Buy and Hold;
M&M Nov Future at 836.10
for TARGET ON TUESDAY
847.90, 851 ++
SURE SHOT
M&M Nov Future at 836.10
for TARGET ON TUESDAY
847.90, 851 ++
SURE SHOT
Friday, November 4, 2011
Axis Bank (BUY, above Rs1,117, Target Rs1,145):
Axis Bank is currently trading near support of 50 DMA, which most of
the time turns out to be trend reversal when stock is into uptrend. The
correction from the intermediate peak of Rs1194 has so far unfolded into
a zig zag corrective form which confirms that stock is into a medium
term uptrend. On the medium term chart stock is in process of forming
right shoulder of inverted H&S which is a bullish pattern with RSI
sustaining above 50 mark. We recommend buying Axis Bank Ltd above Rs1,117 with stop loss of Rs1,103 for Target of Rs1,145. (Duration 4 days)
Maret Commentary for 04, Nov 2011
The
market will hope nothing goes wrong soon. For now, world markets are
breathing little easy now that Greek’s PM has shelved the controversial
plebiscite on the EU bailout. However, George Papandreou may still be in
trouble as he braces for Friday’s confidence vote in parliament.
Indian
indices will rise at start following the relief rally across global
equities. But, the undertone may remain edgy over the ongoing political
instability in Greece. Reports also suggest that Italian premier is
under pressure to resign.
G20
leaders have urged eurozone counterparts to stabilise Greece and fix
the two-year-old debt crisis. Leading nations have also agreed to boost
the IMF war chest to deal with potential emergency. Meanwhile, the ECB
has cut interest rates by 25 bps amid looming eurozone recession and
turmoil in Greece. Italian bond yields softened post the ECB move after
having jumped to euro area record. The G20 summit and US jobs data are
among the crucial overseas events to keep on one’s radar. Back home,
inflation continues to be in focus with food inflation jumping to
nine-month peak. Petrol prices have been hiked by nearly Rs 2 per litre.
Services PMI shrunk for the third successive month.
Wednesday, November 2, 2011
Cipla (SELL, below Rs290, Target Rs277):
On the daily chart, Cipla reversed from the resistance line which
coincides with its Upper Bollinger Band, suggesting that the likelihood of
further upside over the short-term has diminished. For now, the risk/return of
establishing long positions is less than ideal. Yesterday, the stock declined with
impressive volumes. Selling pressure could intensify in the counter below the
levels of Rs288. The daily RSI has given a negative crossover which could
provide immediate trigger for down fall. We
advise going short on Cipla November Futures below Rs290 with stop loss of
Rs295 for target of 277 (Duration 5 days)
Market Commentary for 2.1.2011
Just when world markets were
beginning to settle down comes another jolt from abroad. And no prices for
guessing where the latest shocker has come from - Greece. The prime minister of the
debt-stricken eurozone nation has stunned everyone by calling for a referendum
on the EU bailout deal.
The surprise announcement has only
added to the doubts over the fate of the grand plan to tame the debt crisis.
The fresh turmoil in the financial markets comes ahead of the two-day G20
summit in France
later this week.
In another startling move, the
Greek PM has replaced the top brass in Army, Navy and Air Force. For the day,
attention will partly shift to the FOMC meet and remarks made by Fed chairman
Ben Bernanke.
The ECB will take a call on
whether to cut rates or not on Thursday while US monthly jobs report will in
focus on Friday.
The start today will be down on
the back of a worldwide selloff in equities. There could be some recovery later
in the session if global cues improve. But, given the heightened uncertainty
and volatility, it would be prudent to tread cautiously.
Tuesday, November 1, 2011
BPCL (SELL, below Rs625, Target Rs600):
BPCL has broken
down below the critical support of its 200-DMA which was placed at levels of
Rs633, which suggest that the likelihood of upside over the short-term has
diminished. For now, the risk/return of establishing long positions is less
than ideal. BPCL in last one month, has on five occasions bounced back from the
above mentioned support levels and in yesterday’s session it closed below it.
Moreover, appearance of falling tops signifies the bulls inability to form
higher highs. Based on above mentioned technical evidences, we recommend traders to short BPCL November
Futures below Rs625 with stop loss of Rs635 for target of Rs600. (Duration 5
days)
Market Commentary for 01 Nov 2011
The October heat didn’t have much
of an impact on the stock markets, as progress on the grand plan to check the
eurozone fiscal mess lifted the pall of gloom.
However, investors could be
staring at a nervous start to November on the back of a sharp fall in the US and
European indices. Barring china, most Asian markets are also in the red. The
initial euphoria over last week's euro-zone deal seems to have faded amid lack
of details on how to rein in the debt crisis. Spanish and Italian bonds have
tumbled, forcing the ECB to buy their debt.
The yen slid against the US dollar
after Japanese authorities intervened in the forex markets again. Gold and
silver futures dropped. Crude oil too declined. The latest manufacturing PMI
survey shows slower growth in China.
German retail sales came in weaker-than-expected while the Spanish economy
stalled in Q3 over Q2.
Back home too the bad news
continues, with the core sector growth dipping to a 31-month low. Concerns are
also mounting over the ballooning fiscal deficit. But results have not been too
bad and FII flows have turned positive again. The intermediate up-trend could
pick up if the Nifty sustains above 5400. The previous resistance of 5200 will
now turn into a strong support.
Monday, October 31, 2011
Delivery Call; Buy and Hold TATA STEEL at 483.90
Delivery Call;
Buy and Hold
TATA STEEL at 483.90
Target : 508.75
Target Time Frame : 8 days
Stop Loss : 470.6
Pantaloon Retail (BUY, between Rs184-186, Target 196):
The stock has undergone severe
correction in last two months. But with appearance of long legged ‘bullish
hammer’ after five impulse down, the stage is set for a corrective rally in the
stock. The momentum oscillators, both RSI and MACD are generating strong buy
signal from extremely oversold terrain and minimum retracement of atleast 38.2%
would ensure price up move till Rs240.
The volume has been phenomenal on Friday’s up move. We recommend buying stock in the range of Rs184-186 with stop loss of
Rs181 for Target of Rs196. (Duration 7 days)
PFC (BUY, above Rs155, Target Rs163)
PFC has given a breakout from rectangular band of Rs154-142
on Friday with impressive volumes, which has turned the short term trend to
positive. The immediate projection on the upside is seen at Rs169 based on the
concept of range breakout. The volumes have gone up during the breakout which
supports the buying argument in the counter and any pullback to re-test the
support line of its 100-DMA placed at Rs151, which should be used as a buying
opportunity. We advise buying the stock
above Rs155 with stop loss of Rs151 for Target of Rs163.
Market Commentary for 31.Oct 2011
Just before the first Indian grand
prix, the markets had the exhilarating experience of revving engines and screeching
tyres as the Nifty raced ahead close to the 5400 mark. Now, it looks like the
world stocks are taking a breather. US equity benchmarks had a flat finish on
Friday while their European counterparts ended mixed. Italian shares slid after
a tepid auction pushed yields on Italian 10-year bonds back above 6%.
Asian markets are mixed this
morning while the Nifty futures trading in Singapore are pointing to a muted
start. Japanese shares are up slightly while the yen is down after the
government stepped in to check the currency’s advance.
The Indian indices may consolidate
after the Nifty nearly hit the 5,400 mark last week. Although the Nifty could
gradually rise to 5,600, it is likely to face resistance around 5450.
Corporate earnings will continue
to attract attention in the next couple of weeks. Key domestic data points to
watch out for in the near-term include auto sales, cement volumes,
manufacturing & services PMIs, IIP and inflation. Globally, investors will
have to contend with manufacturing & services PMIs, FOMC meet, G-20 summit
and US monthly jobs report.
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