Nifty close Below 4550 we can see 4450

Tea stock to watch and Reliance

Stocks on Dalal Street are likely to undergo a small correction in the morning session. Investors are likely to book profits and lock in their gains after a humongous run on the Sensex for the past three and half months. The Sensex has gained 87 percent after the March 9th bottom. Expect the benchmark index to correct more than a percent or nearly 200 points for the day

There is a strong chance of a pull back in crude on Monday. We advise investors to book some profits and a little bit off the table. Metals are likely to correct and might underperform other sectors. Book profits in Sterlite Ind, Tata Steel and Hindalco. Realty will also be under pressure this morning as the stocks in this sector are technically weak after a 9 percent fall last week.

There is a strong chance for the Sensex to breach the 15,000 level on the downside. Midcaps are the most vulnerable as investors will refrain from taking on more risk and bet on these stocks. The Midcap space has been under selling pressure last week and this is likely to continue, atleast on Monday.

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Commodity stocks which have been the new darlings for the street have led the gainers on Thursday and are likely to jump further on Friday. The stocks in this sector like Sesa Goa, Sterlite Ind and Tata steel look good from a trading perspective.

Sugar as a sector looks good in the current market Bajaj Hindustan, Triveni Eng an Balrampur Chini looks good for short term traders. Tulip IT, Gateway Distriparks and Noida Toll Bridge have seen a decent upmove with good volume action. Further gains are not ruled out. Expect a dull day of trade with minor gains on the Sensex, GAIL India, SREI Infra, D-Link are some of the stocks to keep on radar for day traders


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Subdued credit growth is another worry. Monsoon could be lower than expected. Budget may disappoint. Exports are sliding. Fundamentals of India Inc. are yet to catch up with the surge in stocks. Considering these headwinds, one may argue that the recent run-up has gone too far, too fast. On the bright side, the downside may not be scary

Energy and drilling stocks will be the bright spot in today's market, as crude prices soared overnight, as supplies tightened. Light, sweet crude for July delivery settled $1.32, or 1.9%, higher at $71.33 a barrel on the New York Mercantile Exchange, the highest settlement since Oct. 20, 2008. Watch out for stocks like Cairn Energy, Essar Oil, Jindal Drilling and Shiv-Vani Oil Exploration.

We advise caution and it is a great idea to sit on the sidelines as the market is getting unpredictable at these levels. Oil related stocks, Everonn Systems, Hindustan oil Exploration and SREI Infra are the stocks to watch out for investors who are willing to take some risk

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Metal stocks expected to rally after a slew of upgrades for the steel makers from global investment banks. Commodity prices continued to rise in the on hopes of a increase in global demand. Expect Sterlite Ind, Tata Steel and SAIL to lead the gainers list.

IT stocks might continue to rise after better than expected numbers from Satyam Computers. The stocks will likely open in circuit for the second day in a row. Also keep a close eye on Maytas Infra which is likely to be locked in circuit. We like second rung IT stocks like Rolta, Polaris and Geodesic at current levels for a quick trade.

Expect a 100 point gain on the Sensex with some fire works in the midcap space. GVK Power & Infra, Dewan Housing, Satyam Computers and some select second rung IT stocks are likely to be in focus for Wednesday's trade.

Small pull back expected after a massive sell off

Realty stocks were major losers in yesterday's trade with the sectoral index losing more than 10 percent for the day. Metal stocks were under pressure as investors booked some profit. We expect a minor pull back in Realty stocks , but metal stocks might fare better than scrips in realty sector.

News of PE firms like TPG being the front runner to pick up stake in Pantaloon Retail might bring back some interest in to the retail stocks to some extent. Investors have turned cautious with the sharp fall we have seen yesterday and this might rule out big gains for the midcaps in today's trade.

The breadth of the market is negative with most of the speculative stocks in the 'B' group finding no buyers in Monday's trade. Expect a similar situation in these stocks even in today's trade. Only one stock advanced for every 9 stocks that declined on the Bombay Stock Exchange reflecting the pessimism in the market.

To wrap up, there is a chance of a pull back in the markets today and risk averse individuals might consider this as an opportunity to lighten their positions in low quality stocks

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There are two sets of news reports that might impact on the markets this morning.Members of Sebi have suggested a phased reduction of the securities transaction tax, as part of a package of measures to develop the capital markets that was discussed with FM late in May. Meanwhile HDFC Bank has revised upwards India's growth forecast from 5.8 per cent to 6.5 per cent for FY 10.

Traders could concentrate on Oil stocks like ONGC and Cairn India (Rs 259) for quick gains as oil prices continue to climb and is likely to breach the $ 70/barrel. The stock of Unitech might see some buying interest on the news that the company plans its debt by selling some assets.The going for the market from the current level is going t be tough.

Investors are likely to selective and only few winners might emerge from current levels. We have recommended one multi-bagger in Healthcare and a swing trading call in Engineering sector today.

Some of the stocks to watch in today's trade are; Gwalior Chemical which is set to report Q4 numbers today, Saregama ahead of its preferential issue, VIP Ind before its quarterly numbers on tuesday. Over all, a flat to positive market with some sparks in the midcap space

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Cairn Hot Buy

Metals and Oil stocks might lead the rally today as the sectors are the first to benefit from a global recovery. Focus on Cairn Energy from the Oil sector and Sterlite Ind, SAIL, Tata Steel are the picks in the Metals sector. We might also witness some interest in Real estate stocks like DLF and Unitech.

Coming to stocks specific action, Guj NRE Coke looks tempting at Rs 56 after the news of take over of mines in Australia. We reiterate a 'Buy' on Shipping Corp and ITI, especially after the news of aid to the telecom firm from the government. We also like Bharti Shipyard, ABG Shipyard and last but not the least drilling stocks like Great Offshore, Aban Offshore and Jindal drilling