Opening
Date 14th Jan 2010 Powered by Bazaaredge.com
Market Outlook
Markets reacted negatively after taking a cue from Infosys numbers as it was below estimates. Just when we thought that short covering in the FO space could lift the markets further today we saw a fresh shorts in the banking sector. IT sector remained under pressure following Infosys disappointing results and guidance. Market to remain choppy after the recent correction and take cues from quarterly earnings for direction. Street is factoring in a possibility of interest rates hikes from the RBI by month end. Expected to increase rates by 25-50bps.
Nifty short term trend is down and Nifty is trading near its crucial support 5750-5690. Nifty respect support then some recovery may be seen else selling pressure till 5500 may also be seen in the next few trading sessions.
Intraday Calls
Sell Cesc cmp 357 stoploss 364 target 353
Sell Biocon cmp 379 stoploss 385 target 370
Positional Calls
Buy AP Paper cmp 168 stoploss 156 target 178
Buy GIChsg cmp 111 stoploss 109 target 115
Technical Fundamental Calls
GRUH Finance is expected to continue with its growth momentum in disbursements and loan book.
Investment Picks
PRIL has completed the listing of Future Mall Management and has merged Home Solutions Retail India Limited (HSRIL) into itself. Company is also planning to hive off Future Capital by September 2011. However, demerger of the insurance arm is contingent on approval of Insurance Regulatory and Development Authority (IRDA)
Future & Options Strategy
Sell Nifty cmp 5755 stoploss 5800 target 5700
Sell Icicibank cmp 1026 stoploss 1057 target 1005
Buy Nifty 5700 CE cmp 133 stoploss 100 target 164
Buy Nifty 5800 PE cmp 78 stoploss 60 target 100
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