Buy & Hold Reliance Infra for 30 days

Buy, above Rs524, Target Rs546, SL Rs513: In yesterday’s session, the stock surpassed the resistance line of Rs521 on the daily chart drawn from peak of second week of October 2012 and has sustained above it. The above level also coincides with its 200-DMA. In October, on three occasions, the stock had failed to cross over this critical moving average. The daily RSI has been quiet encouraging and is expected to improve from hereon as the stock continues to make higher top and higher bottom. (Duration 25 days).

Market Commentary | Shrinking hopes!

The resurgence seen in industrial production has not really cheered the market. Some argue it’s more of a statistical delight given the low base effect. With retail inflation spiking, investors are worried that the RBI may choose to delay the much sought rate cuts.

The indices are set to open flat to positive. Asian markets are trading higher after Japanese exporters are clocking gains on the bourses. The Yen is down to an 8-month low against the dollar. US indices ended flat as investors sought more concrete action from the Fed. The US Federal Reserve announced a stimulus plan to boost the country’s economy. Fed taking sides with American jobless ruled to keep the interest rates between 0 and 0.25% until the unemployment fells to 6.5%.

The BSE is set to launch the first it SME Index tomorrow. Infosys announced that its ADS have started trading on the NYSE under the ticker symbol ‘INFY’. The company is in the process of listing its ADS on the Paris and London exchanges of NYSE Euronext.

Buy and Hold FEDRAL BANK

HOLD FOR TARGET OF 524.90

LONG TERM TARGET 600++

30 Days Delivery Call | COXKING AT 143

BUY AND HOLD

COXKING at CMP 143.90
hold for target 153.90+
29days call

Tech Mahindra above Rs879.90, Target Rs909.90 +

Buy and Hold Tech Mahindra above Rs879.90, Target Rs909.90 +, SL Rs864: The stock has created a strong base around Rs864 in last few trading sessions. The above level coincides with 100-DMA, suggesting strength in the counter. Infact, the same moving average has been holding up since May 2012. Any pullback to retest the support point (100-DMA) should be viewed as a buying opportunity with a better risk reward ratio. (Duration 7 days)

UNION BANK OF INDIA TRADING AT 260

BANG ON TARGET