We expect the key indices to pull back after Thursday’s fall.
The stock of Satyam Computers might see some demand as the bidding process for the sale of the company is about to begin soon.Another company that was in the lime light was Hexaware Technologies, which surge more than 90 percent at one point of the day, finally finishing off the say up by 65 percent at Rs 33.30.
The stock of Parsvnath Developers might come under some selling pressure as the company might need to raise some capital or sell some assets to meet its obligations.In a separate development Sanjay Lalbhai-owned Arvind has defaulted on its interest payments and is on the verge of yet, another downgrade from the credit rating agencies.
In what could seen as an interesting move Wipro's chief Azim Premji has injected Rs 40 Crore in to the ailing retail chain Subhiksha. Sugar stocks like Renuka and Sakhti sugars looks sweet along with metal stocks like SAIL and Sterlite Ind, fo day traders
HEG
We recommend a buy in the stock of HEG from a short-term trading perspective. It is apparent from the charts of HEG that after encountering resistance at around Rs 293 in August 2008, it resumed its downtrend. Since then, the stock was on an intermediate-term downtrend till it found support at Rs 102 in late January 2009. A significant long-term support is present at Rs 100 for the stock. We observe the formation of a falling wedge pattern, spanning the period from late October. The stock is currently testing the upper resistance level of the pattern. The daily moving average convergence and divergence indicator is displaying positive divergence. The weekly relative strength index also is displaying a prolonged positive divergence. Moreover, the price rate of change indicator is rising in the positive territory indicating buying interest. We are bullish on the stock from a short-term horizon. We anticipate it to penetrate the upper resistance level and move up until it hits our price target of Rs 119. Traders with short-term perspective can buy the stock while maintaining a stop-loss at Rs 101.