The Sensex is hovering around 19,000 and is currently trading at 19,037, down 242 points from the previous close. Nifty is at 5700, down 80 points. The BSE Midcap and Smallcap indices are also in the negative terrain. Capital goods, banking, metals and oil & gas stocks are witnessing significant selling pressure.
The decline should stop around 5600 on the Nifty, says Sudarshan Sukhani, technical analyst, on CNBC-TV18. So go long with 100-120 points stoploss, he suggests. This is a good place to go long, he adds.
Wednesday, November 21, 2007
The market has opened marginally lower on Wednesday. The Sensex is currently trading at 19,178, down 102 points from the previous close. Nifty is at 5741, down 39 points.
Buy TTML CMP Rs 49 Target Rs 65 in 2 Months
TTML is trading against the sector trend, says Srikanth Chouhan, technical analyst with Kotak Securities, on NDTV Profit. At lower levels, the stock will find support at Rs 48-49 and on the upside, it may face resistance at Rs 58-59, he says. But once it crosses the resistance, it can go up to Rs 78-80 in the near term, he adds.
Buy TTML CMP Rs 49 Target Rs 65 in 2 Months
TTML is trading against the sector trend, says Srikanth Chouhan, technical analyst with Kotak Securities, on NDTV Profit. At lower levels, the stock will find support at Rs 48-49 and on the upside, it may face resistance at Rs 58-59, he says. But once it crosses the resistance, it can go up to Rs 78-80 in the near term, he adds.
Tuesday, November 20, 2007
The Indian market closed in the negative while its peers, the European and Asian markets, traded in the positive. The Sensex closed at 19280, down 352 points while Nifty closed at 5780, down 126 points from the previous close. The BSE Midcap Index closed in the negative (down 2%) after a 5-day winning streak. The BSE Smallcap Index closed in the positive, was up by 0.4%. The market breadth was negative with advances at 542 against declines of 655 on the NSE. The list of losers included Hindalco, Nalco, Tata Power, BHEL (all by 6%), Sterlite Industries, Vijaya Bank and Reliance Capital (all by 5%), Eaasr Oil (9%) and Infosys (3%).
The spotlight is expected to be on Religare Securities tomorrow as it gets listed on the BSE, reports NDTV Profit. The Religare IPO was subscribed 161 times and the issue price was Rs 185 per share. Issue for another brokerage stock, Edelweiss, closes today.
The spotlight is expected to be on Religare Securities tomorrow as it gets listed on the BSE, reports NDTV Profit. The Religare IPO was subscribed 161 times and the issue price was Rs 185 per share. Issue for another brokerage stock, Edelweiss, closes today.
Top Five Gainer's
Top Five Loser's
| Company | Price (Rs) | % Change |
| + Jindal Stainless Ltd | 205.40 | +16.08 |
| + Century Enka | 179.00 | +5.51 |
| + Fertilisers & Ch | 47.70 | +4.95 |
| + D-Link India Ltd. | 91.35 | +4.94 |
| + Nirma Limited | 221.60 | +4.78 |
Top Five Loser's
| + Chennai Petro. | 416.20 | -8.61 |
| + Alok Industries Ltd. | 73.45 | -8.59 |
| + Allahabad Bank | 113.65 | -8.27 |
| + National Alumini | 372.45 | -8.09 |
| + Shipping Corpn. | 256.85 | -7.96 |
The market is falling fast. The Sensex is currently trading at 19242, down 391 points while Nifty is at 5768, down 138 points from the previous close. The BSE Midcaps is down by 2.5%. The market breadth has turned negative with advances at 544 against declines of 651 on the NSE.
The correction in the midcaps is not disturbing and likely to be a short-term reversal, says Rajat Bose, technical analyst, on CNBC-TV18. It was getting too easy to buy midcap stocks and make money. The weak hands will now fall out in this correction, he adds.
The Nifty has crucial support at 5752 and if it breaks that it can go to 5700, says Rajat Bose, technical analyst, on CNBC-TV18. There is reason for concern as the market witnesses delivery-based selling, he adds. The market was overheated and an intra-day running correction seemed imminent.
The Indian market seems overvalued at current levels, says Jonathan Garner of Morgan Stanley, on CNBC TV18. Corporate earnings growth cannot be sustained at current levels and Taiwan is favoured over India in the MSCI Index. A suitable valuation for the Sensex would be at PE of 17x, he says. Morgan Stanley is bullish on the telecom, energy and steel sectors.
The correction in the midcaps is not disturbing and likely to be a short-term reversal, says Rajat Bose, technical analyst, on CNBC-TV18. It was getting too easy to buy midcap stocks and make money. The weak hands will now fall out in this correction, he adds.
The Nifty has crucial support at 5752 and if it breaks that it can go to 5700, says Rajat Bose, technical analyst, on CNBC-TV18. There is reason for concern as the market witnesses delivery-based selling, he adds. The market was overheated and an intra-day running correction seemed imminent.
The Indian market seems overvalued at current levels, says Jonathan Garner of Morgan Stanley, on CNBC TV18. Corporate earnings growth cannot be sustained at current levels and Taiwan is favoured over India in the MSCI Index. A suitable valuation for the Sensex would be at PE of 17x, he says. Morgan Stanley is bullish on the telecom, energy and steel sectors.
The Nifty may open around 5765 today, says an NDTV Profit Poll. The 50-share index will have major support at 5710. Stocks to watch todat are Punj Lloyd, Ambuja Cements and TVS Motors.
If the market falls 150 to 200 points from the current levels, one can certainly jump in and stocks like IFCI, IDBI, Renuka Sugars and even ACC, says Deven Shah, technical analyst, on NDTV Profit. There is no reason to fear, he adds.
The market opened marginally lower on Tuesday. Currently the Sensex is at 19,540, down 93 points from the previous close. Nifty is at 5874, down 33 points.
If the market falls 150 to 200 points from the current levels, one can certainly jump in and stocks like IFCI, IDBI, Renuka Sugars and even ACC, says Deven Shah, technical analyst, on NDTV Profit. There is no reason to fear, he adds.
The market opened marginally lower on Tuesday. Currently the Sensex is at 19,540, down 93 points from the previous close. Nifty is at 5874, down 33 points.
Stock Market's All over the world are down ! Be Cautious
Stocks slid further Monday as Wall Street absorbed a gloomy outlook for the banking sector as well as bleak news from the National Association of Homebuilders. The Standard & Poor's 500 index and the Dow Jones industrial average each lost more than 1.5 percent, with the Dow down more than 200 points.
Setting the tone was Goldman Sachs Group Inc.'s downgrade of large banks, and its estimate that Citigroup Inc. would have to write down $15 billion due to its exposure to risky debt over the next two quarters.
The worry on Wall Street is that the housing market is getting so weak it will crimp consumer spending, which until now has helped keep the economy afloat. Ahead of the holiday shopping season, any signs that Americans are pulling back could prevent a December rally.
The NAHB's November housing forecast remained unchanged after the October figure was revised to 19 from 18. Economists polled by Thomson/IFR had expected the index would come in at 18.
"I think that a lot of folks are digesting the news from last week and they're worried about the economy and the ability to grow earnings at the larger companies in America," said Rob Lutts, chief investment officer at Cabot Money Management Inc. in Salem, Mass.
In late afternoon trading, the Dow industrials fell 209.40, or 1.59 percent, to 12,967.39.
Broader stock indicators also declined. The S&P 500 index fell 22.58, or 1.55 percent, to 1,436.16, and the Nasdaq composite index fell 39.74, or 1.51 percent, to 2,597.50.
The Russell 2000 index of smaller companies fell 17.81, or 2.31 percent, to 751.69. Investors often view smaller companies as more likely to be hit hard in a slowing economy because they can't as easily get by on thin profit margins as some big companies with overseas operations.
Stocks have fallen in six of the last eight sessions. Last week, stock finished higher after a string of volatile sessions. The Dow ended up 1.03 percent for the week, while the S&P 500 index ended up 0.35 percent, and the Nasdaq finished up 0.35 percent.
Government bond prices rose sharply Monday as investors sought safety. The yield on the 10-year Treasury note, which moves opposite its price, fell to 4.06 percent from 4.15 percent late Friday. The 10-year note hasn't gone below the 4.1 percent level since early September 2005.
The dollar fell against other major currencies, while gold fell.
Crude oil futures for January delivery rose 89 cents to $94.73 per barrel on the New York Mercantile Exchange.
John Merrill, chief investment officer at Tanglewood Capital Management in Houston, contends investors are still grappling with the scope of the writedowns related to the housing market and related ramifications of a housing slowdown, such a more cautious consumer.
"Certainly in the financial sector the concerns seem to be never-ending. The potential for write-offs seems to keep growing," he said. "This is having to settle in and the process of settling in means you become more aware of how more meaningful and how restricting these writedowns are."
One big area of concern for investors was again Citigroup, which said earlier this month it would likely write down $8 billion to $11 billion in the fourth quarter. The bank fell $1.93, or 5.7 percent, to $32.07 after the Goldman downgrade to a "sell" rating.
Lowe's Cos. posted a 10 percent decline in third-quarter profit Monday, slightly better than expected. But the home improvement retailer lowered its forecast in anticipation of further deterioration in housing. Lowe's fell $1.74, or 7 percent, to $23.27.
Celgene Corp.'s announcement late Sunday that it agreed to buy Pharmion Corp. for $72 a share in a cash-and-stock deal worth $2.9 billion failed to bring much enthusiasm to Wall Street. Celgene fell $1.11 to $63.79, while Pharmion jumped $15.61, or 31.6 percent, to $64.89.
Declining issues outnumbered advancers by more than 5 to 1 on the New York Stock Exchange, where volume came to 1.22 billion shares.
Stock markets overseas slumped. In European trading, Britain's FTSE 100 closed down 2.71 percent, Germany's DAX index fell 1.32 percent, and France's CAC-40 slid 1.65 percent. In Asian trading, Japan's Nikkei stock average fell 0.74 percent, while Hong Kong's Hang Seng index decreased 0.56 percent.
Setting the tone was Goldman Sachs Group Inc.'s downgrade of large banks, and its estimate that Citigroup Inc. would have to write down $15 billion due to its exposure to risky debt over the next two quarters.
The worry on Wall Street is that the housing market is getting so weak it will crimp consumer spending, which until now has helped keep the economy afloat. Ahead of the holiday shopping season, any signs that Americans are pulling back could prevent a December rally.
The NAHB's November housing forecast remained unchanged after the October figure was revised to 19 from 18. Economists polled by Thomson/IFR had expected the index would come in at 18.
"I think that a lot of folks are digesting the news from last week and they're worried about the economy and the ability to grow earnings at the larger companies in America," said Rob Lutts, chief investment officer at Cabot Money Management Inc. in Salem, Mass.
In late afternoon trading, the Dow industrials fell 209.40, or 1.59 percent, to 12,967.39.
Broader stock indicators also declined. The S&P 500 index fell 22.58, or 1.55 percent, to 1,436.16, and the Nasdaq composite index fell 39.74, or 1.51 percent, to 2,597.50.
The Russell 2000 index of smaller companies fell 17.81, or 2.31 percent, to 751.69. Investors often view smaller companies as more likely to be hit hard in a slowing economy because they can't as easily get by on thin profit margins as some big companies with overseas operations.
Stocks have fallen in six of the last eight sessions. Last week, stock finished higher after a string of volatile sessions. The Dow ended up 1.03 percent for the week, while the S&P 500 index ended up 0.35 percent, and the Nasdaq finished up 0.35 percent.
Government bond prices rose sharply Monday as investors sought safety. The yield on the 10-year Treasury note, which moves opposite its price, fell to 4.06 percent from 4.15 percent late Friday. The 10-year note hasn't gone below the 4.1 percent level since early September 2005.
The dollar fell against other major currencies, while gold fell.
Crude oil futures for January delivery rose 89 cents to $94.73 per barrel on the New York Mercantile Exchange.
John Merrill, chief investment officer at Tanglewood Capital Management in Houston, contends investors are still grappling with the scope of the writedowns related to the housing market and related ramifications of a housing slowdown, such a more cautious consumer.
"Certainly in the financial sector the concerns seem to be never-ending. The potential for write-offs seems to keep growing," he said. "This is having to settle in and the process of settling in means you become more aware of how more meaningful and how restricting these writedowns are."
One big area of concern for investors was again Citigroup, which said earlier this month it would likely write down $8 billion to $11 billion in the fourth quarter. The bank fell $1.93, or 5.7 percent, to $32.07 after the Goldman downgrade to a "sell" rating.
Lowe's Cos. posted a 10 percent decline in third-quarter profit Monday, slightly better than expected. But the home improvement retailer lowered its forecast in anticipation of further deterioration in housing. Lowe's fell $1.74, or 7 percent, to $23.27.
Celgene Corp.'s announcement late Sunday that it agreed to buy Pharmion Corp. for $72 a share in a cash-and-stock deal worth $2.9 billion failed to bring much enthusiasm to Wall Street. Celgene fell $1.11 to $63.79, while Pharmion jumped $15.61, or 31.6 percent, to $64.89.
Declining issues outnumbered advancers by more than 5 to 1 on the New York Stock Exchange, where volume came to 1.22 billion shares.
Stock markets overseas slumped. In European trading, Britain's FTSE 100 closed down 2.71 percent, Germany's DAX index fell 1.32 percent, and France's CAC-40 slid 1.65 percent. In Asian trading, Japan's Nikkei stock average fell 0.74 percent, while Hong Kong's Hang Seng index decreased 0.56 percent.
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