BSE Sensex: (10336) we had a target of 10324 and that got achieved and the market even went a bit higher but in the process got tired and we could witness a loss of momentum too. Technically the market is up but I would be cautious and move my stops in and take profits where I can.
It was an extremely choppy day at the bourses. After plunging into the red mid-session, indices bounced back to close flat. Nifty closed at 3,112 down 8 points, while Sensex shut shop at 10,335 up 60 points.
Anagram Research’s F&O Indicators:
Nifty Futures have added Rs 28030 crore in the open interest on January 6, 2009 report.
Watch our performance for 05/01/09 , Nifty high 3138 and second target was 3139 , Nifty call for 06/01/09 CMP 3122.25 Buy above 3148 Target 3177 / 3193 / 3209 , Sell below 3110 . Target 3093/ 3072 / 3045 , Alert……. Market is going to a take a U turn …………………… Call 9954070377 for more details .
Abhinay Jain, Sharekhan: I expect the market to pause at 3,100-3,150 levels. Banking and realty space has seen some build-up, but they could witness unwinding and selling pressure if markets become weak. Selective upmove in metal and oil and gas space may continue today.
MUMBAI: Oil and Natural Gas Corporation today regained its position as the most valued state-run entity in the country, a week after it was toppled by power generator NTPC.
Technical Analyst, Vijay Bhambwani: After opening on a positive note, the markets ended the session with strong gains as the buying momentum persisted till the fag end of the session. The benchmark indices gained about 2.5 % at close. The traded volumes were higher as compared to the previous session, which is a positive indicator on an uptick session. The market breadth was positive as the BSE & NSE combined advance decline ratio was 2 : 1. The capitalisation of the breadth was also positive as the buying was fairly broadbased though banks and technology led the way.
Stocks in news:
Tech Mahindra offers to merge with Satyam, in talks with Merrill Lynch for possible deal – ET
Raamdeo Agrawal, Director and Co-founder, Motilal Oswal Securities said Q3 of FY09 will be the first quarter of earnings decline. He sees FY10 Sensex earnings at Rs 970.
Sun Pharmaceuticals raised its offer by as much as 23 per cent to buy the residual stake of Taro Pharmaceutical Industries in a bid to gain a controlling stake in the Israeli drug maker.
Technical Analyst, Ashwani Gujral is of the view that Reliance Industries could head up to Rs 1500. After that it can even touch Rs 1650-1700, he added.
Emkay Global Financial Services has recommended a hold rating on Infosys Technologies with a target of Rs 1443, Tata Consultancy Services (TCS) with a target of Rs 624, Satyam Computer Services with a target of Rs 212, HCL Technologies with a target of Rs 144 and buy rating on Tech Mahindra with a target of Rs 320 in its January 5, 2009 research report.