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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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