Trading day: Thursday, 8 May
4:01 PM - The European markets were trading weak. The Asian markets closed in the negative today. The Indian market also witnessed selling pressure and closed weak. Sensex shut shop at 17080, down 258 points and Nifty at 5081, down 53 points from the previous close. The CNX Midcaps index was down 0.94% and BSE Smallcaps index was down 0.44%. The banking, FMCG and IT spaces were under pressure. The market breadth was negative with advances at 396 against declines of 825 on the NSE. Top Nifty gainers included Tata Communications, Idea and Tata Steel while losers included ITC, Satyams and ICICI Bank.
3:58 PM - ITC has a target of Rs 250-260 in 6-9 months, says Hardik Jain, technical analyst, on CNBC Awaaz. The stock has support at Rs 93-94, he adds. The stock is currently trading at Rs 215, down 5.24% on the BSE
3:56 PM - Autoline Industries has 6-8 month target of Rs 330, says Shishir Kedia of Religare Securities, on NDTV Profit. It has support at Rs 250 and resistance at 280-285, he adds. The stock is currently trading at Rs 258, down over 5% on the BSE.
3:54 PM - India still looks 'fantastic' from an investment perspective, says Paul Schulte of Lehman Brothers, on NDTV Profit. Our company is positive on agriculture, food logistics and food infrastructure in India, he adds.
3:51 PM - If Indian Hotels can trade above Rs 113-114, then it can go up to Rs 132, says Shishir Kedia of Religare Securities, on NDTV Profit. So continue to hold the stock for another 1-2 months, he suggests. It is currently trading at Rs 116.75, down 1.1% on the BSE.
3:49 PM - Cairn India looks good on the charts and Rs 310 is possible here, says Hemen Kapadia, technical analyst, on Zee Business. The stock is currently trading at Rs 278, up 0.02% on the BSE.
3:45 PM - One can look at buying Sesa Goa close to Rs 3,900-3,950 for a 6-8 month target of Rs 4,300, says Shishir Kedia of Religare Securities, on NDTV Profit. The stock is currently trading at Rs 4,012.25, up 0.5% on the BSE.
3:43 PM - Bombay Dyeing has resistance at Rs 1065 and if that is crossed the stock can even go to Rs 1300, says Hitendra Vasudeo, technical analyst, on CNBC Awaaz. Maintain a stop loss of Rs 955 and buy the stock at Rs 850 for the long term, he adds. The stock is currently trading at Rs 975, down 0.6% on the BSE.
3:39 PM - The market is witnessing a correction and it is important that this correction ends at the 200 DMA, meaning around 5060 for the Nifty, says E Mathew, technical analyst, on CNBC TV18. On the downside, Nifty could go to 4980 and if that is taken out then there is serious danger to the uptrend, he says. Maintain a Nifty stop loss at 4860 and if that gets broken one would need to get out of long positions, he adds.
3:35 PM - The market had a weak closing. Sensex shut shop at 17070, down 268 points (provisional) and Nifty at 5079, down 55 points (provisional) from the previous close. The CNX Midcaps index was down 1.08% and BSE Smallcaps index was down 0.48%. The BSE Bankex index and BSE IT index were both down almost 2.8%. The market breadth was negative with advances at 413 against declines of 819 on the NSE.
3:31 PM - Unwind Nifty long at 5040 and sell Reliance Capital with a stop loss of Rs 1425 and target of Rs 1323, says Rahul Mohinder, technical analyst, on CNBC-TV18 as closing market strategy.
3:29 PM - Hold Nifty shorts with a stop loss of 5150-5140 and target of 5050-4950, says Ashwani Gujral, technical analyst, on CNBC-TV18 as closing market strategy.
3:27 PM - DCB has resistance at Rs 110 and support at Rs 93-94, says Hardik Jain, technical analyst, on CNBC Awaaz. Maintain a stop loss of Rs 90, he adds. The stock is currently trading at Rs 99, down 6.87% on the BSE.
3:25 PM - IndusInd Bank has resistance at Rs 100-105 where one can book profits, says Hitendra Vasudeo, technical analyst, on CNBC Awaaz. Maintain a stop loss of Rs 94, he adds. The stock is currently trading at Rs 96, up 0.4% on the BSE.
3:19 PM - Tata Communications has resistance at Rs 514 and support at Rs 468-465, says Hardik Jain, technical analyst, on CNBC Awaaz. Maintain a stop loss of Rs 71, he adds. The stock is currently trading at Rs 502, up 2.6% on the BSE.
3:15 PM - If Dabur India can trade above Rs 112, then it can go up to Rs 120-122, says Shishir Kedia of Religare Securities, on NDTV Profit. The stock is currently trading at Rs 104, down 2.3% on the BSE.
3:10 PM - Excide has resistance at Rs 77-80 where one can book profits, says Hitendra Vasudeo, technical analyst, on CNBC Awaaz. Maintain a stop loss of Rs 71, he adds. The stock is currently trading at Rs 72, up 0.1% on the BSE.
3:05 PM - Citi maintains buy on JSW Steel with a price target of Rs 1037, reports NDTV Profit. The stock is currently trading at Rs 881, up 0.38% on the BSE.
3:00 PM - The market is still trading weak in a tight range. Sensex is trading at 17093, down 245 points and Nifty is at 5081, down 54 points from the previous close. The CNX Midcaps index is down 1.02% and BSE Smallcaps index is down 0.50%. The market breadth is negative with advances at 390 against declines of 833 on the NSE.
2:54 PM - BNP Paribas maintains outperform on Tata Steel with a price target of Rs 1037, reports NDTV Profit. The stock is currently trading at Rs 839, up 1.81% on the BSE.
2:45 PM - Alstom Projects has resistance at Rs 700 where one can book profits, says Hitendra Vasudeo, technical analyst, on CNBC Awaaz. Maintain a stop loss of Rs 600, he adds. The stock is currently trading at Rs 624, up 1.4% on the BSE.
2:36 PM - CLSA maintains outperform for Ranbaxy with a target price of Rs 525, reports NDTV Profit. The stock is currently trading at Rs 468, up 0.47% on the BSE.
2:27 PM - Gulf Oil has resistance at Rs 180 where one can book profits and support at Rs 120, says MB Singh, technical analyst, on Zee Business. Maintain a stop loss of Rs 120, he adds. The stock is currently trading at Rs 133, down 3.11% on the BSE.
2:19 PM - Elgi Equipments has a 30-50% upside in 12 months, says VK Sharma of Anagram Stock Broking, on CNBC Awaaz. The stock is currently trading at Rs 61, up 0.7% on the BSE.
2:09 PM - Ashok Leyland reports Q4 FY08 results, net sales are at Rs 2570 versus Rs 2291 and net profit at Rs 180 versus Rs 171 crore, reports NDTV Profit. The stock is currently trading at Rs 40, down 2.63% on the BSE.
2:00 PM - The European markets are trading in the negative. The Indian market continues to look weak. Sensex is trading at 17126, down 213 points and Nifty is at 5091, down 43 points from the previous close. The CNX Midcaps index is down 0.84% and BSE Smallcaps index is down 0.57%. The market breadth is negative with advances at 360 against declines of 852 on the NSE.
1:52 PM - Kolte Patil to launch 400-acre township in Hinjewadi, Pune, reports NDTV Profit. The company expects revenues of Rs 4000 crore from the Hinjewadi project and Rs 1500 crore from its current projects. The stock is currently trading at Rs 130, up 8.06% on the BSE.
1:42 PM - HDFC Securities has a price target of Rs 3182 for Grasim, reports CNBC TV18. The stock is currently trading at Rs 2337, up 0.05% on the BSE.
1:34 PM - Ban on rubber futures is positive news for the industry, says KJ Rao, CFO of Ceat, on NDTV Profit. The non-delivery speculative activity was pushing up prices, he says. One can expect a further drop in rubber prices up to Rs 2-3/kg, he add. Ceat is currently trading at Rs 133, down 0.96% on the BSE.
1:25 PM - Axis Bank has strong support at Rs 840 and can go up to Rs 970, says Ashwani Gujral, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 875, down 3.49% on the BSE.
1:16 PM - The trend for ITC is positive, it has support at Rs 210 where one can buy more stock for the long term, says MB Singh, technical analyst, on Zee Business. The stock is currently trading at Rs 215, down 5.07% on the BSE.
1:06 PM - The Asian markets are trading subdued. The Indian market is struggling and witnessing selling pressure. Sensex is trading at 17100, down 239 points and Nifty is at 5077, down 58 points from the previous close. The CNX Midcaps index and BSE Smallcaps index are both down almost 0.85%. The BSE IT index is down 3%. The market breadth is negative with advances at 334 against declines of 869 on the NSE.
12:53 PM - One may se a further upside in TCS viz-a-viz Infosys and Satyam, says Bhavin Shah of JP Morgan, on NDTV Profit. The brokerage is relunctant to push up target prices of IT stocks, he says. But the companies are expected to get 3-5% benefit on the topline if the rupee stabilses around 41 per dollar, he says.
12:45 PM - UCO Bank can be a good buy close to its support levels of Rs 45-46, says Hemen Kapadia, technical analyst, on Zee Business. The stock is currently trading at Rs 48.10, down 3.3% on the BSE.
12:38 PM - If Jet Airways can get past Rs 600, then its short term target will be Rs 670, says Shishir Kedia of Religare Securities, on NDTV Profit. It has support at Rs 540 and if this breaks, then it can fall to Rs 480, he adds. The stock is currently trading at Rs 562, down 0.2% on the BSE.
12:31 PM - Aban Offshore is expected to outperform the Nifty if oil prices continue to go up, says Ashwani Gujral, technical analyst, on CNBC Awaaz. The stock has support at Rs 3,350-3,400 and resistance at Rs 3,900-4,150, he adds. Continue to hold the stock with a stoploss of Rs 3,400, he suggests. It is currently trading at Rs 3,637.90, up 0.3% on the BSE.
12:23 PM - Gokaldas Exports has a 10-12 month target of Rs 265, says Shishir Kedia of Religare Securities, on NDTV Profit. It has short term support at Rs 205 and if this breaks, then it can go down to Rs 180, he adds. The stock is currently trading at Rs 221, down over 5% on the BSE.
12:16 PM - Indian Oil has support at Rs 430 and if this breaks, then it can fall to Rs 385, says Shishir Kedia of Religare Securities, on NDTV Profit. On the upside, if Rs 480 is broken, then the stock can probably go to Rs 525, he adds. It is currently trading at Rs 450, down 2% on the BSE.
12:10 PM - One can expect another Rs 50 jump in Aptech, says Ankur Aggarwala, technical analyst with IDBI Capital Markets, on NDTV Profit. The stock is currently trading at Rs 243.10, down 2.4% on the BSE.
12:03 PM - Sensex is currently trading at 17,064, down 274 points from the previous close. Nifty is at 5072, down 63 points. CNX Midcap index is down 0.9% and BSE Smallcap index, down 0.7%. All sectoral indices are still trading low, with that of IT, banks and FMCG hit the most.
11:55 AM - Infosys has 5-6 month target of Rs 2,400-2,500. says TS Harihar of Karvy Stock Broking, on CNBC-TV18. The stock is currently trading at Rs 1,772, down 3.9% on the BSE.
11:49 AM - One can do range play in Great Eastern Shipping, as it is rangebound between Rs 310 and Rs 460, says Ashwani Gujral, technical analyst, on CNBC Awaaz. So look at exiting at current levels, he adds. The stock is currently trading at Rs 450, down 1.9% on the BSE.
11:42 AM - As long as Reliance Industries stays above the support levels of Rs 2,610-2,600, it has a target price of Rs 2,820, says Ankur Aggarwala, technical analyst with IDBI Capital Markets, on NDTV Profit. The stock is currently trading at Rs 2,671, down 0.4% on the BSE.
11:31 AM - The market would be in a consolidation phase for the next few weeks, says Mihir Vora of HSBC Asset Management, on CNBC-TV18. But it may not breach the previous lows, he adds.
11:25 AM - Bharti Airtel has a strong support at Rs 800-820 and can go over Rs 900, says Ashwani Gujral, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 827.50, up 1.4% on the BSE.
11:18 AM - Tata Steel will face strong resistance at Rs 840, where one is advised to book profits, says Ankur Aggarwala, technical analyst with IDBI Capital Markets, on NDTV Profit. There are chances that the stock might fall to Rs 660 from here again, he adds. It is currently trading at Rs 832, up 0.9% on the BSE.
11:10 AM - The market is still trading down. Sensex is at 17,090, down 249 points from the previous close. Nifty is at 5081, down 54 points. CNX Midcap index is down almost 1% and BSE Smallcap index, down 0.9%. All sectoral indices are trading lower.
11:07 AM - Fortis Healthcare has a one-year target of Rs 104-105, says Ankur Aggarwala, technical analyst with IDBI Capital Markets, on NDTV Profit. The stock has good support at Rs 74-75, he adds. It is currently trading at Rs 82.50, down 0.8% on the BSE.
10:56 AM - If ONGC closes below Rs 1,020 consistently for 2 days, then it can fall further, says Ankur Aggarwala, technical analyst with IDBI Capital Markets, on NDTV Profit. On the upside, once it trades above Rs 1,055, then it will immediately see a spike of Rs 100, he adds. The stock is currently trading at Rs 1,039.60, flat on the BSE.
10:49 AM - UCO Bank has a good support at Rs 45-46, but any weakness in the market and the stock can fall further, says Simi Bhaumik, techncial analyst, on Zee Business. But one can hold the stock for the long term and can even buy on corrections, she suggests. It is currently trading at Rs 47.60, down over 4% on the BSE.
10:44 AM - In the midcap IT space, Polaris looks attractive on charts and can go up to Rs 140-145 in a month's time, says Ankur Aggarwala, technical analyst with IDBI Capital Markets, on NDTV Profit. The stock is currently trading at Rs 107.60, down 0.7% on the BSE.
10:35 AM - Bharti Airtel has another 30-35% upside in 6-7 months, says Shrikant Chouhan of Kotak Securities, on NDTV Profit. The stock is currently trading at Rs 831, up 1.9% on the BSE.
10:27 AM - Infosys can go up to Rs 2,000-2,050 in the near term, says Shrikant Chouhan of Kotak Securities, on NDTV Profit. Look at buying the stock at Rs 1,800 or below it, he suggests. It is currently trading at Rs 1,777.70, down 3.6% on the BSE.
10:20 AM - Cairn India's trend is bullish and the stock can go up to Rs 300-335 in the near term, says Shrikant Chouhan of Kotak Securities, on NDTV Profit. But do not buy the stock at current levels; wait for levels like Rs 260-265, he suggests.
10:14 AM - Ashok Leyland has support at Rs 38 and on the upside, will find it difficult to cross Rs 47 at least in the next 6 months, says Ankur Aggarwala, technical analyst with IDBI Capital Markets, on NDTV Profit. The company is expected to come out with its quarterly results today. The stock is at Rs 40.75, down 2.5% on the BSE.
10:05 AM - The trend in REC is positive, says Simi Bhaumik, technical analyst, on Zee Business. The stock will face resistance at Rs 126 and then Rs 130, but once these levels are crossed, it will acquire fresh momentum, she says. One can keep a stoploss of Rs 111 here, she suggests. The stock is at Rs 118.70, down 1.5% on the BSE.
9:59 AM - The market has opened lower on Thursday. Sensex is at 17,152, down 186 points from the previous close. Nifty is at 5096, down 39 points.
9:53 AM - The market may see a weak opening and a slight downside after that, but it will pick up later, says Rahul Mohindar, technical analyst, on CNBC Awaaz. The medium term outlook is positive, but short term is slightly negative, he says. If the Nifty falls to 5040-5000, then it can be a buying opportunity, he says.
9:51 AM - The market seems to be indecisive for now, says Sudarshan Sukhani, techncial analyst, on CNBC-TV18. If the Nifty closes below 5075, then one can say that the immediate trend is no longer up, he says. If 5000 breaks, then plan to cut short positions, he suggests.
9:47 AM - Infosys may witness a short term resistance at Rs 1,920-1,925, says Ankur Aggarwala, technical analyst with IDBI Capital Markets, on NDTV Profit. So one can expect Rs 150-200 correction from here, he says. But the long term charts of the stock look bullish and it has 5-6 month target of Rs 2,100, he adds. The stock is at Rs 1,843.20 on the BSE.
9:41 AM - The short term trend for SAIL looks weak, says Simi Bhaumik, technical analyst, on Zee Business. It has an important support at Rs 170 now and if this breaks, it can fall to Rs 164-160, she adds. More correction can be expected in this stock, she says. The stock is at Rs 173.55 on the BSE.
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