Market is expected to remain volatile for few days. For fresh buying, traders could look to buy in small parts on dips near support levels
Hindustan Copper - Stock has strong support around 510. Fresh buying could be done near suppor levels. On upside stock has resistance at 560 - 575 leves
Uttam Gulva Steel - Stock has support around 104 and strong support around 99 levels and on upside 114 & 120 are immediate resistance levels.
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GTL Infra has strong support around 40 levels. However on upside 42.75 is strong resistance level for the stock. If stock is able to trade above 42.75 level for couple of days then it could goto 44 - 45 levels which is expected to offer stif resistance at profit booking could be seen.
Vijaya Bank - is showing some signs on trend improvement, however there is still no clearity. On downside 47 is strong suport for the stock. On upside 51 is the immedite resistance level for the stock, followed by strong resistance around 52.50 levels.
UCO Bank - UCO Bank is shown good bounce back after UCO Bank got approval for fund raising via FPO. However stock is trading near resistance levels of 59 level and could see some profit booking. On down side 55 is the strong support level for the stock. On upside above 59 stock could goto 61 level.
Syndicate Bank - Stock has gone up on strong volumes and could goto 86.50 levels. 86.50 could offer stif resistance and could see some profit booking. On downside 79 is strong support level for the stock.
JK Cement - Stock is seen good improvement in trend. On upside 148 is immediate resistance level for the stock. If stock is able to cross 148 level then 152 could be next level to watch out.
Here we need to mention that many of the stock are trading in oversold there could be bounce back from lower levels.
Ans1&2. In short term if market continues recovery then NTPC is expected to consolidate around 200 - 210 range. In short to medium term NTPC could reach 220 levels however if you are looking for long term investment then NTPC could be hold.
Ans3. IPO share allotment process usually takes two weeks from the date of issue closing date.
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Vishnu Chemicals Ltd in last few days has moved up from 40 level to 56 levels. Stock could go higher from current levels. However we need to mention that this kindly of stock go up quickly and come down in same speed making difficult for traders to exit. So traders need to be cautious while investing.
Andhra Pradesh Paper Mills Ltd is still in downtrend. Stock has immediate resistance at 99-100 levels. If stock is able to close above 100 then it could goto 105 levels.
Subros Ltd has good upmove today. However stock needs to trade above 45.50 levels, then it could goto 47 levels.
Here we need to mention market trend is still looking weak and unclear.
NMDC is trading near its support levels of 440, followed by 430 - 415 levels. On upside stock has resistance at 475 followed by strong resistance at 505 levels. Trend of stock looks weak. However if there is some bounce back in market stock could also see some bounce back.
Market Outlook
Markets are under pressure as the sentiment is not very positive and clear. The markets will take time to consolidate and create a base before we head for a big rally. The RSI on the daily chart is at 32.60 which are very near to the oversold region.
Jai Corp has corrected sharply led by weak market and as stock broke its strong support of 270. On downside stock could goto 250 levels. However the benchmark indices ended the special trading session on a positive note as short covering was seen witnessed in many counters. So if short covering continues stock could see some more upside.
Crude oil: The counter sharply rallied lower breaching the Middle line Support of the Bollinger at 3538 and tested the low of 3387. The indicators have also turned negative, like RSI is about to cross the MA and stochastic is turning downwards, thus one can remain short in the counter at every rise, for immediate target of 3385 and next 3355.
Indian markets plunged sharply on negative global cues as huge sell-off was seen in major index heavy sectors like banking, metals, reality and oil & gas. The shortterm trend looks very pathetic if global markets fall further from current levels. The RSI on the daily chart is at 28.97 which clearly show that Indian markets are in the oversold region and fresh selling could be risky at lower levels. Support for nifty seen at 4,650 and only if this point gets violated on the closing basis we see the market falling sharply towards 4,500. But if tomorrow nifty manages to hold above 4,760 then it’s quite possible that nifty could again rally further upto 4,850.
Unitech - Stock on downside has support around 67 levels followed by support around 64 levels and strong support around 61 - 60 levels.
RIL - Stock has immediate support at 965 level followed by 935 - 910 levels
HDIL - HDIL has support at 290 & 280 levels.
L&T - L&T has strong support at 1380 - 1360 levels
REC - REC has strong support at 225 - 220 levels
RCF - Stock has support at 94 levels followed by strong support at 90 levels stock has made multiple lows.
ABAN Offshore - Stock has support at 1080 & strong support at 1050.
Right Issue Details
Right isssue is to raise upto Rs. 1850 Crore. Price is fixed at Rs. 355 per Equity Share (i.e. Rs. 10 towards face value and Rs. 345 towards premium per Equity Share) and the ratio fixed is 2:3 (i.e. Two Equity Shares for every Three Equity Shares held on the Record Date).
Reliagre Ent has been looking to expand its operations aggressively for which company is looking to raise money. Investors looking to invest for long term could look to invest. For short term investors it could be avoid as market is looking volatile and there could be some more correction in market.
It is true that mutual funds investment could be less risky as compare to direct investmetn in equity as mutual fund scehems are well managed and have well diversified portfolio. However we need to mention that mutual fund performance is subject to market conditions and all mutual fund scehemes do not have good performance track record. So investors need to be careful while investing.
It could be difficult for above funds to give retuns of 20% to 50% in 3 to 6 months. It could be better if you could look to invest in better performing scheme for some more time.
GMR Infra in looking weak. Stock could goto 52 - 49 levels. If possible it you can hold stock for some more time you could see some bounce back from support levels.
K Sera Sera is looking to weak stock has support at 12.80 followed by strong support level at 11.90. Fresh buying could be avoided at current levels
Wire & Wire has strong support around 17.75 levels. If stock break 17.75 levels on closing basis then it could goto 16.80 -16.50 levels. Fresh investment at current levels could be avoided.
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Profit booking could be seen today in Shree Ashtavinayak Cine Vision Ltd.
Market is looking weak led by global cues. Jai Corp could see selling pressure today. However it has strong support around 270 levels. If stock break 270 on closing basis then Jai Corp could turn weak and could goto 250 levels.
If you are looking for long term investment stock could be hold as TV Broadcasting & Software Production sector outlooking is improving.
Here we need to mention that in short term stock could see selling pressure led by weak global cues. Support levels 224 - 213 - 204
Wockhardt Ltd has strong support levels around 154 levels where stock could see fresh buying. If stock break 154 then 148 - 12 could be next strong support levels.
Freshing buying in small part could be done near support levels for long term investment.
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