Archive for February, 2010
Todays Intraday/Daytrading Tips
Europe has closed in the red. Dow (at 11:20 PM on 22nd February) is trading flat with a negative bias. Hangseng recovered a majority of the lost ground of Friday, but still closed around 70 points down compared to the close of 18th instant. In effect, the major global indices are pendulating between nowhere and now here.
BUY NIFTY ABOVE 4840
TGT 4872-4892.
EXTENDED TARGETS ARE 4931 IF STAYS ABOVE 4910 FOR 10 MINS THEN
SL 4818
SELL NIFTY BELOW 4872 TGT 4840-4820.
EXTENDED TARGET IS 4782 IF STAYS BELOW 4805 FOR 10 MINS
SL 4896
Intraday Calls
JSWSTEEL
Buy above 1112
SL 1105
Targets 1122,1128
Or if trades near 1045
Short JSWSTEEL
SL 1052
Targets 1035,1030
AXISBANK
Buy above 1108
SL 1101
Targets 1118,1125
Or if trades below 1087
Short AXISBANK
SL 1094
Targets 1077,1070
ABB
Buy above 816
SL 810
Targets 825,830
Or if trades below 801
Short ABB
SL 807 Targets 792,785
F & O Calls
BUY DISHTV FUTURE
ABOVE 38.40
TARGETS 39.45-41.20
SL 37.70
SELL DISHTV FUTURE BELOW 39.50
TARGETS 38.45-37.95
SL 40.20
BUY DLF FUTURE ABOVE 281.25
TGT 289-292.45
SL 276.25
SELL DLF FUTURE BELOW 288.75
TGT 281.25-277.75
SL 294.25
Todays Stock Tips/Updates
Expectations are sky-high for Union Budget 2010-11, with this being the second budget session of the current Lok Sabha. However, apprehensions too are abundant. The expectations are fueled by the sharp recovery displayed by the Indian economy from the global economic slowdown. The rising GDP growth, easy liquidity in the banking sector and strengthening of rupee are all aiding the cause. However, the soaring inflation remains a cause of concern and a phased withdrawal of stimulus packages is likely to be announced in the budget. Burgeoning fiscal deficit is another cause of worry. The street will closely watch the measures the government will resort to fill the widening gap amidst demand for tax cuts and tax waivers.
NIFTY TARGET WILL BE 4898 AND SECOND TARGET WILL BE 4925AND VICE VERSA. BOOK 75% PROFIT NEAR TO FIRST TARGET AND HOLD 25% FOR SECOND TARGET
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ABAN OFFSHORE (LAST CLOSE 1192)
SHORT ON ABAN @ 1220 ON 19-2-10.HOLD SHORT WITH STOP LOSS OF 1242
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JINDAL STEEL & POWER ( LAST CLOSE 609)
SHORT ON JINDAL @ 610 O 19-2-10 HOLD SHORT WITH STOP LOSS OF 622
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LUPIN (LAST CLOSE 1533 )
SHORT ON LUPIN @ 1540 ON 19-2-10 HOLD SHORT WITH STOP LOSS OF 1562
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RELIANCE IND (LAST CLOSE 986)
SHORT ON RELIANCE @990 ON 19-2-10 HOLD SHORT WITH STOP LOSS OF 1010
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Weekly Stock Update
Nifty commenced the last week on a flat note but moved higher to test 4,900 levels during the week. It ended its winning streak after facing stiff resistance at 4,900 level and ended the week below this mark after failing to breach this level decisively. From here, Nifty is expected to move within a range as suggested by its technical indicators as they are giving no clear indications. Also, a high volatility is expected to be the order of the week ahead of the budget and F&O expiry. Strong movements can be expected on the last trading session of the week when the budget will be announced. It can move downwards until 4,750 levels where it has got a strong support and if this level is breached, it can move further downwards until its next major support at 4,650, around which it will also get the support from 200 days exponential moving average. Upside, it has a resistance at 4,950 levels and Nifty can move higher only after breaching this level.
Click TO Enlarge
Stocks To Watch
AXIS BANK(Sell)
CMP 1100
Target Price 1032
Stop Loss 1134
Support/Resistance 1030/1100
Comment
- The stock has been rising steeply over the last few sessions and it is now expected to correct.
- Its momentum indicators are also supporting its downward move. Its RSI is close to the overbought zone at 63 levels and the stochastic has also entered the overbought zone at 82 levels, suggesting a downturn.
RURAL ELECTRIFICATION CORP.(F) (Buy)
CMP 213.2
Target Price 228
Stop Loss 205.8
SupportResistance 213/230
Comment
- The stock has been falling continuously from the last many sessions and it is likely to rebound from here.
- Its momentum indicators are supporting its upward move. Its RSI is close to the oversold zone at 31 levels, MACD is showing maximum divergence and it is about to give a buy signal by crossing above its signal line and the stochastic has also given a buy signal.
Domestic market began the week on a subdued note on worries the central bank may take more monetary action to check inflation after the latest data showed that the headline inflation jumped in January 2010. Monthly inflation rose to 8.56% in January compared to 7.31% last month. Indian benchmark indices recouped all the losses on the next day thanks to higher Asian and European markets. Domestic bourses climbed higher as
the week moved ahead with Nifty touching 4,900 level following strong global cues and speculation that global economy is on the path of recovery. Finance minister’s comments that the Indian economy may grow at more
than 8% in the fiscal year 2010-11, after growing at around 7.5% in the current fiscal year ending March 2010 also bolstered sentiments. However, the benchmark key indices snapped last two days’ winning streak as lower Asian stocks weighed on investor sentiment. Ascending food inflation also dampened the market moods back home. Indices dipped in red on the last day of the week as the US Federal Reserve’s decision to raise its discount rate hurt investor sentiment. Sensex closed the week at 16,191.63 up by 39.04 points (0.24%) while Nifty closed at 4,844.90 up
by 18.05 points (0.37%).
Nifty Weekly Top Gainers
Company % Return
Hindalco 8.43
Ranbaxy 6.55
HDFC Bank 6.00
Nifty Weelky Top Loser
Company % Return
Bharti Airtel -11.35
Unitech -6.15
Reliance Infra -5.67
Global Markets
US stock markets gained with higher margins during the week (till Thursday) as upbeat economic data and several strong earnings announcements bolstered the market sentiments. The markets also reacted to news from Merck, Hewlett Packard, Deere & Co and Wal-Mart, which reported better than expected earning. Investors bought into stocks after the positive economic data including producer price index, retail sales, industrial production, activity in the manufacturing sector and housing data. In other news, General Growth Properties Inc., the second-largest U.S. mall owner which filed for bankruptcy last year soared after Simon Property Group Inc., the biggest U.S. shopping-mall owner, offered to buy the troubled company.
Asian markets ended on subdued note during the week. Japan’s Nikkei 225 edged up but gains were limited by concerns over risk factors such as the impact of China’s efforts to curb bank lending and Greece’s fiscal woes. Hang Seng plummeted as lingering worries over China’s policy tightening prompted investors to take profits from the market’s recent rebound. China’s SSE composite closed during the week due to Lunar New Year holiday.
European markets surged significantly during the week. Markets started the week on a buoyant note posting gains on the back of financial and commodity shares. Positive US manufacturing data with higher crude and metal prices lifted the markets higher.
Further, better than expected earnings from Barclays, BNP Paribas, ING, ABB and Capgemini took the markets to 2 week closing high.
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