peers and ended flat masking a choppy session of trade. The weak global cues were on account of the swine flu pandemic scare across Asia. Sensex shut shop at 11371, up 42 points and Nifty at 3470, down 10 points from the previous close. CNX Midcap index was down 0.42% and BSE Smallcap index was down 1.01%. The market breadth was negative with advances at 496 against declines of 717 on the NSE. Top Nifty gainers included ICICI Bank, Axis Bank and Sterlite Industries while losers were Ranbaxy, Reliance Capital and Unitech.
Goldman Sachs upgrades ICICI Bank from neutral to buy with a target of Rs 530, reports NDTV Profit. CLSA has a target for the stock at Rs 538 and Morgan Stanley has a target price on the same at Rs 570. Hold ICICI Bank, if it is able to cross Rs 475 then its next target is Rs 535, says Ashwani Gujral, technical analyst, on CNBC TV18. The stock is currently trading at Rs 469, up 8.6% on the BSE.
Despite weak global cues because of the swine flu scare, our market closed flat, easily outperforming global markets that showed clear weakness, says Seshadri Sen of Macquarie Research on CNBC Awaaz. If global cues are favourable tomorrow, there could be some bounce in our market, he adds. His top picks for more upside then are Axis Bank, RIL and Bharti Airtel.
The correction in the market today could be attributed to profit booking, says Ashwani Gujral, technical analyst, on CNBC TV18. The market has entered a consolidation phase and this is a buy on dips market, he adds. Buy DLF and Unitech as they have more upside in the near term, he feels.
It was a volatile session but our market outperformed its global peers and ended flat. Sensex closed at 11363, up 34 points (provisional) and Nifty at 3469, down 11 points (provisional) from the previous close. CNX Midcap index was down 0.42% and BSE Smallcap index was down 1.14%. The market breadth was negative with advances at 489 against declines of 718 on the NSE.
Nifty has strong resistance at 3508-3540, says E Mathew, technical analyst, on CNBC TV18, as closing market strategy. Nifty may drift lower to retest 3260-3320 levels and one can buy on these declines, he adds. Hold Nifty long positions with a target of 3473-3496 and stop loss above 3395, says Rajat Bose, technical analyst, on CNBC Awaaz, as closing market strategy.
Book profits at current levels, says stockmechanics.com, on CNBC Awaaz, as closing market strategy. Buy Nifty longs if it closes above 3520.
Hold Petronet LNG with a target of Rs 64 and it has strong support at Rs 42-44, says Anu Jain, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 52, down 1.4% on the BSE.
Nifty has stiff resistance at 3500-3550 and now is likely to be in a range of 3300 on the downside and 3500 on upside, says Ashwani Gujral, technical analyst, on CNBC TV18. Take partial profits at higher levels and one can go long only after Nifty corrects to 3300, he adds.
Despite weak global cues (on account of swine flu scare in South East Asia) our market has been able to outperform and has not fallen sharply. Sensex is trading at 11362, up 33 points and Nifty is at 3471, down 10 points from the previous close. CNX Midcap index is down 0.45% and BSE Smallcap index is down 1.06%. The market breadth is negative with advances at 486 against declines of 715 on the NSE.
Hold Patel Engineering with a target of Rs 190 after which it could see a good upmove, says MB Singh, technical analyst, on Zee Business. The stock is currently trading at Rs 175, up 2.9% on the BSE.
Hold Indiabulls Real Estate as it will be in a range of Rs 125 on the lower side and Rs 175 in the higher side, says Hardik Jain of ISJ Securities, on CNBC Awaaz. The stock has support at Rs 120-125, he adds. The stock is currently trading at Rs 128, down 13% on the BSE.
Buy Bajaj Hindustan with a target of Rs 80-120-140, says MB Singh, technical analyst, on Zee Business. The stock is currently trading at Rs 74, down 2.5% on the BSE.
Buy Ashok Leyland on dips for a target of Rs 27 in the long term, says Vaishali Jaju of Angel Broking on CNBC Awaaz. The stock is currently trading at Rs 21, down 4.2% on the BSE.
Bonanza Portfolio maintains a buy call on NTPC with a target of Rs 196 and stop loss of Rs 190, reports CNBC Awaaz. The stock is currently trading at Rs 189, down 1.5% on the BSE.
Hold Dr Reddy's with a target of Rs 560-575 and keep a stop loss of Rs 520, says MB Singh, technical analyst, on Zee Business. The stock is currently trading at Rs 554, up 0.42% on the BSE.
European markets continue to be under pressure. Weak global cues see our market trade under pressure as they try to recover. Sensex is trading at 11267, down 61 points and Nifty is at 3438, down 10 points from the previous close. CNX Midcap index is down 0.1% and BSE Smallcap index is down 0.7%. The market breadth is negative with advances at 505 against declines of 685 on the NSE.
Bonanza Portfolio maintains a buy call on ONGC with a target of Rs 880 and stop loss of Rs 850, reports CNBC Awaaz. The stock is currently trading at Rs 852, down 0.41% on the BSE.
Buy Cairn India around Rs 165 with a target of Rs 220, says Shrikant Chouhan of Kotak Securities on CNBC Awaaz. The stock is currently trading at Rs 188, down 2.3% on the BSE.
Hold GSPL with a target of Rs 48-50 then it can go to Rs 60 and keep a stop loss of Rs 31, says MB Singh, technical analyst, on Zee Business. The stock is currently trading at Rs 41, down 0.24% on the BSE.
Buy Idea Cellular with a target of Rs 78-80, says Ashwani Gujral, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 61, up 1% on the BSE.
Buy Maruti Suzuki with a target of Rs 850, says Mitesh Thakkar, technical analyst, on CNBC TV18. The stock is currently trading at Rs 798, down 0.52% on the BSE.
Buy Tanla Solutions with a target of Rs 80 in 12 months, says DD Sharma of Anand Rathi Securities on CNBC Awaaz. The stock is currently trading at Rs 48, down 9.7% on the BSE.
The current rally in the market seems extended and the extent of gains seem surprising, says Raamdeo Agarwal, MD, Motilal Oswal Securities, on CNBC TV18. This is a good time to build portfolios for the serious investors in bluechip companies as valuations are not extended after the recent rally, he adds.
The Asian markets are trading down and European markets have opened under pressure suffering from the outbreak of swine flu. Our market is trading choppy. Sensex is trading at 11332, up 3 points and Nifty is at 3464, down 16 points from the previous close. CNX Midcap index is up 0.25% and BSE Smallcap index is down 0.05%. The market breadth is positive with advances at 594 against declines of 584 on the NSE.
Hold Balrampur Chini with target of Rs 90 in 3-6 months, says Paras Bothra of Ashika Stock Broking on NDTV Profit. The stock is currently trading at Rs 69.40, down 3.1% on the BSE.
Buy Cipla for long-term, says Hemen Kapadia, technical analyst, on NDTV Profit. It has support at Rs 231 and resistance at Rs 268, he adds. The stock is currently trading at Rs 246, up 2.8% on the BSE.
Hold HCL Technologies and exit when it reaches Rs 145 and switch to some other frontline IT counter, says Vijay Bhambwani, technical analyst, on CNBC TV18. Keep stop loss of Rs 110, he adds. The stock is currently trading at Rs 127.35, up 0.5% on the BSE.
Book profit in Maruti at Rs 800 or above, says Paras Bothra of Ashika Stock Broking on NDTV Profit. The stock is currently trading at Rs 797.40, down 0.6% on the BSE
Buy Cipla on dips, says Sudarshan Sukhani, technical analyst, on CNBC TV18. It has broken out of a very long base and promises a lot more excitement, he adds. The stock is currently trading at Rs 246.85, up 3.1% on the BSE.
Buy Aban Offshore at Rs 350 with long-term target of Rs 600-849, says Hitendra Vasudev, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 497, up 2.2% on the BSE.
Hold ICICI Bank with target of Rs 500-520, says Hemen Kapadia, technical analyst, on NDTV Profit. It has support at Rs 407 and resistance at Rs 450, he adds. The stock is currently trading at Rs 458.30, up 6% on the BSE.
The markets are still in the middle of a bear market rally, says Hans Goetti of LGT Bank on CNBC TV18. He adds that he wouldn't be surprised to see the Dow Jones at 9500 in the middle of this year and according to him, there might be positive surprises on the gross domestic product (GDP) front by the end of 2009. Commenting on the elections, he feels that a Congress-led or BJP-led government will be fine for the Indian markets.
Buy Reliance Industries with target of Rs 1850-1860, says Nitin Murarka of SMC Global on Zee Business. Keep stop loss of Rs 1750, he adds. The stock is currently trading at Rs 1796.30, up 0.7% on the BSE.
The market at noon makes good recovery and is at the day's high. Sensex is trading at 11415, up 86 points from its previous close, and Nifty is at 3497, up 16 points. CNX Midcap index is up 1.6% and BSE Smallcap index is up 1.3%. The market breadth is positive with advances at 824 against declines of 334 on the NSE.
Avoid Unitech, says Sudarshan Sukhani, technical analyst, on CNBC TV18. It is behaving like Satyam, going up and down, he adds. The stock is currently trading at Rs 46.25, up 2.7% on the BSE.
Buy Balaji Telefilms with target of Rs 60, says Ashwani Gujral, technical analyst, on CNBC Awaaz. Keep stop loss of Rs 40, he adds. The stock is currently trading at Rs 45.05, down 1.4% on the BSE.
Buy Punj Lloyd at current levels with short-term target of Rs 135-140 and medium-term target of Rs 150, says Nitin Murarka of SMC Global on Zee Business. Keep stop loss of Rs 100, he adds. The stock is currently trading at Rs 119.40, up 2.8% on the BSE.
Sell JP Associates on rally, says Gaurang Shah of Geojit Financials on CNBC Awaaz. Avoid any fresh investment because there is not much good news in this stock, he adds. It is currently trading at Rs 129.30, 2.8% on the BSE.
Hold Sterlite Industries with target of Rs 480-525 in 6-8 months, says Nitin Murarka of SMC Global on Zee Business. Keep stop loss of Rs 350, he adds. Add more when it cross its resistance of Rs 420, he says. The stock is currently trading at Rs 414.95, up 4.3% on the BSE.
Hold HDFC with target of Rs 2100-2150, says Nitin Murarka of SMC Global on Zee Business. Keep stop loss of Rs 1700, he adds. The stock is currently trading at Rs 1824, up 1.1% on the BSE.
Buy JP Associates on dips, says Pankaj Jain of Satguru Capital on Zee Business. But do not sell on rally, he adds. The stock is currently trading at Rs 129.30, up 2.8% on the BSE.
Buy Ranbaxy at around Rs 140-150, says Anil Singhvi, market expert, on CNBC Awaaz. The stock is currently trading at Rs 167.70, down 4.5% on the BSE.
An hour into opening, the market appears to be making some recovery after a flat opening. The Asian markets continue to trade weak. Sensex is trading at 11372, up 43 points from its previous close, and Nifty is at 3483, up 2.7 points. CNX Midcap index is up 1.1% and BSE Smallcap index is up 1.4%. The market breadth is positive with advances at 766 against declines of 332 on the NSE.
Buy Adlabs Films with target of Rs 266-285 within a week or even sooner, says Rajat Bose, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 237.80, up 0.7% on the BSE.
Buy Binani Cement with intra-day target of Rs 46, says Anil Singhvi, market expert, on CNBC Awaaz. Keep stop loss of Rs 38, he adds. The stock is currently trading at Rs 42.20, up 3% on the BSE.
Do not buy Essar Oil at current levels or even on a small dip, says Sudarshan Sukhani, technical analyst, on CNBC TV18. Avoid this stock completely, he adds. The stock is currently trading at Rs 167.60, down 0.3% on the BSE.
Buy Federal Bank with medium-term target of Rs 200, says Anil Singhvi, market expert, on CNBC Awaaz. Keep stop loss of Rs 173.50, he adds. The stock is currently trading at Rs 187.90, up 5.6% on the BSE.
Buy Tata Motors at Rs 253 with target of Rs 263, says Simi Bhaumik, technical analyst, on Zee Business. Keep stop loss of Rs 245, she adds. The stock is currently trading at Rs 254, up 0.6% on the BSE.
Buy SREI Infrastructure with intra-day target of Rs 45, says Anil Singhvi, market expert, on CNBC Awaaz. Keep stop loss of Rs 39.50, he adds. The stock is currently trading at Rs 41.65, up 2.3% on the BSE.
Buy ICICI Bank at Rs 434 with target of Rs 450, says Simi Bhaumik, technical analyst, on Zee Business. Keep stop loss of Rs 422, she adds. The stock is currently trading at Rs 444, up 2.7% on the BSE.
Buy Lanco Infratech with targets of Rs 285 and then Rs 307-310, says Ashwani Gujral, technical analyst, on CNBC TV18. Keep stop loss of Rs 210, he adds. The stock is currently trading at Rs 243.60, up 1.1% on the BSE.
The market opens in the red as expected, in the steps of negative Asian cues. Over the weekend, the US markets did close on a higher note but the Asian markets are trading weak this morning. Sensex is trading at 11306, down 23 points from its previous close, and Nifty is at 3468, down 11 points. CNX Midcap index is down 0.02% and BSE Smallcap index is up 0.3%. The market breadth is negative with advances at 240 against declines of 292 on the NSE.
The market could be volatile ahead of the expiry, says Amitabh Chakraborty of Religare Securities on CNBC TV18. He reckons that the Nifty could end this series between 3400-3500. The Q4 results till now have been better than expectations, he adds.
The Nifty on Friday closed on a positive note, says Ashwani Gujral, technical analyst, on CNBC TV18. He sees support for it at 3400-3440 and resistance at 3550. He believes that if it crosses the resistance level then it might go up to 3800 levels. Rollovers are expected to pick up, says Siddharth Bhamre of Angel Broking on CNBC TV18. The 3300 Put has seen a mix of buying and selling while unwinding is likely at 3500, he adds. He believes that the Nifty may expire around this level. » Send to friends
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