22-April-2008
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MARKET WATCH
Markets opened on a positive note, ignoring the negative cue from CRR hike while reacting to the positive global environment. The sectors that were expected to be hurt in tighter monetary environment viz., Banking and realty too did not fare badly and in fact, there was some late buying coupled with short covering that lifted the banking heavyweights. The telecom heavyweights saw good amount of interest as both Rcom and Bharti moved higher. Tata Steel was the standout performer from the metal space as the stock picked up momentum as it zoomed higher by around 8%. Some weakness was spotted in IT stocks but that could be attributed to profit taking after a steady rise since Infy numbers. Some other notable gainers were Sasken, Praj, Renuka Sugar, B.Hind, Voltas, Punj, JP Associates, Biocon and KPIT. Overall the market was buoyant and breadth was much healthier.
Nifty crossed 5000 mark after more than a month and more significantly close above this mark. It has crossed a significant resistance zone by closing above 4970. More upside is likely if it manages to stay above 4970. The up move could gain further momentum in coming days and it could target 5250-5300. Certain sectors like Realty, Capital Goods and Banking that have been hit badly in past couple of months could seek higher levels on account of value buying coupled with some serious short covering. Stocks like JP Associates, Punj, GMR Infra, Rcom, HDIL, ICICI, Sbi, DLF, Voltas and some other banking stocks might fall under this category. Stocks like Cipla, LIC Hsg, Aptech, IDFC, Essar Oil, Renuka, Tata Chem and Suzlon have moved past stiff resistance areas and could see smart rebound in coming days. Only point of concern seems to be the leader of the current rally, RIL as it is still trading around 2650 and failure on its part to cross 2650-2670 conclusively could put the broader uptrend in danger.
STRONG RESEARCH
HOLDING PERIOD – 1 to 3 DAYS
Dear members Buy Level is given according to Cash Market. When Level cross in Cash market you can buy in future. And one can also trade in Equity.
RCOM FUT BUY @562 stoploss 552 Target 575/???
Money Mantra GPS CALL
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HOLDING PERIOD – ONE MONTH
For members Only
Present Price – Rs.1??? Target – Rs.????
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The information provided in the document is from publicly available data and other sources, which we believe are reliable. It also includes analysis and views expressed by our research team. The report is purely for information purposes and does not construe to be investment recommendation/advice. Investors should not solely rely on the information contained in this document and must make investment decisions based on their own investment objectives, risk profile and financial position. Efforts are made to try and ensure accuracy
