Wednesday, October 21, 2009

Book nifty Stbt with Profits

Hpcl to Rock

Stocks on Dalal Street are likely to trade in a narrow band after taking beating due to the feud between the Ambani brothers. Expect the Sensex to trade within a band of 50 to 60 points as we do not see any decisive move in one direction in the near term

We recommend staying away from Realty and Banking stocks in the short term, as we believe that they have run up too much and too fast.

Tech Mahindra is likely to be under severe pressure today after reporting disappointing numbers with profits down more than 44 percent for the quarter. The company's new acquisition Satyam computers is now under the gun as the company might be delisted from NYSE for not filing its quarterly reports.we do not think it is a possibility. We recommend shorting Tech Mahindra at Rs 941 for decent profit.

Midcap space remained in limelight even on a down day. XPRO India, Pritish Nandy Communications, Welspun India and Hexaware Technology and Bajaj Hindustan were among major gainers yesterday. As recommended the new listing Euro Multivision remained subdued and lost more than 6 percent to close at Rs 41.

Allahabad Bank, Bhushan Steel, Edserv Systems, Hanung Toys and Larse Toubro are some of the stocks to keep an eye on for today's trade.Yes Bank is another stock that is in a new range at Rs 254. The stock gained more than 4.8 percent after investment bank Morgan Stanley came out with a bullish note on the stock