Last trading day: Monday, 31 March
3:55 PM - It was a bad start to the week! After raising hopes on Friday, the market disppointed today and fell due to high inflation, bad global cues and the ICAI ruling. The Sensex ended the day at 15,644, losing 726 points from the previous close. Nifty shut shop below the 4750 mark, at 4734, down 207 points. CNX Midcap index lost 1.8% and BSE Smallcap index, down 0.8%. Banking, IT and realty stocks were dumped, while healthcare stocks were picked up. Biggest losers on the Sensex included HDFC, ICICI Bank and DLF, while Cipla, Mahindra & Mahindra and Bharti were among the gainers.
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3:47 PM - And that was the end of the financial year '08, which, numbers say was a good year! The Sensex gained 19% and the Nifty, 23.2% in FY08, reports CNBC-TV18. BSE Midcap index added 28% and BSE Smallcap, 21%. BSE Metal index gained 64%, BSE Oil & Gas index, up 55% and BSE Capital goods index, up 53%. But BSE IT index lost 28% and BSE Auto index, 7.7%.
3:31 PM - Negative global cues, high inflation and the ICAI ruling that companies need to show their mark-to-market losses of all outstanding derivative contracts kept the market pinned down today. The blow was even worse during the last hour of trade. Sensex closed at 15,563, down 808 points (provisional) from the previous close. Nifty shut shop at 4708, down 233 points (provisional).
3:28 PM - If RPL is able to hold Rs 148-150, then there is a possibility that a pullback may take it to Rs 190, says Salil Sharma, technical analyst, on Zee Business. The stock is currently trading at Rs 157, down 2.9% on the BSE.
3:24 PM - Tata Power has a target of Rs 1,250, says Simi Bhaumik, technical analyst, on NDTV Profit. The stock is currently trading at Rs 1,170.50, down 3.4% on the BSE.
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3:17 PM - The Nifty could not cross 4950 after touching it on Friday and it fell below 4750 today are the two big negatives, says Rahul Mohindar, technical analyst, on CNBC-TV18. If it closes below 4750, then there are chances that it might test 4400 again, he adds.
3:08 PM - If the Nifty took some support at 4720-4726 today and if this breaks, then it can fall to 4600, says Rajat Bose, technical analyst, on CNBC Awaaz.
3:00 PM - The cut has got deeper! Sensex is now trading 703 points lower from the previous close, at 15,667. The BSE 30-share index has touched an intra-day low of 15,615 in trade so far. Nifty is at 4742, down 199 points. CNX Midcap index is down over 2% and BSE Smallcap index, down 1%.
2:55 PM - Godrej looks good on the long term charts, says a technical analyst, on CNBC Awaaz. FMCG stocks are expected to do well going forward, so hold the stock for 1.5-2 years for good returns, he suggests. The stock is currently trading at Rs 260.45, down 9.3% on the BSE.
2:49 PM - PNB Gilts can possibly go to Rs 30-32, says a technical analyst, on CNBC Awaaz. The long term charts of this stock look fine and one can look at accumulating more at Rs 20-22, he says. In another 2-3 years, the stock may see newer highs, he adds. It is currently locked on a upper circuit at Rs 27.90.
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2:40 PM - There seems to be limited downside in cement stocks now, says Hemen Kapadia, technical analyst, on CNBC Awaaz. India Cements has supports at Rs 183, 175 and 160, he adds. It is currently trading at Rs 187.70, down 3.4% on the BSE.
2:32 PM - Jagran Prakashan has an intermediate support at Rs 86-87 and as long as it stays above this, there is no need to fear a downtrend here, says Hemen Kapadia, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 89, down 5.4% on the BSE.
2:24 PM - Infosys is giving a medium term buying opportunity now, says E Mathew, technical analyst, on CNBC-TV18. So this could be more than just a pullback rally, he adds. The stock has support at Rs 1,300-1,340, he says.
2:16 PM - Kalpataru Power has support at Rs 975 and will face resistance at Rs 1,146-1,200, says Hemen Kapadia, technical analyst, on CNBC Awaaz. Continue to hold the stock, as it is due for a recovery, he suggests. It is currently trading at Rs 1,058.80, down 6.6% on the BSE.
2:08 PM - European markets have opened lower too. The market back home is off the day's lows, but key indices are still trading below important levels. Sensex is currently at 15,783, down 587 points from the previous close. Nifty is at 4785, down 156 points. Market breadth is weak, with 511 advances against 714 declines on the NSE.
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2:07 PM - For the short term trend to remain up, it is important for the Nifty to close above 4730 today, says E Mathew, technical analyst, on CNBC-TV18.
2:00 PM - If Suzlon can cross the resistance of Rs 282, then one can expect it to go to Rs 300-301, says Anu Jain, technical advisor, on Zee Business. The stock is currently trading at Rs 263.70, down 2.3% on the BSE.
1:52 PM - JP Associates will face problem in crossing Rs 245 on the upside, says Vijay Bhambwani, technical analyst, on CNBC Awaaz. If you have a minimum of 6 months time, then no worries; but if you are a short term trader, then book your profits, once the stock moves up by another Rs 5-7, he suggests. It is currently trading at Rs 229.70, down 4.5% on the BSE.
1:44 PM - In the power sector, NTPC looks poised for a breakout, says Anu jain, technical advisor, on Zee Business. The stock is currently trading at Rs 199.15, down 2.5% on the BSE.
1:37 PM - There is a lack of buying interest from institutional investors, say dealers, reports CNBC-TV18. Domestic funds are waiting on the sidelines, while there is some buying form insurance companies, they say. The market is currently nervous due to high inflation and the ICAI ruling that says the companies should reveal their mark-to-market losses of all outstanding derivative contracts under AS 30 norms.
1:30 PM - If Cipla can cross Rs 222-223 decisively, then it can go up to Rs 270-275, says MB Singh, technical analyst, on Zee Business. The stock is currently trading at Rs 220.70, up 1.5% on the BSE.
1:22 PM - Asian Electronics can go up to Rs 280-300 in the medium term, says Hemen Kapadia, technical analyst, on NDTV Profit. One can buy the stock at current levels, also because the downside seems limited here, he adds. The stock is currently trading at Rs 203.75, down 0.4% on the BSE.
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1:15 PM - Sensex is currently trading at 15,699, down 671 points from the previous close. Nifty is at 4753, down 188 points. CNX Midcap index is down over 2%. Market breadth has turned even weaker; 466 advances against 755 declines on the NSE.
1:08 PM - India is still a preferred long term story in Asia in 2008, says Geoff Lewis, Head of Investment Services at JF Asset Management, on CNBC-TV18. He is relatively cautious on global markets and expects volatility there. The slowdown in US may cause short term cyclic unwinding in commodities, he says.
1:04 PM - DLF is a buy at current levels as it is setting stage for a rebound, says Hemen Kapadia, technical analyst, on NDTV Profit. The stock has support at Rs 681 and resistance at Rs 710, he adds.
1:00 PM - Punj Lloyd has support at Rs 315-310 and resistance at Rs 340-345, says Anu Jain, technical advisor, on Zee Business. The stock is currently trading at Rs 323.40, down 2.9% on the BSE.
12:52 PM - The worst seems to be almost over in JP Hydro, says Hemen Kapadia, technical analyst, on NDTV Profit. Hold the stock, as it can see Rs 90 in the next 5-6 months, he says. It has support at Rs 49 and resistance at Rs 63, he adds. The stock is currently trading at Rs 55.35, down 3.4% on the BSE.
12:44 PM - The market is witnessing tremendous selling pressure. Key indices are trading close to the day's lows. Sensex has fallen below 15,800 and is currently at 15,741, down 630 points from the previous close. Nifty too has fallen below 4800 and is trading at 4770, down 171 points. CNX Midcap index is down 1.9% and BSE Smallcap index, down 0.3%. IT and banking stocks are getting dumped. Market breadth is weak, with 504 advances against 707 declines on the NSE.
12:39 PM - RNRL is a buy at current levels for a short to medium term target of Rs 121-140, says Hemen Kapadia, technical analyst, on NDTV Profit. The stock is currently trading at Rs 103, down 2.3% on the BSE.
12:32 PM - ONGC is a good buy close to Rs 905, says Hitendra Vasudeo, technical analyst, on CNBC Awaaz. It has support in the band Rs 910-850 and resistance at Rs 1,100-1,160, he adds. It is currently trading at Rs 1,035, down 1.6% on the BSE.
12:25 PM - HDIL has a short term target of Rs 800-845, says Simi Bhaumik, technical analyst, on NDTV Profit. The stock is currently trading at Rs 714.70, down 0.9% on the BSE.
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12:19 PM - Bhushan Steel is a hold at current levels, as it can go up to Rs 1,100 in 4-5 months on a rebound, says Hemen Kapadia, technical analyst, on NDTV Profit. The stock has support at Rs 619 and resistance at Rs 746, he adds. It is currently trading at Rs 724.95, up 0.4% on the BSE.
12:10 PM - Merrill Lynch has a 'buy' rating on KPIT Cummins, with a target price of Rs 105, reports NDTV Profit. The stock is currently trading at Rs 77.50, up 0.7% on the BSE.
12:03 PM - The market is still trading lower, dragged down by IT, banking and capital goods stocks. Sensex is currently trading at 15,929, down 441 points from the previous close. Nifty is at 4821, down 120 points. But some buying has emerged in FMCG,healthcare and consumer durables space.
12:00 PM - DLF may face resistances at Rs 740,785 and 795, where one can look at booking profits, says Hitendra Vasudeo, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 676.75, down 2.7% on the BSE.
11:51 AM - PNB is a hold at current levels as the downside is limited, says Hemen Kapadia, technical analyst, on NDTV Profit. The stock has support at Rs 509 and may resistance at Rs 553, he adds. It is currently trading at Rs 513.90, down 2.6% on the BSE.
11:44 AM - Cairn India is a buy on every 5-7% declines from here, says Vijay Bhambwani, technical analyst, on CNBC-TV18. It will face resistances at Rs 235, Rs 250 and Rs 270, he says. But if you have 4-6 quarters view, then the stock has a target of Rs 350, he adds. It is currently trading at Rs 215, down 6.6% on the BSE.
11:36 AM - Reliance Capital has a short term target of Rs 1,600 and Reliance Energy, of Rs 1,450, says Simi Bhaumik, technical analyst, on NDTV Profit. Reliance Capital is currently trading at Rs 1,381.90, down 1.2% and REL at Rs 1,307, down 2%, on the BSE.
11:28 AM - If Reliance Capital can break 1,550 on the upside, then it can go up to Rs 1,700, says MB Singh, technial analyst, on Zee Business. The stock is currently trading at Rs 1,369.90, down over 2% on the BSE.
11:21 AM - BHEL has a short term target of Rs 2,200-2,245, says Simi Bhaumik, technical analyst, on NDTV Profit. The stock is currently trading at Rs 2,004, down 4.2% on the BSE.
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11:12 AM - Orchid Chemicals will face significant selling pressure at Rs 175-180, says Vijay Bhambwani, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 154.35, up over 7% on the BSE.
11:05 AM - The market is trading even lower. Sensex is currently below 16,000 at 15,911, down 459 points from the previous close. Nifty is at 4817, down 124 points. All sectoral indices are trading lower, with that of IT, banks and capital goods beaten up the most.
11:00 AM - ITC and Cipla are expected to outperform going forward, says Ambareesh Baliga of Karvy Stock Broking, on CNBC Awaaz. Cipla can go to Rs 245-250 in the next 4-6 weeks and ITC to Rs 225-230, he adds. Cipla is currently trading at Rs 220.20, up 1.2% and ITC is at Rs 207.80, up 0.7% on the BSE.
10:54 AM - TCS is a hold at current levels, as it can go up to Rs 980-985 in times to come, says MB Singh, technical analyst, on Zee Business. Above this, it can also go to Rs 1,100, he adds. The stock is currently trading at Rs 844.50, down 2.9% on the BSE.
10:46 AM - Adlabs is seeing a technical bounce for now and if the market continues to rally, then it can see Rs 775-790 too, says Anil Maghnani, technical analyst, on CNBC-TV18. One should use every rise in this counter as a selling opportunity, he suggests. The stock is currently trading at Rs 662, down 3.2% on the BSE.
10:40 AM - L&T has bagged an order worth Rs 576 crore order from HPCL. L&T is currently trading at Rs 3,045, down 3.2% on the BSE.
10:33 AM - It will be very difficult for PNB Glits to cross Rs 30-31, says Ambareesh Baliga of Karvy Stock Broking, on CNBC Awaaz. So look at exiting the counter at these levels, he suggests. It is currently trading at Rs 27.60, up 10% on the BSE.
10:26 AM - Reliance Capital will face a major resistance at Rs 1,486, says Anil Maghnani, technical analyst, on CNBC-TV18. If this is crossed, it can go up to Rs 1,760, he adds. The stock is currently trading at Rs 1,369.80, down 2.1% on the BSE.
10:19 AM - Ispat Industries has support at Rs 28-25 and is currently in a recovery mode, says Simi Bhaumik, technical analyst, on NDTV Profit. One can buy the stock with a short term target of Rs 37-40, keeping a stoploss below Rs 25, she suggests. It is currently trading at Rs 34.20, up 5.4% on the BSE.
10:13 AM - Tata Motors can be a good buy close to Rs 620-630, says Ambareesh Baliga of Karvy Stock Broking, on CNBC Awaaz. The stock is currently trading at Rs 641, down 0.8% on the BSE.
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10:07 AM - ITC looks positive on the charts, says Simi Bhaumik, technical analyst, on NDTV Profit. It will face major resistance at Rs 212-214 and if this level is crossed, then the stock will acquire a fresh momentum, she says. It has support at Rs 190-185 and as long as it stays above this, one can accumulate the stock with a stoploss below Rs 185, she suggests.
10:01 AM - The Nifty is expected to be rangebound between 4800-5200 for sometime, says Deven Shah, technical analyst, on NDTV Profit. He sees short to medium term bullrun and expects midcaps like Essar Oil and Bajaj Hindusthan to do well in it.
9:56 AM - The market has opened lower on Monday. Sensex is currently trading at 16,146, down 224 points from the previous close. Nifty is at 4871, down 70 points. CNX Midcap index opened 0.3% lower.
9:50 AM - The market may open lower today, but recover soon, says an NDTV Profit Poll. Nifty range is expected to be 4850-5000. Stocks to watch are L&T, Bartronics and the IT stocks.
9:42 AM - One can look at buying into sectors like IT, sugar and even capital goods for the short term, as a good rup-up is expected here, says Simi Bhaumik, technical analyst, on NDTV Profit. Her top picks are BHEL, REL, HDIL, Reliance Capital and Tata Power.
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