Markets here should get strong fillip at least in early days. Later on of course, the trade will hinge on what the RBI does in its quarterly review
Banking sector is likely to lead the rebound in today's market. Investors could bet on PSU banks like Canara Bank and a short term trade in ICICI Bank could be a profitable bet.Metal stocks like Tata Steel, SAIL and Sterlite Ind might trade in green on opening bell.
The stocks of Satyam Computers might consolidate near the Rs 40 level as things have cooled off a bit.Pharma stocks are likely to remain in the lime light after the blockbuster deal between Wyeth and Pfizer. The stock of Cipla has witnessed huge interest on very high volumes on Friday and is likely to inch higher in the morning trade as the company is touted to be a potential take over candidate.
Akruti City is likely to see huge short covering which gives a strong upward signal to the sotck. Buy at 799 with stop at 780 and book profit at 880 levels. You may carry over long position overnight
Dish TV
We recommend a buy in Dish TV India from a short-term trading perspective. It is evident from the charts of Dish TV that it has been on an intermediate-term up trend from its 52-week low of Rs 11.75, recorded in late October 2008. On December 10, the stock conclusively broke through a key resistance level of Rs 18 by surging 16 per cent. This resistance level is currently acting as a significant support level for the stock.
Taking twin support from a significant support level at Rs 18 and the intermediate-term up trendline, the stock moved up by 3.5 per cent with good volume on January 23. This up move has reinforced the bullish momentum.
The daily relative strength index (RSI) is rising in the neutral region towards the bullish zone. Considering that the intermediate-term up trendline continues to be intact, we are bullish on the stock from a short-term perspective. We anticipate the stock to move up further until it hits our price target of Rs 21 in the upcoming trading sessions. Traders with short-term perspective can buy the stock while maintaining a stop-loss at Rs 18.