Free Intraday Stock Tips

Stock calls : 12-Mar-2009

Markets remained range bound on Monday for the first hour of trade but declined sharply thereafter in afternoon trades on heavy selling in selected blue chip stocks.

While the Sensex, which had plunged to a low of 8110 in intra-day trades, ended with a loss of 165 points or 1.99% at 8160 at a three-year low, the Nifty closed lower by 47 points or 1.79% at 2573.15, a few points off its low of 2555.60. FMCG and realty stocks came under heavy selling pressure on Monday as FIIs continue to offload their holdings in view of depreciating rupee and redemption pressure.

However, selected power and pharma stocks found support at lower levels while capital goods, IT, telecom, metal and oil stocks were seen struggling for support and remained in the negative. Further, markets will be keenly watching IIP numbers for January 09 which will be announced today which as per Moody’s are expected to fall again in January by 3.5% due to sharp reduction in external orders and the dramatic slowdown in the domestic economy. Meantime, U S markets staged a sharp rebound on Tuesday on the news that Citigroup is turning a profit during the first two months of ‘09 which buoyed hopes that stricken financial sector can recover. Back home, however, you are advised to trade with caution and watch the market trend before taking long positions.

Global Cues will set the market trend…

NIFTY FUTURE (2548.40)
Nifty Fut closed on Monday losing 60 points over its previous close making a low of 2531, absolutely near its weekly support as indicated in these columns on Monday and rebounded.

It may yet seek support near its weekly levels but to gain upward strength Nifty Fut needs to trade and remain above 2577.75, whereby it may move up to 2609/2643. Immediate support for Nifty Fut exists at 2527.75, which if breached decisively Nifty Fut may slide to 2491/2478.

Stock Market Calls

BUY NIFTY 2600 CALL

Above 54

SL : 40

Target : 63 – 70 – 80

BUY Cairn India. (162.5 LTP)
BUY AT DIP
SUPPORT : 160 – 158
RESISTANCE : 164-168-170

BUY Mphasis

Above 181

SL- 176

Target- 187/192 …….

BUY ICICI BANK

Above 269

SL- 259

Target- 282

BUY Akruti City

Above 1000

SL – 976

Target- 1050

CURRENCY UPDATE

During the october fall rupee hit low of 51.40.

Now rupee has broken the Oct 2008 lows and now trading around 52.

Further weakness in rupee is expected and rupee can fall towards 53–53.5
Any further weakness in rupee will drag the market to new lows.

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