Last trading day: Friday, 4 April
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4:11 PM - The market made losses over the week too! Sensex shed 6.2% and the Nifty, 5.9%. But it was slightly better for the midcaps and smallcaps; CNX Midcap index lost 3.6% and BSE Smallcap index, 2.3%. BSE Capital Goods index took a huge hit of 12.6% over the week, followed by BSE Metal index, down 8.1%. BSE Realty index was down 7.7% and BSE Bankex, down 7.4%. BSE IT, FMCG and Oil & Gas indices lost over 1% over the week.
4:03 PM - It was mostly quiet for the market, until inflation came out at a 3-year high of 7% at noon. The market started sliding after that. But positive opening for the European markets curbed the fall to an extent. Sensex closed at 15,343, down 489 points from the previous close. Nifty shut shop at 4647, down 124 points. The hit wasn't as bad for the midcaps and smallcaps; CNX Midcap index lost 2% and BSE Smallcap index, 1.6%. selling was witnessed across all sectors, but capital goods, power and banking stocks were dumped the most. Biggest losers on the Sensex include BHEL, HDFC, Mahindra & Mahindra and L&T among others.
3:57 PM - In the private banking space, Axis Bank looks the strongest and one can buy this on falls, but only for trading, he suggests. The stock closed at Rs 714.10, down 4.2% on the BSE today.
3:50 PM - In the banking sector, most are trading close to their support levels, says Kiran Jadhav of Precision Technicals, on NDTV Profit. SBI now has support at Rs 1,590 and ICICI Bank at Rs 750-740, he adds.
3:44 PM - ICICI Bank now has suppport at Rs 694, says Anil Maghnani, technical analyst, on CNBC Awaaz. The stock ended the day at Rs 762.90, down 3.2% on the BSE.
3:37 PM - The entire banking sector looks negative, at least for the short term, says Anil Maghnani, technical analyst, on CNBC Awaaz. If one has to remain in this space, then stick to PSU banks, as they look safer compared to private banks, he suggests. But banks will only give trading moves now, he adds.
3:30 PM - The market had a quiet opening today, but when inflation came out at 7%, sentiments were hit bad and the market started to slide and could not recover much after that. Sensex ended the day at 15,348, down 483 points (provisional) from the previous close. Nifty shut shop at 4655, down 116 points (provisional). CNX Midcap index lost 1.7% (provisional) over the day.
3:23 PM - BHEL can fall to Rs 1,400, says Kiran Jadhav of Precision Technicals, on NDTV Profit. The stock is currently trading at Rs 1,632, down 7% on the BSE.
3:15 PM - Sensex is currently trading at 15,335, down 497 points from the previous close. Nifty is at 4645, down 126 points. CNX Midcap index is down almost 2% and BSE Smallcap index, down 1.7%.
3:08 PM - One can continue to hold Orbit Corp, but with a stoploss at Rs 430, says Hitendra Vasudeo, technical analyst, on CNBC Awaaz. On the upside, it will face resistances at Rs 530-625, he adds. The stock is currently trading at Rs 435, down 8.6% on the BSE.
3:00 PM - Inflation at 7% was certainly not expected by the market; it was expected 6.5-6.6%, says Manish Sonthalia of Motilal Oswal Securities, on CNBC-TV18. Inflation may not climb significantly going forward, but one will have to leave with 5.5% plus for the next 3-4 months, he adds.
2:52 PM - If Exide falls below Rs 62, then its short to medium term trend can turn negative, says Vijay Bhambwani, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 66.50, down 1.7% on the BSE.
2:45 PM - As long as the Sensex holds 15,300, one can expect a recovery, says Hitendra Vasudeo, technical analyst, on CNBC Awaaz. But if it falls below this, then 14,000 can be tested, he adds. A recovery is a must or else the market will gradually drift lower, he says.
2:36 PM - Arbitrageurs and Jobbers (slang term for individuals who hold shares on their books and trade with the brokers) continue to stay on sidelines, say dealers, reports NDTV Profit. There's aggresive sell-off by hedge funds across the board, they say. Long only funds also continue to sell. Rate sensitive sectors are under pressure.
2:35 PM - Balrampur Chini has good support at Rs 75 or so, so the downside is limited here, says Bhavesh Gandhi of India Infoline, on CNBC Awaaz. But the upside, at least for the near term, may be capped too, he adds. The stock is currently trading at Rs 81.85, down 2.4% on the BSE.
2:28 PM - Akruti City is performing better than its peers in the market fall, says Nayan Mehta of Techno Shares, on CNBC Awaaz. The company has more visibilty in earnings, in terms of rental form IT Parks, etc and has a strong presence as far as the Mumbai slum rehabilitation is concerned, he says. All this augurs well for the stock, he adds. So if you hold the stock, then continue to do so, or buy at declines, he suggests. It is currently trading at Rs 1,015, up 4.4% on the BSE.
2:20 PM - For Tulip IT Services, Rs 800 is a very important level, says Vijay Bhambwani, technical analyst, on CNBC Awaaz. If it sustains above this, then good, otherwise it can fall to Rs 740-700, he adds. The stock is currently trading at Rs 850.10, up 0.8% on the BSE.
2:12 PM - Indo Tech Transformers is currently available at attractive valuations, says a market expert from Asian Markets Securities, on CNBC-TV18. The stock has a year's target of Rs 555, he adds. It is currently trading at Rs 504.85, up 0.9% on the BSE.
2:05 PM - The market has recovered slightly on the back of positive opening for the European markets. Sensex is currently trading at 15,414, down 418 points from the previous close. Nifty is at 4669, down 102 points. All sectoral indices are still trading in red.
2:02 PM - KLG Systel has a high growth potential and 1-year target of Rs 760, says a market expert from Asian Markets Securities, on CNBC-TV18. The stock is currently trading at Rs 532, down 2.3% on the BSE.
1:55 PM - Capital goods are providing great investment opportunities for 3-5 years, says Ketan Karani of Kotak Securities, on CNBC-TV18. One should start accumulating stocks like BHEL for the long term, he suugests. The stock is currently trading at Rs 1,639, down 6.6% on the BSE.
1:48 PM - The worst is over and things will start getting better from here onwards, says Ketan Karani of Kotak Securities, on CNBC-TV18. But do not expect a V-shaped recovery, he adds. Though FY09 estimates may get moderated to a certain extent, growth in India will not suffer in a big way, he says. Earnings will be more or less in line with expectations, he says.
1:40 PM - Orchid Chemicals has resistance at Rs 190-200 and partial profits can be booked, says Prakash Gaba, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 181, up 3.1% on the BSE.
1:34 PM - ONGC has a target price of Rs 1200-1300 in 10-12 months, says Ashu Kakkar, technical analyst, on NDTV Profit. The stock has support at Rs 935-960 and is currently trading at Rs 995, down 2.4% on the BSE.
1:22 PM - Aban Offshore has resistance at Rs 4000 and it's a good stock for the long term, says Prakash Gaba, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 2,974, down 3.2% on the BSE.
1:15 PM - If you have a short term view, then exit UCO Bank at Rs 38.50-39, says market expert Ashok Agarwal, on Zee Business. But if you have a medium term view, say of 6-8 months, then expect the stock to go up to Rs 45-47, he adds. It is currently trading at Rs 35.95, down 1.2% on the BSE.
1:08 PM - Videocon Industries has resistance at Rs 290-300 and support at Rs 240, says PK Agarwal of Bonanza Portfolio, on Zee Business. The stock is currently trading at Rs 316, up 0.1% on the BSE.
1:01 PM - Inflation at 7% has hit market sentiments and it is seeing a selling pressure. Sensex is currently trading at 15,403, down 429 points from the previous close. Nifty is at 4657, down 114 points. CNX Midcap index is down 1.6% and BSE Smallcap index, down 1.1%. All sectoral indices are trading lower, with that of capital goods, IT and banks hit the worst. Market breadth is weak, with 268 advances against 937 declines on the NSE.
12:57 PM - Suzlon has a target price of Rs 390-400 in 10-12 months, says Ashu Kakkar, technical analyst, on NDTV Profit. The stock has resistance at Rs 276-340, support at Rs 265-238 and can be bought on declines at Rs 250-260, it is currently trading at Rs 274, up 1.05% on the BSE.
12:51 PM - Orchid Chemicals has a target price of Rs 386 in 10-12 months, says Ashu Kakkar, technical analyst, on NDTV Profit. The stock is the cheapest in the pharma space and can be bought on declines, it is currently trading at Rs 182, up 3.93% on the BSE.
12:48 PM - RPL is a buy on dips and a good stock for the long-term with a target price of Rs 250, says Ashish Kapoor, CEO of Investshoppe, on NDTV Profit. The company is to raise $500 million for its Jamnagar refinery, he says. It is currently trading at Rs 169, down 0.06% on the BSE.
12:43 PM - Satyam has a short to medium term target price of Rs 475-505, says Ashu Kakkar, technical analyst, on NDTV Profit. The stock can be bought on declines, it has resistance at Rs 438-455 and it is currently trading at Rs 419, down 2.01% on the BSE.
12:37 PM - RPL has resistance at Rs 175-178 and one can exit at any rally, says Prakash Gaba, technical analyst, on CNBC Awaaz. The stock has support at Rs 150-155 and it is currently trading at Rs 169, down 0.06% on the BSE.
12:30 PM - JSW Steel has a target price of Rs 950-1000 in 12 months, says Ashu Kakkar, technical analyst, on NDTV Profit. The stock can be bought at Rs 750 and it is currently trading at Rs 758, down 1.85% on the BSE.
12:22 PM - CRR hike unlikely and don't see respite in inflation over next 3 months, reports Macquarie on CNBC TV18. The Indian economy has slowed down for sure but growth unlikely to go below 8%. One can expect reasonable earnings momentum in Q4 and BHEL numbers do not warrant relooking at the capital goods sector. Mcquarie's top pick in the steel space is JSW Steel which is currently quoting at Rs 758, down 1.85% on the BSE.
12:16 PM - Voltas has resistance at Rs 182 and one can exit at any rally, says Prakash Gaba, technical analyst, on CNBC Awaaz. The stock has support at Rs 160-165 and it is currently trading at Rs 175, down 0.66% on the BSE.
12:08 PM - Bad sentiment and poor inflation numbers push the market further down that is trading at day's low. Sensex is currently trading at 15521, down 311 points. Nifty is trading at 4698, down 72 points from the previous close. The CNX Midcaps index is down 1.28% and BSE Smallcaps index is down 0.56%. Banking, IT and capital goods stocks are witnessing selling pressure. The breadth is negative with advances at 300 against declines of 860 on the NSE.
12:03 PM - Inflation for week ended March 22 is at 7% versus 6.68% and market estimated it to be at 6.52%, reports CNBC TV18. Inflation is at 3-year high, vegetable prices up 4.9% and minerals up 38.2% for week ended March 22.
11:58 AM - Tata Motors has a target price of Rs 950-1000 in 6-9 months, says Rajesh Agarwal of CD Equisearch, on CNBC Awaaz. The stock is trading at Rs 617, down 1.77% on the BSE.
11:51 AM - Mundra Port has resistance at Rs 680 and support at Rs 460, says PK Agarwal of Bonanza Portfolio, on Zee Business. The stock is a buy at Rs 540 and it is currently trading at Rs 595, down 1.04% on the BSE.
11:42 AM - The market is looking weak and Nifty is trading at day's low. Sensex is currently trading at 15651, down 180 points. Nifty is trading at 4739, down 32 points from the previous close. Sensex gainers include Tata Steel, Ranbaxy and Bharti Airtel and losers include BHEL, L&T and HDFC.
11:32 AM - Tata Motors has resistance at Rs 690-700 and one can exit at any rally, says Prakash Gaba, technical analyst, on CNBC Awaaz. The stock is a buy at Rs 590 and it is currently trading at Rs 617, down 1.77% on the BSE.
11:21 AM - BHEL and some capital goods are getting dumped by investors after they have corrected badly, says Dipan Mehta, BSE/NSE Member, on NDTV Profit. The management needs to give clarity on how it will execute its orders and growth rates, he says. The stock is likely to be rangebound and decline further, he adds. UBS downgrades BHEL target to Rs 1975, it is currently trading at Rs 1700, down 3.12% on the BSE.
11:13 AM - Orchid Chemicals and BEL are extremely oversold and both can see a 15-20% upside from here and are both buy at current levels, says Hardik Jain, technical analyst with ISJ Securities, on NDTV Profit. Orchid is currently trading at Rs 181, up 3.33% and BEL is at Rs 1168, up 3.16% on the BSE.
11:03 AM - ICICI Bank has resistance at Rs 810-900 and support at Rs 720, says PK Agarwal of Bonanza Portfolio, on Zee Business. The stock is currently trading at Rs 782, down 0.66% on the BSE.
10:52 AM - Essar Oil can see a 10-15% upside from here and is a buy at current levels, says Hardik Jain, technical analyst with ISJ Securities, on NDTV Profit. The stock is currently trading at Rs 223, up 5.05% on the BSE.
10:46 AM - BHEL is deeply oversold and a pullback rally is overdue, if the stock can cross Rs 1950 then it can go to Rs 2000-2125, says E Mathew, technical analyst, on CNBC TV18. The stock is currently trading at Rs 1718, down 2.11% on the BSE.
10:38 AM - The month of April is very important for the market with the Q4 earning season ahead, says Dipan Mehta, BSE/NSE Member, on NDTV Profit. The news will flow thick and fast and market will witness volatility, he says. There will be upheaval and if earnings are good the bottom is in place can be assumed but if earnings are bad, then we will test new lows, he says.
10:30 AM - The market is trading quiet and still in the negative. Sensex is currently trading at 15742, down 90 points. Nifty is trading at 4763, down 7 points from the previous close. The CNX Midcaps index is up 0.13% and BSE Smallcaps index is up 0.03%. The breadth is negative with advances at 482 against declines of 525 on the NSE.
10:23 AM - Clear downtrend seen in the Indian economy, says Shankar Sharma of First Global, on NDTV Profit. The market is likely to see another fall post Q4 earnings, he says. Liquidity in the market may be taken away via the RBI policy, he adds. The capital goods space is a clear sell and IT is a buy call right now, he says.
10:14 AM - Sharekhan has a price target of Rs 2845 on BHEL, reports NDTV Profit. The stock is currently trading at Rs 1716, down 2.17% on the BSE.
10:06 AM - L&T seems to have formed a bottom and the stock can see a 10-15% upside in the next 10 days, says Hardik Jain, technical analyst with ISJ Securities, on NDTV Profit. The stock is currently trading at Rs 2837, down 0.46% on the BSE.
9:58 AM - The Asian markets are trading in the negative. The Indian market sees a volatile opening with market opening in the positive and then slipping into the negative. Sensex is currently trading at 15798, down 33 points. Nifty is trading at 4767, down 3 points from the previous close. Steel and metals stocks are seeing selling pressure. The CNX Midcaps index is up 0.03% and BSE Smallcaps index is up 0.01%.
9:48 AM - The NDTV Opinion Poll expects to see a flat opening for the indices today with a two-sided move for the day. Nifty range is expected to be 4660-4850. Stocks to watch out for are Welspun Gujarat, Essar Oil and Ranbaxy.
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