Markets look to consolidate

What we said on Friday ..a QUICK recap

(28-08-2009 11:17:32): 4740 - 4750 nIFTY EXPECTED before fall

(28-08-2009 11:17:32): 4740 - 4750 nIFTY EXPECTED before fall..........................nifty not crossing spot

(28-08-2009 14:32:49): One can buy put nifty 4700 n hold

For today we open at 4665........ then it will be updated on sms

Think twice Before Trade

NIFTY FUTURE (Last close 4697.80)

The counter closed flat yesterday with the expiry of August derivative series. The market remained lackluster throughout the session yesterday with bouts of buying and selling at intervals. The counter opens today with new September derivative series which is hoped to remain steady. Chart patterns for NF appear positive but to keep up with the upward momentum the counter needs to remain and trade above 4717.75 whereby it may move further to 4737/4762. Strong support for NF exists at 4659.25 which if breached decisively NF may slide to 4642/4619.


The market opened marginally lower yesterday on weak global cues but soon recovered and moved into positive territory on selective buying in frontline stocks. However, a fresh bout of selling at higher levels thereafter pulled down the Sensex in the red again. The market appeared lackluster throughout the session with bouts of buying and selling intermittently. Investors appeared reluctant to build fresh positions instead pressed sales at higher levels in the absence of any new trigger. Market participants were engaged in shifting positions to new September derivative series whereby Nifty future rollover is estimated to be around 69-71%. Meantime, the commerce minister unveiled the five-year foreign policy, setting a target of US$ 200 billion worth exports for next fiscal. Under the policy the government extended tax holiday and duty refund for exporters, while allowing duty free capital goods import. Meantime, the Sensex after dipping to a low of 15685 in morning trades progressively moved up into the positive territory rising to 15,853 an hour past noon, but gave up most of its gains and closed with paltry gain of 11 points at 15,781. The Nifty closed the session flat with marginal gain of 7 points at 4688 making a low of 4645 and a high of 4707 in intra day trades. Pharmaceutical, capital goods and select IT shares remained firm throughout the session yesterday besides power, auto and oil stocks finding support at lower levels. The market will open today with new derivative series of September which is hoped to remain steady. However, readers are advised to watch the market trend before building large positions

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Stocks Dalal Street might trade in a narrow band after managing to gain nearly 0.5 percent on Wednesday. The bulls are finding a lot of resistance at the 15,800 level and the going will get tougher from here as the stocks look tired after a huge run up this quarter. We see the the Sensex settling down at the current levels with midcaps being the only glimmer of hope

IT stocks, after under performing on Tuesday came back with vengeance and stood as the best performer for the day. The sectoral index gained more than 3 percent for the day. The news that TCS, WIPRo and Infosys bagged a multi-million dollar contract from global major British Petroleum brought more buyers in to the sector.

Majority of the action was in the midcap space as the things are getting very hot in this space. We expect the euphoria to continue and even extend in to the third rung stocks. Nearly 70 percent of the stocks in the 'B' group ended up with gains reflecting the Sentiment.

Suven Pharma was locked in circuit gaining more than 10 percent continuing its run, as mentioned by us on Tuesday's column.We have seen a new set of gainers yesterday, Granules India was locked in 20 percent circuit on news of preferential allotment to its promoters. Media stocks started to catch up with UTV and IBN 18 managing to score double digit gains. We like the stock of SREI Infra after a decent action in yesterday's market. The stock gained 11.5 percent with nearly 4 million shares traded.

We stick to our stance that the market will correct in the near term and the fact that the so called penny stocks are seeing some life confirms our prediction. We advice investors to stay on the sidelines as there is a strong chance that you will get a better entry level, while traders and try their luck in speculative midcaps

Midcaps on fire, time to take a pause

Buy HPCL and Sell Cairn ..Profit urs ..loss mine

Stocks in Indian markets are likley to be flat and with negative bias, inspite of the good news from abroad. Expect the Sensex to trade in aband of 1 percent or 150 points with odds in the favor bears to win the battle for the day

Book profits in Oil and Oil related stocks as we have seen a sharp fall in the crude prices. Oil prices tumbled $2.32 to $72.02 a barrel on the New York Mercantile Exchange. Prior to trading Tuesday, prices had climbed 8.1 percent in just 5 days. Stocks like Alpha Geo,Selan Exploration Jindal Drilling and Hindustan Oil exploration had incredible gains in the past month and it is a good idea to take some money off the table.

IT and Consumer Durables were major gainers yesterday and the stocks in these sectors are likely to move sideways. The stock of Suven life was active on announcement by the company that it is in talks with global majors for a partnership for its Alzheimers drug. The stock hit 20 percent circuit at Rs 31. We recommend investors to wait for a pull back to enter the stock. A pure speculative play.

We maintain our pessimistic view on the markets in the short term, as we foresee a correction in the near term. Midcaps are getting too hot and it would be great for the market if there is a some consolidation, before a move up. Karuturi Global, Alps Industries and ISMT are some of the midcaps to watch in today's trade

Sensex ripe for correction, time to book profits

Indian markets are set to open flat to lower in the first hour of trade. Expect some profit booking to come in today at higher levels

As mentioned in the last column Oil exploration stocks were on fire as Crude Oil rallied to a 10 month record high. Alpha Geo, Selan Exploration and Jindal Drilling were all up more than 15 percent as the drilling sector is expected to make a come back. We advice investors to start trimming their holdings in this sectors as we believe the Crude prices might stabilize at the $ 80 level by the end of the year and this rally could be used to book profits in these stocks.

Midcap realty stocks like Brigade Enterprises and Madhucon Projects flared up on heavy operator activity especially in the former. There was unusual volume with decent price action in India Bulls Securities as the stock gained 14.5 percent on a volume of more than 10 million shares.

We are of the opinion that the market is overheated and has formed an intermediate top. There is a strong possibility of crash in the coming days as we thing some of the stocks have run ahead of the fundamentals. Book profits and stay on the sidelines

Positive opening on cards, Caution advised in the near future

Stocks on Dalal Street are expected to open higher on the back of positive global and cues and positive sentiment among the investors. The benchmark index or the Sensex is likely to gain 100 to 150 points or nearly a percent for the day.

Realty and Auto stocks were strong in Friday and we see Oil & Gas along with metals to dominate the market today. Watch out for stocks like ONGC, Cairn energy and Reliance Petroleum, as crude prices hit a two month high on NYMEX. Metals stocks are likely to benefit from a weak dollar and increasing global demand. Hindalco, Tata Steel and SAIL will be active in today's trade.

It was party time for Tea stocks as rumors were wide spread in the market that the output from Kenya might not be enough to fulfill the demand this year. Jayshree Tea, Harrison malyalam, Dhunseri Tea and Mcleod Russel were active on Friday's trade with gains of 10 to 20 percent. Fertilizer stocks like HOCL and RCF were had a good day with double digit gains. We advise investors to book profits in Tea stocks on another up move, may be 10 percent from here. There is some more room for fertilizer stocks in the short term.

We are likely to see a higher open in the first hour of trade and some decent gains are not ruled out in the Sensex. We advise caution investors as we believe that correction might be around corner and the current valuations have factored in the fact that we at the end of the recession. Gujarat Apollo Ind, Granules India, Geometric Ltd and Jain Irrigation are some of the stocks to watch out for Monday's trade

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Bulls to return to the drivers seat, Stocks set to gain in early trade

Nifty btst will give huge profit ..book around 4555 levels and wait for further instruction

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Stocks on Dalal Street are set to roar after being mum for more than a week. We expect some buying to come in on the opening bell and there might be some short covering, that could boost the indices. Expect the benchmark index or the Sensex to gain nearly 300 points or 2 percent for the day

Realty and Healthcare stocks dominated the day with decent gains, where as metals and IT were on the receiving end. Realty stocks like DLF moved against the tide helped by DLF and Unitech. Banking stocks were flat to negative, but today might there is a string chance that these stocks will be one of the major gainers in today's trade.

As recommended Natco Pharma vaulted and was locked in circuit on huge volumes, we see some speculative buying and there might something cooking in the counter. There was some insider buying in the beginning of the year in this counter. Agri commodity related stock spiked up as traders placed bets that the prices of food product might spike due to drought conditions. LT Overseas, KCP Sugars, Kohinoor Foods, Heritage Foods and Ruchi Soya were some of the gainers in this space.

Prism Cement continued to gain and has some more room to move even after a decent run up. We recommend booking profits in Sugar stocks on an up move , as the rise has been too far and too fast.Also book partial profits in Hind Oil Exploration as the stocks has skyrocketed in the past few sessions.Karuturi Global, ICSA,Webel SL enery are some of the stocks to watch in today's trade

Sensex headed for a lower open, Banking and Realty stocks might take a hit

Indian markets are likely to open red and might trade in the negative territory, as investors are likely to dump stocks on negative global cues and lack of near term triggers. Expect the benchmark index or the Sensex to give up less than a percent. There is strong chance that we perform relatively better than our Asian peers today.

Auto stocks led the recovery on Tuesday with Tata Motors gaining more than 6 percent for the day. There was some select buying in Tech counters like HCL Tech and bluechips like GAIL and Ranbaxy.Auto, Realy and Metal Stocks outperformed the rest of stocks on Tuesday.

We see a major correction in the banking sector as the stocks might fall on the weakness in the global financial stocks. Also expect some correction in Auto and Realty which have been major gainers yesterday.

Sugars stocks go sweeter after the price of the commodity hit record highs. We have see stellar gains in Andhra Sugar, Bannari Amman, KCP Sugar and Rajshree Sugars. Natco Pharma was an unusual mover with great price action on huge volume. Definitely a great speculative stock to watch out at Rs 94 level. NDTV and Aptech are two other stocks that look explosive. We advise investors to sit on the sidelines and avoid huge positions in the current market

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Stocks on Dalal Street are likely to trade ina narrow band on Tuesday, after testing the 15,000 mark intraday. There is a strong chance that the Sensex might break 15,000 level in the coming days. Expect the Sensex to fall 50 points or less than 0.5 percent for the day.

As expected FMCG and Auto stocks too a big hit as worse than expected monsoon might impact the sales of consumer goods in a big way. Auto stocks have seen correction across the board with the sectoral index correcting more than 4 percent for the day. M&M was a major loser shedding more than 9 percent for at Rs 760. We see further correction in the stock and investors should stay away from the scrip as we foresee another 10-15% fall from current levels.

Suzlon Energy continues to correct and gave up another 6 percent to Rs 80 level. We do not see an upmove in the scrip anytime soon. Cement counters witnessed heavy selling and this reflect in the prices of ACC and Ambuja Cements, which gave up nearly 5 percent. Investors fled to safe sectors like IT, which are immune from drought conditions. The Sectoral index gained more than 2.6 percent helped by 3 biggies, TCS, Wipro and Infosys.

We see the flu condition in Mumbai worsening in the coming days and this might prop up stocks in the Pharma sectors. One could get in to stocks like Cipla, Panacea Biotech and Reddy's Laboratories, as these stocks are defensive plays in a falling market. Hindustan Oil continues its run as the demand for Oil Exploration stocks still remained in the market. Sugar stocks like Rajshree Sugars and EID Parry spurted as Sugar prices hit a 28 year high in the commodities market

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Auto and Realty stocks were among the major losers on Friday, and we expect Realty bounce back int today's trade. Metal stocks look like they have some more room to grow, going forward as commodity prices remain firm.

Investors booked profits in stocks that have had a dream run. Tech Mahindra fell more than 7 percent to Rs 767. United Spirits, Suzlon Energy, IRB Infra and Brand House Retail were some of the stocks that are under sever selling pressure.

Prism Cement looks strong at RS 53 even after gaining more than 15 percent on huge volumes in a falling market. Analysts attribute the spurt in the stock price to the company's plans to consolidate the business of H. & R. Johnson Limited and RMC Readymix Private Limited with the Company.Barack Valley Cement and Sun Pharma Advance Research have seen huge volumes and look interesting at these levels.

Today might be a good day for the bulls as there is a strong chance for decent gains in equities. Traders could look at stocks like Genus Power, Punjab Chemicals, India Info line and Fortis Healthcare for some intraday moves.

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As mentioned in our pre-market review, Auto sector bore thne brunt of heavy selling as investors booked profits in stocks like Tata Motors, Hero Honda and Ashok Leyland, which came out with a bad set of numbers for the month. Realty and Metal Stocks were also under tremendous pressure as the sectoral indices gave up more than 3 percent for the day.

Textile stocks might spurt on the news that the textile industry would get Rs 2,546 crore as subsidy under the Technology Upgradation Fund Scheme within three days, this is likely to help the capital-starved industry. Arvind Mills and Alok textiles might see some demand on this news.

Some Midcaps were on fire even in a falling market. Development Credit Bank jumped more than 10 percent on heavy volume ending the day at Rs 38.60. There might some more room in the stock after a small pull back. Oil Exploration stocks were on fire, with AlphaGeo, Hindustan Oil Exploration and Selan Exploration making some handy gains. GATI Ltd, KIC Metaliks, Reliance Communications and Genus Powere are some of the stocks to watch out in today's trade

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Tech, Power and Realty stocks gave up some gains from the previous sessions, while Auto's continued to gain as Tata Motors led the gainers in this sector. Banking and Metals might resume their uptrend in today's session.

Select midcaps continued to gain inspite of a lacklustre market. IG Petro gained for the second day in a row on decent volume. The stock gained 12 percent after a 20 percent move yesterday. We see some speculative build up in this stock. Glory Poly Films, PVR Ltd and Austral Coke were other midcaps that have seen some interesting moves.

We advise investors to concentrate on Midcap stocks as we do not see much room in large cap scrips. Core Projects, Bank of Rajasthan, Pitti Laminations and Excel Infoways are some of the stocks to watch out in today's trade

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Stocks on Dalal Street are likely to extend their gains for the second day in a row after gaining more than 750 points in the past three sessions. Expect the benchmark index or the Sensex to gain more than 100 points and might breach the 16,000 mark on Tuesday.

Auto sector was a major gainer as investors bid up shares of automakers on hopes of a rebound in the economy. Realty was another bright spot after under performing on Monday.Mahindra and Mahindra gained more than 7 percent and is looking strong at R 918. We expect a correcting in Automakers like M&M and Tata Motors. So investors should look to book some profits on any up move in this sector.

We recommend selling Rolta India at the current market price after the company reported Q4 consolidated net profit was down at Rs 76 crore versus Rs 133 crore, QoQ. We are concerned about the narrowing margins and the stock is likely to correct more than 15 percent in the near term.

The Midcap space is getting heated up now with stocks like Fedders Lloyd, IG Petro, Empee Distilleries and TIPS Ind hitting circuit filters. We advise caution to investors in this space and one should take stock in quality companies.

The stock of Wire and Wireless might spurt after the rights announcement and one could expect a target of Rs 22 in the short run.Kemrock Ind, Hanung Toys and Gati Ltd are some of the stocks to watch closely in Tuesday's trade

Select Midcaps likely to be active

FMCG, Oil & Gas and banking stocks were active on Friday and we expect Realty and Metal stocks to dominated today's trade. The market might consolidate at current levels after a decent gains last week. We remain bullish on Auto Space and especially Tata Motors after news reports that the deal with UK government is bound to happen soon. The stock is likely to touch Rs 450 level soon.

NTPC and RNRL are likely to be active after the Union power ministry has given the go-ahead to state-owned power utility NTPC Ltd to intervene in the gas dispute between Reliance Industries Ltd and Reliance Natural Resources Ltd pending before the Supreme Court.

Nelcast India was a notable gainer among the midcap stocks with the stock hitting a circuit limit on Friday. We advise investor to book profits around Rs 65 level as the had a dream run after touching Rs 27 in June 2009. JBF Ind, Patni Computers and Sonata Software were among other gainers. We might see a further move up in Patni after posting good set of numbers.All eyes will be on Rolta (Rs 156) as the company will report its numbers for Q1 today. We recommend booking partial profits in the stock after a dream run.ICRA and Wire and Wireless are other stocks to watch out in today's trade.