Friday, May 26, 2006

INDIAN SHARE MARKET SCENARIO 26.05.2006

 

 

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SHARE NEWS 26th May 2006

 

MARKET ANALYSIS

The smooth expiry of the May F&O contracts should be a welcome relief for the markets. The market underwent huge volatility during the last two weeks and the fact that the expiry was smooth indicates that most of the leveraged positions have been closed out. This should provide room for creation of fresh long positions and in turn the market could move up. But traders may bear in mind that such a move may not be a part of the trend. After such a huge masaccre, the market could take time to consolidate before beginning a sustainable move. Therefore traders may have to resort to periodical profit booking.


INDEX MOVEMENTS


The Nifty is likely to follow a range bound movement between 2997 and 3250 where contrarian trading could be adopted.  On surpassing 3250 it is likely to head towards 3354.  The bulls can expect a sustained upmove on a close above 3250.

The Bank Index could be expected to move up to 4378 in the next few sessions. Long positions may be contemplated at current levels for a move to this level.

A close above 3987 would signal the return of a bullish phase for the CNX IT. Traders may take a call on the index depending on whether the index is able to close above this level or not today.


MARKET NEWS

·        SAIL FY06 net down 41% yoy, to raise 06/07 output by 1 million tonnes

·        L&T’s Q4 net spurts 40%

·        Tata Motors to treble capacity at Lucknow plant

·        Karur Vysya Bank to issue 1:1 bonus

·        AGB Shipyard Q4 net up 153.6% yoy

·        Lupin to acquire Dafra Pharma, Belgium

·        UBS maintains year end target of 11400 for Sensex

·        Abhishek Industries Q4 net profit at Rs.17.5 crores

·        Indraprastha Gas Q4 net at Rs.29.5 crores

·        Thermax Q4 net profit up at Rs. 42 crores

 


DELIVERY PICKS

SCRIP

BUY ABOVE

RELIANCE

962.00


MID CAP STOCKS

SCRIP BUY

ABOVE

 

 


SMALL CAP STOCKS

SCRIP

BUY ABOVE

 

 


LIQUIDATE

SCRIP

SELL BELOW

BAJAJ AUTO

2700.00

PATNI COMPUTER

328.00

 

FUTURE OPTIMISM

SCRIP

VIEW

STRATEGY

WIPRO

BULLISH

BUY @ 474 TARGET 495 – STOP < 455

TATA STEEL

BULLISH

BUY @ 511.75 TARGET 540 – STOP < 484


CASH MARKET – SHORT TERM

SCRIP

VIEW

STRATEGY

CIPLA

BEARISH

SELL @ 226.50 TARGET 224.50 – STOP > 228.50

RELIANCE

BULLISH

BUY > 957 TARGET 975 – STOP < 935

UNION BANK

BEARISH

SELL @ 107.50 TARGET 106.50 – STOP > 108.60

 

Courtesy: Prognosis Consultancy Services

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