Last trading day: Wednesday, 7 May
4:00 PM - The market had a quiet day despite heavy news flows. Crude oil hit a record high, government asked steel companies to cut prices and rupee continued to trade at record lows. The market was choppy in a range and Sensex closed at 17339, down 33 points and Nifty at 5135, down 9 points from the previous close. The CNX Midcaps index and BSE Smallcaps index were both down nearly 0.25%. Market breadth was negative with 483 advances against 748 declines on the NSE. Top Nifty gainers included Cairn India, TCS and Tata Power while losers included BHEL, SAIL and DLF.
3:57 PM - Koutons has a price target of Rs 1000 in 12 months, says Ashish Maheshwari of India Capital Markets, on CNBC TV18. The stock is currently trading at Rs 784, up 0.05% on the BSE.
3:54 PM - Usha Martin has short-term target of Rs 120 and if that is crossed Rs 130-135, says Sachin Chavhan, techincal analyst, on CNBC TV 18. The stock is currently trading at Rs 100, down 2.29% on the BSE.
3:50 PM - Cairn India has a 25% upside in the medium term, says Rahul Mohindar, technical analyst, on CNBC-TV18. The stock is currently trading at Rs 277, up 7.20% on the BSE.
3:47 PM - GVK Power has short-term target of Rs 70-75, says Sachin Chavhan, techincal analyst, on CNBC TV 18. The stock is currently trading at Rs 55, up 8.59% on the BSE.
3:42 PM - Reliance Money has a put a 'buy' call on Elder Pharma, with a target price of Rs 554, reports NDTV Profit. The stock is currently trading at Rs 369, down 0.14% on the BSE.
3:39 PM - Reliance Industries is a clear outperformer, it has resistance at Rs 2750, support at Rs 2640, says Salil Sharma of Kapoor & Sharma Company, on CNBC Awaaz. Maintain a stop loss of Rs 2630, he adds. The stock is currently trading at Rs 2695, up 1.7% on the BSE.
3:34 PM - The market closed flat for the day. Sensex closed at 17341, down 31 points (provisional) and Nifty at 5136, down 8 points (provisional) from the previous close. The CNX Midcaps index was down 0.20% and BSE Smallcaps index was down 0.26%. Market breadth was negative with 510 advances against 728 declines on the NSE.
3:26 PM - The sugar space is a good place to be right now and top picks are Shree Renuka Sugars, Balrampur Chini and Bajaj Hindustan, says Sachin Chavhan, techincal analyst, on CNBC TV 18.
3:21 PM - The market is likely to be rangebound from a month (around May 10-June 10), says SP Tulsian, Investment Advisor, on CNBC-TV18. On the lower side Sensex has support at 16000 and resistance at 18000, he adds.
3:12 PM - India most attractive among the world market and it offers the best match for our business, says John Thain, CEO of Merrill Lynch, on NDTV Profit. US conditions will slowdown consumption, he says. ML would like to help manage huge wealth being created in India and assist Indian companies expand overseas, he adds. Do not believe in the decoupling theory, he says.
3:00 PM - The market is trading almost flat. Sensex is trading at 17363, down 9 points and Nifty is at 5141, down 3 points from the previous close. The CNX Midcaps index is down 0.32% and BSE Smallcaps index is down 0.25%. Market breadth is negative with 514 advances against 719 declines on the NSE.
2:53 PM - The market needs to pause for some time before it trades higher, says Raamdeo Agarwal, MD, Motilal Oswal Securities, on CNBC Awaaz. The earnings have been better than expected and this consolidation is healthy for the market, he adds.
2:42 PM - Jet Airways has a cost cutting plan of $50 million to compensate 25-30% ATF price hike this year, reports CNBC TV18. The stock is currently trading at Rs 564, down 0.92% on the BSE.
2:33 PM - Emco has bagged an order of Rs 126 crore, reports NDTV Profit. The stock is currently trading at Rs 184, down 0.19% on the BSE.
2:24 PM - Geojit Financial has a 1-2 month target of Rs 75-80, says Rajesh Jain of SMC Global Securities, on NDTV Profit. The stock has support at Rs 45-50, he adds. It is currently trading at Rs 59.60, down 0.8% on the BSE.
2:15 PM - The government asks steel companies to cut prices by Rs 4000/tonne, reports CNBC TV18. Steel companies say they are open to cut steel prices by Rs 4000/tonne only on certain conditions. The companies want 15-20% ad valorem export duty on iron ore and rollback of export duty on all categories of steel. Steel producers plan to meet the PM later today. Steel stocks have taken a beating on the news, SAIL.(down 4.42%), Gujarat NRE Coke (5.5%), Sesa Goa (down 2.3%), Jindal Steel (down 0.64%).
2:05 PM - The market has witnessed a mild recovery. Sensex is trading at 17304, down 68 points and Nifty is at 5121, down 23 points from the previous close. The CNX Midcaps index is down 0.36% and BSE Smallcaps index is down 0.26%. Market breadth is negative with 480 advances against 744 declines on the NSE.
1:57 PM - Allcargo looking at acquiring companies of size $5-$15 million from China, Far East and UK, says Ashit Desai, director of the company, on NDTV Profit. The company has capex plans of Rs 300 crore over 2 years in CFS and ICD expansion, he says. Of this Rs 100 crore will be invested to expand the crane fleet, he says. The stock is currently trading at Rs 780, down 2.48% on the BSE.
1:47 PM - Fortis Healthcare plans to continue its acquisition spree going forward, says Shivinder Mohan Singh, CEO & MD of the company, on NDTV Profit. The company expects its Vashi operations to be onstream this quarter, he adds. The stock is currently trading at Rs 82, down 0.72% on the BSE.
1:36 PM - Every rupee drop versus $ raises import bill by Rs 3000 crore, reports NDTV Profit. Current fall in the rupee is due to demand for dollar from oil companies. Goldman Sachs says crude at $150-$200 per barrel possible in two years.
1:27 PM - There is some interest coming back from the retail desk, but it is more in short term trade at the moment, says SA Narayan of Kotak Securities, on CNBC-TV18. He believes the market will remain rangebound in the near future.
1:19 PM - Electrosteel Casting has resistance at Rs 70-75 where one can book profits and exit the stock, says a market expert on Zee Business. Maintain a stop loss of Rs 51, he adds. The stock is currently trading at Rs 54, down 1.72% on the BSE.
1:10 PM - The Asian markets have weakened considerably. The Indian market is witnessing a dull day. Sensex is trading at 17286, down 88 points and Nifty is at 5118, down 26 points from the previous close. The CNX Midcaps index is down 0.27% and BSE Smallcaps index is up 0.01%. The market breadth is negative with advances at 550 against declines of 653 on the NSE.
1:00 PM - If Tulsi Extrusions closes above Rs 90, then it will show further upmove, says Rajesh Jain of SMC Global Securities, on NDTV Profit. But if it falls below Rs 75, then it can fall further down, he adds. The stock is currently trading at Rs 76.60, down 0.8% on the BSE.
12:53 PM - One can look at buying MRPL close to its support levels of Rs 85-90 for a target price of Rs 120-125, says Rajesh Jain of SMC Global Securities, on NDTV Profit. The stock is currently trading at Rs 105.20, up 0.5% on the BSE.
12:46 PM - NIIT Technologies has a target price of Rs 170-180, where it will also face some resistance, says Rajesh Jain of SMC Global Securities, on NDTV Profit. The stock has support at Rs 125-130, he adds.It is currently trading at Rs 148.85, up 2.2% on the BSE.
12:39 PM - Reliance Industries has a strong resistance at Rs 2,750, says Manas Jaiswal of Emkay Shares & Stock Brokers, on NDTV Profit. Once this is crossed, the stock can go up to Rs 3,050, he adds. On the downside, if Rs 2,550 breaks, then the stock might see a sharp correction, he says. It is currently trading at Rs 2,660, up 0.2% on the BSE.
12:31 PM - Tata Communications is a volatile stock and is rangebound between Rs 440 and Rs 560, says Sachin Chauhan, technical analyst, on CNBC Awaaz. So one can trade here; buy at Rs 460 or below, with a stoploss of Rs 440 and sell close to Rs 530-540, he suggests. The stock is currently trading at Rs 487, down 0.6% on the BSE.
12:25 PM - ITC is an uptrend and therefore a hold a current levels, says Rajesh Jain of SMC Global Securities, on NDTV Profit. The stock has good support at Rs 200-210, he adds. It is currently trading at Rs 228, up 1.4% on the BSE.
12:18 PM - Monnet Ispat will rise further as and when the market goes up, says Rajesh Jain of SMC Global Securities, on NDTV Profit. The stock has support at Rs 450-500 and will face resistance at Rs 600-650, he adds. Continue to hold the stock, he suggests. It is currently trading at Rs 542.50, up 0.3% on the BSE.
12:11 PM - Bank of Baroda may face resistance between Rs 330 and Rs 350, says Sachin Chauhan, technical analyst, on CNBC Awaaz. If one wants to average the cost, then look to buy it around Rs 275, as the stock has a long term support at Rs 250-255, he suggests. It is currently trading at Rs 323, down 0.7% on the BSE.
12:03 PM - The market is on the recovery path. Sensex is at 17,359, down just 13 points from the previous close. Nifty is at 5142, down 2 points. CNX Midcap index is up 0.5% and BSE Smallcap index, up 0.4%. IT, metal and FMCG stocks are attracting buying interest, while capital goods and banking stocks are being beaten up. Market breadth is positive with 694 advances against 487 declines on the NSE.
11:54 AM - DLF is a buy only if it falls to Rs 630-640, with a stoploss of Rs 585, says Manas Jaiswal of Emkay Shares & Stock Brokers, on NDTV Profit. It can also be bought if it breaks Rs 750 on the upside; then its target price will be Rs 900, he adds. But for now, avoid it, he suggests. The stock is currently trading at Rs 666.40, down 0.2% on the BSE.
11:47 AM - RNRL may face a short term resistance at Rs 125, but once this is crossed, it can go up to Rs 145 and possibly even Rs 165, says Satish Kannav of Arihant Capital Markets, on NDTV Profit. The stock is currently trading at Rs 119.10. down 0.5% on the BSE.
11:40 AM - Citi has a 'buy' rating on Tulip IT, with a target price of Rs 1,220, reports NDTV Profit. The stock is currently trading at Rs 923.70, up 2.8% on the BSE.
11:33 AM - If 5100 on the Nifty gets broken, then the next support will be 5080-5020, says Rajat Bose, technical analyst, on CNBC-TV18. And this is where demand may come in again, which could result into a pullback rally to 5165 on the Nifty, he adds.
11:25 AM - ITC can go up to Rs 240-245 in a short time, says Manas Jaiswal of Emkay Shares & Stock Brokers, on NDTV Profit. The stock is currently trading at Rs 228.10, up 1.4% on the BSE.
11:19 AM - Bombay Dyeing looks strong on the charts and can go up to Rs 1,200-1,250 in the next 1-2 months, says Manas Jaiswal of Emkay Shares & Stock Brokers, on NDTV Profit. The stock is currently trading at Rs 995.15, up 2.3% on the BSE.
11:11 AM - Bharti Airtel has support at Rs 777 and may face resistance at Rs 930-950, says Manas Jaiswal of Emkay Shares & Stock Brokers, on NDTV Profit. But once this resistance is crossed, the stock can go up to Rs 1,020-1,030, he adds. It is currently trading at Rs 837, down 1.1% on the BSE.
11:04 AM - The market is still trading lower. Sensex is at 17,294, down 78 points from the previous close. Nifty is at 5125, down 19 points. But the CNX Midcap index is up 0.17% and BSE Smallcap index, up 0.4%.
10:56 AM - HSBC has downgraded Jindal Saw to 'underweight' and has cut its target price to Rs 570 from Rs 770, reports CNBC-TV18. The stock is currently trading at Rs 618.55, down 0.9% on the BSE.
10:49 AM - Praj Industries looks strong on the charts and one can buy the stock on declines, with a stoploss of Rs 165, says Manas Jaiswal of Emkay Shares & Stock Brokers, on NDTV Profit. The stock can appreciate by another Rs 50-60 in the next 2 months, he adds. It is currently trading at Rs 202.10, up 3.5% on the BSE.
10:42 AM - ICICI Bank is a buy only if it falls to support levels of Rs 850-830 or if it breaks Rs 1,000 on the upside, says Manas Jaiswal of Emkay Shares & Stock Brokers, on NDTV Profit. The stock is currently trading at Rs 913.15, down 1.6% on the BSE.
10:32 AM - DLF looks pretty weak on the charts now, says Rajat Bose, technical analyst, on CNBC-TV18. It needs to trade above Rs 670 to show any kind of recovery, he says. But if it falls below Rs 657, then it can go to Rs 644 too, he adds. The stock is currently trading at Rs 656, down 1.8% on the BSE.
10:25 AM - RNRL may face stiff resistance at Rs 130, but once this is crossed, it can go up to Rs 160, says Manas Jaiswal of Emkay Shares & Stock Brokers, on NDTV Profit. The stock is currently trading at Rs 118.80, down 0.7% on the BSE.
10:19 AM - Tata Steel may face medium term resistance at Rs 820, says Satish Kannav, technical analyst with Arihant Capital Markets, on NDTV Profit. If it can cross Rs 820-830, then Rs 900 is possible, he adds. Hold for now, and look at exiting close to Rs 920, he suggests. The stock is currently trading at Rs 819, up 0.3% on the BSE.
10:12 AM - Praj Industries may face a short term resistance at Rs 205, says Satish Kannav, technical analyst with Arihant Capital Markets, on NDTV Profit. But any spike in global crude oil price may take it to Rs 235, which becomes its short term target, he says. Hold it for the long term, he suggests. The stock is currently trading at Rs 197.80, up 1.3% on the BSE.
10:06 AM - Aishwarya Telecom has listed at Rs 55 versus the issue price of Rs 35, reports CNBC-TV18. The stock is currently trading at Rs 75.20, on the BSE.
9:59 AM - The market has opened slightly higher today, but within seconds, has slipped into the negative terrain. Sensex is currently trading at 17,295, down 77 points from the previous close. Nifty is at 5120, down 24 points.
9:54 AM - The market may have lower opening today and may see moderate volatility, says an NDTV Profit Poll. Nifty range is expected to be 5080-5178 and a close above 5215 is important now. Stocks to watch today are Idea Cellular, IOL Broadband and midcap IT stocks.
9:50 AM - The market may see a bounceback today and if the Nifty manages to stay above 5165-5170, then many people may initate long positions, says Rajat Bose, technical analyst, on CNBC-TV18. But unless the Nifty crosses 5225-5235, one may not be able to see a sustained rally, he adds.
9:43 AM - One should look at exiting Shree Cements at any Rs 40-50 rally or even at current levels, says Satish Kannav, technical analyst with Arihant Capital Markets, on NDTV Profit. But a trading call can be taken in India Cements, as it can go up to Rs 185, he adds.
9:36 AM - Some downward pressure is expected in the market now, as it approaches its resistance levels, says Satish Kannav, technical analyst with Arihant Capital Markets, on NDTV Profit. The Sensex now has support at 17,050 and below that, at 16,800, he adds.
