BSE Sensex: (9045) we had a resistance at 9291 and the market saw a high at 9297, it was a clear case of F&O rollover and the market remained subdued after a good Diwali Mahurat. Now 8910 has become a crucial support to deal with.
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Praj Industries: The stock of the biofuel technology company has declined more than 60 per cent in the past year and it is now quoting close to its 52-week low of Rs 73. Rakesh Jhunjhunwala had increased his stake from 5.39 per cent to 6.26 per cent in the September 2008 quarter. Currently, the market value of his holding in Praj is close to Rs 95 crore, whereas the stock price has declined more than 33 per cent from Rs 125 on September 30. Praj industries, which is set to benefit from its operational presence in all major ethanol producing countries, is trading at a price-earnings ratio of 9.39x and 7.50x of its FY09 and FY10 earnings, respectively.
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BSE Sensex: (9045) we had a resistance at 9291 and the market saw a high at 9297, it was a clear case of F&O rollover and the market remained subdued after a good Diwali Mahurat. Now 8910 has become a crucial support to deal with.
State Bank of India
Cluster: Apple Green
Recommendation: Buy
Price target: Rs1,801
Current market price: Rs1,057
The Sensex broke another psychological mark of 8,000 today while the Nifty slipped below the 2,300 level as well on weak global cues and intense unwinding by foreign institutional investors. Asian markets are also trading deep in the red. The market is expecting some Policy action from the government to calm investor sentiment, but has not been forthcoming.
BSE Sensex: (8701) we said it is tough times ahead and the market cracked, the market still does not display any signs of strength as yet but the Strong support at 8508 and we are now into F&O expiry week, I guess this is action time
We said ‘Technically the market still looks weak and there is no sign of strength so far the next level to watch beyond 9705 is 9325 and 8508 and 2908 on the Nifty front. If the market is UP on Monday then a sharp short covering reaction is not ruled out and that is a BIG if ‘
We broke 9K mark that was not imaginable by any one no one predicted this kind of corrections on Friday.
US markets were down on Friday night.
Asia has opened mixed.
Expect a flat to positive opening.
Markets can take a U turn any time.
I advice not to trade.
The support for the Sensex is 8508-8048 and the resistance to the up move is at 9400
The last week had commenced on a positive note on the back of positive global cues and a surprise cut by the RBI in the Repo rate by 100 bps to 8% to ease the liquidity crunch. SEBI’s warning to foreign funds against overseas lending and borrowing of Indian securities triggered short covering and thus capped the downside in the trading session that followed.