Source: –
Markets may have a gap up opening as US markets rallied the second consecutive day.
Trade in small quantity.
BUY RNRL CMP: – 79.75 Buy above 80.20 for targets 81.55 , 83.35 & 85.20 and sell below 78.40 , 77.05 and 75.25.
BUY Punj Llyod CMP: – 311.40 Buy above 306.50 for targets 318 , 325 , 336 and sell below 298 , 287 & 280.
It looks like this up rally has still some more upside on Monday morning opening but it would find it difficult to sustain the upside. The higher side of Nifty is a shorting opportunity, and the lower side, short covering is the best trade idea.
BSE Sensex: (14042) we were expecting an up move and we got that in plenty…the market still looks up but I would be cautious of the volatility in this F&O expiry week.
We said ‘Technically the market has displayed weakness and we ought to see some more slide in the days to come. On a larger time frame the low of 12514 of 16th July 2008 is also under threat of assault…the only silver lining in the dark clouds is that the market is resting close to previous lows’
Reliance Industries chairman Mukesh Ambani on Sunday announced that oil production from KG basin would start early next year, with an initial output of 5.5 lakh barrels a day, and the company would account for 40-45 per cent domestic oil and gas production going ahead.
Nagarjuna Construction Company (NCC)
Research: Angel Broking
Rating: Buy
CMP: Rs 113
HCL Technologies (HCLT)
Research: ICICI Securities
Rating: Outperform
CMP: Rs 220
Indiabulls Securities Research has downgraded its rating on Tata Motors from buy to hold in its September 18, 2008 research report. “TML’s stock is currently trading at a forward P/E of 7x and 8x on its FY09E and FY10E earnings, respectively. Due to the continued trouble at the Company’s Nano plant in Singur, a sharp downturn in global economic conditions and the rising interest cost due to the JLR acquisition, we believe that the Company’s profitability will be significantly affected. At the current market price of Rs 414.80 we believe that the stock is fairly valued, and hence downgrade our rating from Buy to Hold,” says Indiabulls Securities’ research report.
CARE has come out with a research report on Gemini Engi-Fab. It has assigned IPO Grade 2/5 to the company’s IPO. GEFL proposes an IPO of 55,00,000 equity shares of face value of Rs 10 each, at a price which will be determined through the book building process.
According to Reliance Money’s report, Peninsula Land has lost close to 21% w-o-w basis with 24.23% jump in volumes. On weekly chart stock has made double bottom around levels of Rs 46. Traders can expect a positive move towards level of Rs 58-60 highly probable. Buying on decline can be considered with strict stop at Rs 46.