Exit KFA, sell on every rise

±      About 100 pilots have quit Kingfisher Airlines in the last four months. (BS)

NOW YOUR TURN TO EXIT.

Result Update: Hindalco Industries (Q2 FY12) – BUY

CMP Rs127-130, Target Rs155,165 + Upside 37.5%

 

Buy SBI on dips, target 1877 & 1904 ++

BEST pick in dips

Market Commentary for 11.11.11

The Indian market was spared a rollercoaster ride on account of the holiday. There may be some adjustments to make especially during the initial hour. In case you missed it the main US indices had plunged ~3% on Wednesday after the yield on 10-year Italian bonds rose to its highest levels of 7.48%. The good news is that overnight the Dow Jones ended 113 points higher while S&P added 11 points and Nasdaq closed in the green.

To add to the global confusions, Standard and Poor's said that it had mistakenly announced to some of its clients that it had downgraded France's top "AAA" credit rating, due to a technical error.

Meanwhile, it’s a tale of two ratings for the banking sector in India. Standard & Poor’s has upgraded India’s banking industry on Thursday even as Moody’s downgraded Indian banks to negative from stable, citing profitability, asset quality and capital concerns.

Besides the morning fluctuations, the Indian market will be driven mostly by the factory output, as measured by the index of industrial production (IIP) and inflation numbers.

Manappuram Finance (BUY, above Rs62.50, Target Rs66.50): On the daily chart, the stock has given an upside breakout, considered to be an important bullish signal. The stock is poised for further gains in the next few trading sessions. The undertone is reasonably strong and is likely to push price higher. After breaking above its 200-DMA last week, the stock has made higher tops. The upside breakout is well accompanied with impressive volumes. The stock recorded three-fold delivery volumes, exceeding its 5-day average. Based on above mentioned technical evidences, we recommend traders to buy the stock above Rs62.50 with stop loss of Rs60.50 for target of Rs66.50. (Duration 4 days)

Reliance Media (BUY, between 92-92.5, Target Rs100): Reliance Media  has been showing resilience in last 3-4 weeks with trough of Rs84 holding firmly despite volatile markets. Such a higher bottom formation thus result into a bullish pattern of double bottom which implies that downside risk for the counter is almost over. The RSI on weekly chart is taking shape of inverted head and shoulder in the oversold terrain which reinforces bullish trend in the counter. We recommend buying Reliance Media in the range of Rs92-92.5 with stop loss of Rs89 for Target of Rs100. (Duration 7 days)

Market Commentary for 09.11.11

A flat start awaits the Indian stock market as investors begin to digest the effects or after effects of the global developments. Italian Prime Minister Silvio Berlusconi has resigned to the fact that his stepping down after the adoption of key reforms would boost the image of Italy. Greece is weighing all options or rather finding all avenues to get emergency funds to avert bankruptcy; Prime Minister George Papandreou had announced he will step down.

With a host of results being announced today stock-specific activity will be seen. The inflation and IIP data is also awaited this week. Investors may adopt a cautious approach given the fact that markets are closed tomorrow.

The global markets are more or less positive. Japan’s Nikkei Stock is up almost a percent. South Korea’s Kospi is also up. US indices staged a rally ending nearly at the day’s high.

India's merchandise exports fell to a 12-month low of US$19.9bn in October triggering the trade deficit to rise to a four-year-high of US$19.6 bn in the month. The Centre’s indirect tax revenue dropped 2.5 % to Rs 302.78bn in October.