Sejal Architectural Glass having issued shares at Rs 115 is likely to list around Rs 120 with not much investors’ interest. In view of good subscription momentum play is not likely in the near term.
Sell rcom in train lots n book profit on time
Market Grape Wine :
In House :
Nifty at a support of 3910 and 3970 with resistance at 4100 and 4160 levels.
Cash: Sell BAJAJ HIND below 165 TGT154 with S/L 169.
Cash Buy INFOSYS above 1750 TGT 1790 with S/L 1730
Future: sell HDFC below 1982 TGT 1914 with S/L 2010
The Indian stock market has been one of the worst performers in the first half (down 34%). We have China for company in this dubious club. In fact, it is even worse off with a negative return of 48%. The Dow in the US has lost 14.4% so far this year, and is on the brink of entering the official territory for bear market.
For the day we could see the key indices opening on a cautious to slightly higher note. There is no clear trend emerging from the global markets at this point in time. Some markets are slightly down while some others are modestly up. Oil has cooled off to $140 per barrel after hitting $143.67 in electronic trading yesterday. However, this is still quite a bit high and only a drop to $100-110 levels will bring cheers to the stock markets.
Today's Pick -Essar Oil
We recommend a sell in Essar Oil from a short-term perspective. From the charts of the Essar Oil, we see that it has been on a long-term down trend from its 52-week high of Rs 360 recorded in early January 2008. On June 30, the stock conclusively broke through the key support level at Rs 200 where the 200-day moving average is positioned and tumbled 11 per cent accompanied by above average volume.
The daily relative strength index is featuring in the bearish zone and the weekly RSI is on the brink of entering this zone. The daily moving average convergence and divergence is also declining and is featuring in the negative territory, reinforcing our bearish stance.
The long-term down trendline of the stock is intact. Considering the above bearish facts we are negative on the stock in the short-term and expect its decline to prolong until it hits our price target of Rs 158 in the upcoming trading sessions. Traders with short-term perspective can sell the stock while maintaining a stop-loss at Rs 185.