Friday, July 24, 2009

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Stock of the day - Aban

IT sector is likely to be under pressure after a disappointing number from Microsoft and Amazon. Stay away from this sector as there is still some room for correction. Also we have seen more than 5 percent move in Realty sector and we advice some profit booking.

Metals sectors is one bright spot, but we have already seen some gains in this space. Sterlite Ind and Hindalco are some of the stocks to watch out in this space. Steel stocks look tired for now and a rally today could be use to book profits in Tata Steel and SAIL.

We recommend selling the stock of Hexaware Technologies at Rs 58. The stock looks expensive at these levels and given the kind of run up we have seen from a level of Rs 19, the stock is definitely a 'sell' as the fundamentals of the company remains little changed. We also recommend taking some money off the table from Satyam Computers at Rs 108- Rs 110 level as the upside from these levels is capped.