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SHARE NEWS 10th May 2006
MARKET ANALYSIS
The heavyweights appear to taking turns to keep the index moving forward. First, it was Reliance and then ONGC. We had been advocating a stock specific approach to the market ever since the intraday volatility sparked up. The same strategy could be continued as there is no change in behavior of the market. On the broader front, the volumes that were a concern on Monday, picked up on Tuesday and the market breadth was also quite good. The underlying strength of the market appears strong enough and therefore any dips should be used as an opportunity to go long.
INDEX MOVEMENTS
The Nifty closed marginally above the resistance at 3720. If it sustains above this level, it could move higher to test the projection target at 3745. Profit booking could be anticipated near 3745 as the short-term charts are hovering in overbought zone. On the lower side, the index could find support and stabilize near the 5 DMA currently at 3670.
The Bank Nifty could make an attempt to retest the previous top at 4960. The fate of this attempt could determine the intermediate trend for the index. On the other hand, a close below 4859 could put the bears in control.
The CNX IT is moving in a rangebound manner with support at 4385. Traders may use dips to this level to go long.
MARKET NEWS
· Kamadhenu Ispat lists at 39% premium
· Karvy gets partial relief
· Limited companies permitted to raise funds from QIBs
· MSK Projects bags Rs.22.23 crore order
DELIVERY PICKS
SCRIP BUY ABOVE
INDIAN HOTELS 1535.00
MARUTI 975.00
NIRMA 547.00
SAIL 92.40
MID CAP STOCKS
SCRIP BUY ABOVE
BALRAMPUR CHINI 192.90
MANGALAM CEM 228.60
ZEE TELE 288.75
SMALL CAP STOCKS
SCRIP BUY ABOVE
BERGER PAINTS 91.35
ESSAR STEEL 56.90
VASISHTI DET 25.40
LIQUIDATE
SCRIP SELL BELOW
IBP 545.00
FUTURE OPTIMISM
SCRIP VIEW STRATEGY
GNFC FUTURES BULLISH BUY > 141.50 TARGET 145 – STOP < 138
INFOSYS FUTURES BULLISH BUY @ 3221 TARGET 3254.50 – STOP < 3187.50
MTNL FUTURES BULLISH BUY > 221.65 TARGET 224 – STOP < 219.25
RELIANCE FUTURES BULLISH BUY > 1177.30 TARGET 1200 – STOP < 1154.50
TCS FUTURES BULLISH BUY > 2026.50 TARGET 2046.50 – STOP < 2006.50
CASH MARKET – SHORT TERM
SCRIP VIEW STRATEGY
BANK OF BARODA BULLISH BUY > 268.10 TARGET 272.50 – STOP < 263.50
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