ICICI Bank is in news because of Fitch's warning on the deterioration of the company's weakening asset quality. The stock might take a big hit today as the sentiment for the financial doesn't look great either. Stay away from banking stocks for another week, as the prospects for this sector look bright in the near term. Watch out for another round of selling in Realty and we might see big drop in DLF and other realty stocks. There will be broad based selling across the board and even blue chip stocks wont be spared in the current scenario.
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Nifty buy In 2 parts 2500 n 2430 on dips
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Thursday, November 20, 2008
Wednesday, November 19, 2008
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Maruti may attract some attention as it is to launch its latest compact car, the A-Star.
Sugar stocks may also hog the limelight, as the Allahabad High Court continues its hearing in the UP sugar mill case. The court yesterday refused to pass any interim order, staying the sugarcane SAP set by the UP government.
Also watch out for Ess Dee Aluminium, which has received BIFR clearance to acquire India Foils from Vedanta group.
Airlines might gain on reports that the Government is likely to classify ATF as 'declared goods'. This will bring down sales tax on jet fuel, from over 20% at present to 4% across India.
ICICI Bank is on the edge. Resistance is at Rs.373/378 (STOP at Rs.384). The stock could head down to Rs.340
Sugar stocks may also hog the limelight, as the Allahabad High Court continues its hearing in the UP sugar mill case. The court yesterday refused to pass any interim order, staying the sugarcane SAP set by the UP government.
Also watch out for Ess Dee Aluminium, which has received BIFR clearance to acquire India Foils from Vedanta group.
Airlines might gain on reports that the Government is likely to classify ATF as 'declared goods'. This will bring down sales tax on jet fuel, from over 20% at present to 4% across India.
ICICI Bank is on the edge. Resistance is at Rs.373/378 (STOP at Rs.384). The stock could head down to Rs.340
Tuesday, November 18, 2008
Avoid going short after a negative open this morning.
We may test 2525 on the Nifty is Dow keeps haunting us and
further the previous lows of around 2250. No doubt I would still recommend investors to buy with long term horizon.
Market would give lot of trading range for traders to make some money in the
process. The range I now estimate to remain till the elections is between 8000 and 12000, if you consider the targets set in the above para then the range would break down but the expectation's are that we would very fast enter into the range every time we break out.
Shares of Citigroup slumped 6.6% after the bank said it would cut about 50,000 jobs
In a separate development Unitech has repayed its loan to India Bulls and has also is mulling to sell its 200 room hotel in Gurgaon.
Today might not be a big scoring day for the bears, as there is strong chance that the market will bounce back after a lower open. We caution investors against going short in today's market.
further the previous lows of around 2250. No doubt I would still recommend investors to buy with long term horizon.
Market would give lot of trading range for traders to make some money in the
process. The range I now estimate to remain till the elections is between 8000 and 12000, if you consider the targets set in the above para then the range would break down but the expectation's are that we would very fast enter into the range every time we break out.
Shares of Citigroup slumped 6.6% after the bank said it would cut about 50,000 jobs
In a separate development Unitech has repayed its loan to India Bulls and has also is mulling to sell its 200 room hotel in Gurgaon.
Today might not be a big scoring day for the bears, as there is strong chance that the market will bounce back after a lower open. We caution investors against going short in today's market.
Monday, November 17, 2008
Markets remain indecisive!
The daily candle on the Nifty chart is a bear candle
with small real body and shadows on both sides.
After a third day of the fall, we expect market to hold
immediate support levels of 2750. High volatility is
likely to continue. Suggest shorts to be covered near
support areas.
The Nifty has supports at 2750 and 2700 levels and
the resistance at 2900, 2970 levels
RBI decided to take few more steps to limit the damage on the Indian economy. It has announced measures to boost dollar inflows by raising interest rates on NRI deposits. It has also decided to ease the liquidity pressure on Real Estate and NBFCs by lowering the provisioning and risk weight on loans to these battered sectors. The central bank will consider proposals for buy back of FCCBs, besides allowing registered housing finance companies to raise short-term loans overseas and extending the special repo for MFs and NBFCs.
The latest attempt by the RBI to ease the credit crunch is not a surprise given the extraordinary situation facing the Indian economy. It may at best bring some relief to the beleaguered financial markets, but is unlikely to lift the key stock indices beyond a few hundred points. The case in point is last week's trade, when the improved data on industrial production and a surprisingly sharp drop in inflation failed to perk up the markets. The fear is that the macro-economic numbers for the coming months may be even worse. The one bright spot could be further fall in inflation, could allow the RBI to announce more rate cuts.
with small real body and shadows on both sides.
After a third day of the fall, we expect market to hold
immediate support levels of 2750. High volatility is
likely to continue. Suggest shorts to be covered near
support areas.
The Nifty has supports at 2750 and 2700 levels and
the resistance at 2900, 2970 levels
RBI decided to take few more steps to limit the damage on the Indian economy. It has announced measures to boost dollar inflows by raising interest rates on NRI deposits. It has also decided to ease the liquidity pressure on Real Estate and NBFCs by lowering the provisioning and risk weight on loans to these battered sectors. The central bank will consider proposals for buy back of FCCBs, besides allowing registered housing finance companies to raise short-term loans overseas and extending the special repo for MFs and NBFCs.
The latest attempt by the RBI to ease the credit crunch is not a surprise given the extraordinary situation facing the Indian economy. It may at best bring some relief to the beleaguered financial markets, but is unlikely to lift the key stock indices beyond a few hundred points. The case in point is last week's trade, when the improved data on industrial production and a surprisingly sharp drop in inflation failed to perk up the markets. The fear is that the macro-economic numbers for the coming months may be even worse. The one bright spot could be further fall in inflation, could allow the RBI to announce more rate cuts.
Wednesday, November 12, 2008
IIP numbers also weighed heavily on the market sentiment.
NOTICE- Cover short intraday if IIP numbers good
After a bad day on the bourses we might witness another day of correction. Again, metals are likely to feel the heat and Tata Steel in particular after the downgrade from Fitch. Global rating agency Fitch Ratings has revised Tata Steel Ltd and Tata Steel UK Ltd’s outlook to negative from stable. Hindalco, Sterlite and Hind Copper might slide as the metal prices plunged on LME
We spoke about targets of 2800 or even 2740 to be visited which got negated due to
China balm, but they would again haunt us after the wipe out of all the points added in last two days. The immediate support for the market comes at 2880 for Nifty spot. We are in broad range and we will continue to see spikes either ways. Keep visiting the website for other news and updates
we expect the market to remain under pressure. If the
levels of 2,800 are broken on the Nifty, we could see 2,500 in the near
term. However, much will depend on the IIP numbers to be released
today. Only good numbers can save the day for bulls, as any sort of
positive surprise would trigger some short-covering. Otherwise, the
market will continue to be volatile with a downward bias. Despite the
slump in crude oil prices and the moderation in inflation, investors still
remain wary of the grim global situation and deteriorating local
economic conditions. As a result, any rally will be short-lived
Strategy on Future and Option
~ Short Dish TV India Ltd Nov Future @ Rs16.85 for the target price of Rs15 and stop loss placed at Rs17.25.
~ Short Suzlon Energy Ltd Nov Future @ Rs58 for the target price of Rs52 and stop loss placed at Rs61.
After a bad day on the bourses we might witness another day of correction. Again, metals are likely to feel the heat and Tata Steel in particular after the downgrade from Fitch. Global rating agency Fitch Ratings has revised Tata Steel Ltd and Tata Steel UK Ltd’s outlook to negative from stable. Hindalco, Sterlite and Hind Copper might slide as the metal prices plunged on LME
We spoke about targets of 2800 or even 2740 to be visited which got negated due to
China balm, but they would again haunt us after the wipe out of all the points added in last two days. The immediate support for the market comes at 2880 for Nifty spot. We are in broad range and we will continue to see spikes either ways. Keep visiting the website for other news and updates
we expect the market to remain under pressure. If the
levels of 2,800 are broken on the Nifty, we could see 2,500 in the near
term. However, much will depend on the IIP numbers to be released
today. Only good numbers can save the day for bulls, as any sort of
positive surprise would trigger some short-covering. Otherwise, the
market will continue to be volatile with a downward bias. Despite the
slump in crude oil prices and the moderation in inflation, investors still
remain wary of the grim global situation and deteriorating local
economic conditions. As a result, any rally will be short-lived
Strategy on Future and Option
~ Short Dish TV India Ltd Nov Future @ Rs16.85 for the target price of Rs15 and stop loss placed at Rs17.25.
~ Short Suzlon Energy Ltd Nov Future @ Rs58 for the target price of Rs52 and stop loss placed at Rs61.
Tuesday, November 11, 2008
Book reliance stbt at opening
Subscribe It to Believe It !!!
Monday's Performance
* Our Trading Call of TATA STEEL flared and hit 216 Mark, Oh God, What a Gain. So, How much money u made yesterday's , TRUCK LOAD.
* Our Trading Call of STERLITE IND. , flared and up Almost 16% , What is this. Do you Have a Words to Explain that.
* Our, Trading Call of SESA GOA Also flared and Up Almost 10% Respectively.
What More u Want in Life.
Yes, You All Want
MARKET MAY GIVE A NEGATIVE OPENING TODAY BUT IF 2950 IS NOT BROKEN THE TREND WILL REMAIN POSITIVE WE MIGHT SEE SOME GOOD MOVEMENT IN MIDCAP STOCKS STAY CONNECTED TO GET CALLS........
Monday's Performance
* Our Trading Call of TATA STEEL flared and hit 216 Mark, Oh God, What a Gain. So, How much money u made yesterday's , TRUCK LOAD.
* Our Trading Call of STERLITE IND. , flared and up Almost 16% , What is this. Do you Have a Words to Explain that.
* Our, Trading Call of SESA GOA Also flared and Up Almost 10% Respectively.
What More u Want in Life.
Yes, You All Want
MARKET MAY GIVE A NEGATIVE OPENING TODAY BUT IF 2950 IS NOT BROKEN THE TREND WILL REMAIN POSITIVE WE MIGHT SEE SOME GOOD MOVEMENT IN MIDCAP STOCKS STAY CONNECTED TO GET CALLS........
Monday, November 10, 2008
Subscribe It to Believe It !!!
We see Commodities to make a come back in today's trade. Watch out for stocks like Sterlite, Hindalco and Tata Steel to take the lead as the stimulus package from China is expected to boost the demand for metals. In addition to that, the stocks in this sector took a heavy beating in the last two months and it is time for a pull back now.
TATA STEEL
Buy around 192 to 193.50 with Sl of 185 for a Target of 198.50 to 203.
SESA GOA
Buy, Around 79.50 to 80.50 with Sl of 76.10 for a Target of 84.50 to 87
STERLITE IND
Buy Around 246 to 250 with Sl of 237 , Target looks 267 , 273 to 280
Technically, we see the index facing its first resistance at 10,370.00 and a close above it will take the index to 11,500.00 levels. Overall a positive day in the offing and more importantly metals are going to make some noise in today's trade
TATA STEEL
Buy around 192 to 193.50 with Sl of 185 for a Target of 198.50 to 203.
SESA GOA
Buy, Around 79.50 to 80.50 with Sl of 76.10 for a Target of 84.50 to 87
STERLITE IND
Buy Around 246 to 250 with Sl of 237 , Target looks 267 , 273 to 280
Technically, we see the index facing its first resistance at 10,370.00 and a close above it will take the index to 11,500.00 levels. Overall a positive day in the offing and more importantly metals are going to make some noise in today's trade
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