INDIAN SHARE MARKET SCENARIO

 

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SHARE NEWS 16th May 2006

 

SENSEX CRASHES TO 11822 A SHARP FALL OF 463 POINTS WHILE NIFTY FELL TO 3503 BY 147 POINTS

RUPEE ALSO HAD A NEW LOW INFLUENCED BY THE FALLING SHARE MARKET AT 45.44, LOSING 39.50 PAISE AGAINST THE DOLLAR.

MARKET ANALYSIS
Two years back, the market crashed on a Monday in March. History repeated itself yesterday, yet another March Monday and yet another crash. Investors who bought on that fateful day two years back laughed their way to their banks. Will it be so this time too? If one were to look back into such occasions in the past, the answer would be an emphatic yes. The market may gyrate wildly in the immediate short-term, but in the long-term, this might prove to be a good opportunity to buy. But it should be borne in the interest of capital preservation, that it would be safer to avoid the metal stocks and be smart enough to pick companies that would benefit by falling metal prices.

INDEX MOVEMENTS
The Nifty has reached the 61.8% retracement level for the previous move from 3290 to 3774. The short term charts show weakness in the near term.  The weakness can extend to 3474 followed by 3433. The Nifty is likely to face resistance at 3563. Long positions may be contemplated only if the index stabilizes above 3506.

 

The Bank Nifty could drop to 4627 as part of the ongoing downmove if it fails to hold above 4733.

 

The CNX IT could weaken further if it drops below the previous bottom at 4275. Short positions may be contemplated if the index drops below this level.

MARKET NEWS

·        Market crashes in line with global meltdown

·        Sanwaria Agro announces restructuring plan

·        Punj Lloyd sets up JV in Saudi Arabia

·        Praj Industries gets orders worth Rs.750 million

·        PVR FY06 up at Rs.5.48 crores

·        Suzlon Energy Q4 net up 122% at Rs.360 crores

·        Chennai Petro Q4 net up at Rs.35.4 crores

·        Chambal Fert Q4 PBT at Rs.39.4 crores

·        No stake sale in ONGC for short-term needs : IOC

·        Wockhardt gets US FDA nod for Ceftriaxone injections

DELIVERY PICKS

SCRIP	BUY ABOVE

MID CAP STOCKS

SCRIP BUY	ABOVE

 

SMALL CAP STOCKS

SCRIP	BUY ABOVE

 

LIQUIDATE

SCRIP	SELL BELOW
BONGAIGOAN REFINERIESGOAN REF	67.00
CANARA BANK CANARA BANK	247.50
CMC MC	546.00
COLGATE COLGATE	400.00
CORPORATION BANK CORPORATIANK	342.00
CUMMINS (I) NS (I)	225.00
GLAXO	1285.00
GRASIM	2080.00
GE SHIPPING	256.00
GUJ AMB CEMENTS	98.50
HERO HONDA	821.00
HLL	260.00
IBP	515.00
IDBI	83.25
I-FLEX	1199.50
IPCL	249.00
KOCHI REFINERIES	172.75
LIC HOUSING FINANCE	205.00
MOSER BAER	223.00
NALCO	280.00
POLARIS	110.00
SCI	154.00
SBI	914.50
TATA CHEMICALS	248.50
TATA TEA	815.00
UNION BANK	116.50
UTI BANK	345.00

 

 

FUTURE OPTIMISM

SCRIP	VIEW	STRATEGY

CASH MARKET – SHORT TERM

SCRIP	VIEW	STRATEGY
BHARTI TELE	BULLISH	BUY > 415.05 TARGET 424.50 – STOP < 405.50

Courtesy: Prognosis Consultancy Services