Wednesday, May 28, 2008
Follow up on trades for 28 May08
Bharti 880 target achieved. High risk traders book partial profits and hold for targets of 890 for short-term.
Tuesday, May 27, 2008
Markets on 28-May-08
With just two days to go before expiry, it is highly likely that the market will remain volatile. I would recommend only high risk traders to trade in such a market. Long -term investors should see this as an opportunity to buy stocks that have been beaten in the past few trading sessions. 4830 is a crucial level for nifty and only if we close below this, one should think of taking fresh short positions.
Technicals do not bode too well for the bulls and there seems to be no positive data that is coming from any quarters. Friday will be a big day since it will be the first day after expiry and also because there will be several data that would be released on this day.
India expects Fertilizer subsidy to more than double in FY09. The result was that fertilizer stocks were up specifically Chambal and Nagarjuna. These may continue to see some positive action.
Bharti reacted positively to the fall out of the MTN deal. Technically, it looks strong and is likely to reach targets of 880 in the short-term.
JP associates looks weak on charts and is likely to touch 214 (BUY the stock then).
GMR Infra’s performance has been good for bears in recent times. All around too much of pessimism surrounding this stock at the moment with target expectations of 129-130 in the short-term. However, one must note that the stock has entered the oversold territory so the trend could reverse.
More updates on stock markets to follow.
Technicals do not bode too well for the bulls and there seems to be no positive data that is coming from any quarters. Friday will be a big day since it will be the first day after expiry and also because there will be several data that would be released on this day.
India expects Fertilizer subsidy to more than double in FY09. The result was that fertilizer stocks were up specifically Chambal and Nagarjuna. These may continue to see some positive action.
Bharti reacted positively to the fall out of the MTN deal. Technically, it looks strong and is likely to reach targets of 880 in the short-term.
JP associates looks weak on charts and is likely to touch 214 (BUY the stock then).
GMR Infra’s performance has been good for bears in recent times. All around too much of pessimism surrounding this stock at the moment with target expectations of 129-130 in the short-term. However, one must note that the stock has entered the oversold territory so the trend could reverse.
Wednesday, May 21, 2008
Markets on 21 May 2008
Seems like before we even touch any where close to 5300/5400, profit booking starts as people are scared of being the last ones to get out on the end of any short-term rally. We may continue to see the same trend today as well. Today’s support/resistance seen at 4980/5050 and 5150/5200.
I recommended my clients to exit Sterlite yesterday at 945 levels. That would be ~ INR 85 to INR 90 per share of profits or 10% profits in less than a week!
MUL seems to be struggling with the 830 mark and tested the same again yesterday but came down closing at 814 levels. Continue to reiterate targets of 830/840 for this stock for the short-term with stop loss at 805.
RIL’s performance dragged the market and was disappointing.
RCOM seems to be an interesting play these days and is likely to touch 620/640 levels in the short-term.
Today, technology stocks may prove the only succor for the bulls. For Halal punter : GMR Infra results were expected yesterday.
Tuesday, May 20, 2008
Markets on 20 May 2008
Nifty to test 5200 levels. Some profit booking expected.
On 16th May, MUL tested 830 levels and came down on profit booking. High risk traders who held on to their positions can see it re-test 830 levels to move to 840.
RIL also broke its first resistance levels and likely to move towards its target of 2700.
I had recommended Sterlite to my clients last week. The stock has done well and closed at 896 on Friday – well above the 890 target suggested. Expect bullishness on this stock to continue and test 915 levels. Book partial profits above 910 and hold remaining for medium term target of 1000.
JP associates will continue to be bullish and test higher levels on Tuesday. GMR infra has no reason to be left behind and should test 158 levels as well.Punting stock – Last week I had recommended IFCI as a high risk-return stock. The stock has been showing a zig-zag performance in recent sessions. For a high risk trader, short-term target for the stock is seen at 65.
On 16th May, MUL tested 830 levels and came down on profit booking. High risk traders who held on to their positions can see it re-test 830 levels to move to 840.
RIL also broke its first resistance levels and likely to move towards its target of 2700.
I had recommended Sterlite to my clients last week. The stock has done well and closed at 896 on Friday – well above the 890 target suggested. Expect bullishness on this stock to continue and test 915 levels. Book partial profits above 910 and hold remaining for medium term target of 1000.
JP associates will continue to be bullish and test higher levels on Tuesday. GMR infra has no reason to be left behind and should test 158 levels as well.Punting stock – Last week I had recommended IFCI as a high risk-return stock. The stock has been showing a zig-zag performance in recent sessions. For a high risk trader, short-term target for the stock is seen at 65.
Friday, May 16, 2008
Markets for 16 May 2008
Watch out for inflation data. Do not expect significant change in inflation rate. Expected rate at 7.55%.
Nifty is expected to test upsides of 5150 and 5190 subject to inflation. Profit booking is expected to take place if market tests 5190 levels.
Maruti again broke its resistance levels and is expected to move up further to reach targets of 830/840 (CMP 821). I had recommended MUL for intraday trading with targets of 810/820. Closing at 821 is taken as a strong bullish signal on this stock.
Strong performance of RIL today shows that RIL may test close to 2700 levels again. Any break out from here should be taken as a strong bullish signal.
JP associates looks bullish and is expected to continue to do well.
GMR Infra which has been under performing in recent times as compared to rest of the market, still looks weak in the short-term.I had also recommended Sterlite to my clients on Wednesday. This looks bullish on the charts and may test 890 levels.
Nifty is expected to test upsides of 5150 and 5190 subject to inflation. Profit booking is expected to take place if market tests 5190 levels.
Maruti again broke its resistance levels and is expected to move up further to reach targets of 830/840 (CMP 821). I had recommended MUL for intraday trading with targets of 810/820. Closing at 821 is taken as a strong bullish signal on this stock.
Strong performance of RIL today shows that RIL may test close to 2700 levels again. Any break out from here should be taken as a strong bullish signal.
JP associates looks bullish and is expected to continue to do well.
GMR Infra which has been under performing in recent times as compared to rest of the market, still looks weak in the short-term.I had also recommended Sterlite to my clients on Wednesday. This looks bullish on the charts and may test 890 levels.
Wednesday, May 14, 2008
post facto - MUL
I hope a lot of you guys benefitted signficantly from intraday trading in MUL. For those who bot it in the morning at 770-772 levels can book profits at 788 (CMP). That is a neat INR 18 on INR 0 invested!!!
High risk traders may continue to hold the long position for target of 790. If 790 is broken likely that MUL will move much higher.
ENJOY!!!!
High risk traders may continue to hold the long position for target of 790. If 790 is broken likely that MUL will move much higher.
ENJOY!!!!
Market view for 14 May
Nifty view – Support/resistance levels seen at 4890/4950 and 5000/5030
Due to depreciating rupee, we should see technology stocks do well.
Traders may assume short positions for short-term gains. But remember, significant gains from shorting are ruled out at the moment given that the markets have come down rapidly and on a continuous basis in the past 7 trading sessions.
For long-term investors, this may present yet another good buying opportunity in select counters like GMR, JP associates, RPL, DLF, LT, BHEL.On MUL (CMP 770), my favorite pick as always, short-term strategy should be to buy on declines for targets of 780-790. For long-term, I continue to recommend this as a buy.
Due to depreciating rupee, we should see technology stocks do well.
Traders may assume short positions for short-term gains. But remember, significant gains from shorting are ruled out at the moment given that the markets have come down rapidly and on a continuous basis in the past 7 trading sessions.
For long-term investors, this may present yet another good buying opportunity in select counters like GMR, JP associates, RPL, DLF, LT, BHEL.On MUL (CMP 770), my favorite pick as always, short-term strategy should be to buy on declines for targets of 780-790. For long-term, I continue to recommend this as a buy.
Thursday, May 8, 2008
Post facto for recos given on 07-May-08
On 07-May-08, while the overall market closed negative, Cairn India rose by more than 8%, RIL also showed strong moves (up by more than 1.3%). In a falling market MUL demonstrated strength (up 1% nearly) despite other rate sensitive stocks being in the red.
Wednesday, May 7, 2008
Today's view
Expect positive opening. Can continue to see some amount of profit booking.
Stocks I am bullish on MUL, RIL.
Stocks to watch out for Cairn, Chennai Petro, tech sector (for bullish moves).
Bearish on JP Associates (short-term only, my long-term view on JP associates continues to be a BUY).
Key support/resistance seen at 5100/5250 for today.
Stocks I am bullish on MUL, RIL.
Stocks to watch out for Cairn, Chennai Petro, tech sector (for bullish moves).
Bearish on JP Associates (short-term only, my long-term view on JP associates continues to be a BUY).
Key support/resistance seen at 5100/5250 for today.
Saturday, May 3, 2008
Post facto....
For those who picked Maruti Udyog based on my recommendation a few days ago will now be sitting on 9.1% profit on their capital invested (CMP 787.9).
BHEL picked momentum on Friday and touched a day high of 1934.
As mentioned earlier, JP associates continued its upward momentum breaking new resistance levels touching 292 during intra-day to close at 288.75. Given that I have been recommending this stock since 240 levels, one would be sitting on a neat profit of 17.8% by now.
Keep watching this space to get more exciting action on your stock portfolio.
BHEL picked momentum on Friday and touched a day high of 1934.
As mentioned earlier, JP associates continued its upward momentum breaking new resistance levels touching 292 during intra-day to close at 288.75. Given that I have been recommending this stock since 240 levels, one would be sitting on a neat profit of 17.8% by now.
Keep watching this space to get more exciting action on your stock portfolio.
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