Kotak - Daily Morning Brief - 30 Mar 2007 - Offshore Support
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Friday, March 30, 2007
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Kotak - Daily Morning Brief - 30 Mar 2007 - Offshore Support
PowerYourTrade Trading Calls
Ashwani Gujral
Buy Tata Steel with stop loss of Rs 425 for target of Rs Rs 480. Call valid for maximum 1 week
Buy Glenmark Pharma with stop loss of Rs 570 for target of Rs 670. Call valid for maximum 1 week.
Deepak Mohoni
Buy IFCI below Rs 33.25 with stop loss of Rs 32.50. This is a day-trading recommendation
Buy Oriental Bank below Rs 189, sl Rs 185. This is a day-trading recommendation.
Rajat K Bose
Buy L&T with stop loss below Rs 1607 for target of Rs 1657-1678-1698; This is a day-trading recommendation
Buy ABB with stop loss below Rs 3489 for target of Rs 3575-3598-3616. This is a day-trading recommendation.
Edelweiss - Daily Market Outlook 30th March, 07
Market Snapshot
Despite yesterday's fall and overnight weakness in the US markets the indices managed to open in green. However the indices could not sustain with selling in banking stocks and slipped to a low of 12,833. Some short-covering towards the end saw the index rally to a high of 13,004. The Sensex finally settled with a gain of 95 points at 12,980. Nifty finally settled with a gain of 30 points to close at 3798.
The NSE cash volumes were higher compared to the previous day at INR 100 bn but BSE was lower at INR 36 bn. The F&O volumes were a higher at INR 513 bn.
Sentiment Indicators
The Implied Volatility (IV) across Nifty strikes has increased to 28% levels. The WPCR of Nifty Options decreased to 0.88 compared to the previous day while the 5 day average is 1.03.
Outlook
The markets are expected to have a tepid opening on account of VWAP adjustment of the expiry of the March series. Currently there are no major positive triggers in the market and we expect the Nifty to be rangebound before the weekend. IT sector can see some action taking cues from the INR USD movement.
Rollovers picked up momentum lately on the expiration day to 83% of the total D-5 positions in the Nifty and 82% in the broader market .
Pharma stocks can have good buying opportunities with stocks like Ranbaxy and AurobindoPharma as our top buy picks. With crude oil inching up again above levels of $66, OMC counters can see some selling pressure.
Technical charts indicate that the bearish tone in the market will continue. Any pullback will not be sustained beyond the opening session. The immediate supportfor the Nifty is at 3789 followed by 3757. On the upper side the next important resistance is 3808 and 3820.
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Anand Rathi - Daily Strategist
The NIFTY futures saw a rise in OI 16% with prices up by 0.25% indicating that both bulls and bears were aggressive in building their positions as market showing volatility and not giving clear directions. .We feel that till the market doesn't go above 3850 levels we may not see aggressive short covering in the nifty futures and longs building fresh positions in the market. The nifty futures showed a rollover of 70 % i.e. is below average rollover of 75 % indicating less positions built up in April contract as compared to previous contracts. The FIIs sold index futures marginally to the tune of 15.15 crs whereas heavy buyers in index options indicating hedged positions built up by them against their long positions and investments in cash market .The PCR has remained unchanged to 0.93 levels indicating some consolidation may take place here before any sharp movemtn in the market ..The volatility has come down from 32.95 to 29.30 levels indicating some buying support in the market.
Among the Big guns, ONGC saw rise in OI to the tune of 0.23% with prices positive to the tune of 1.18% indicating shorts covering there positions and fresh buying happening in the counter indicating strength in the counter . whereas RELIANCE saw drop of OI to the tune of 1.26 % with prices positive indicating short covering in the counter.
On the TECH front, TCS, SATYAMCOMP saw fall of OI with rise in prices indicating lot of short covering are seen in these counters indicating further short covering may result in rise in prices in these counters whereas INFOSYSTCH saw rise in OI with prices almost flat indicating that both bulls and bears are aggressive in the counter .WIPRO saw rise in OI with rise in price indicating fresh buying happening in the counter.
In the BANKING counters, BIN saw rise in OI with rise in prices indicating that longs are building positions in this counter , HDFCBANK, & ICICIBANK saw rise in OI with fall in price indicating selling pressure in these counters indicating weakness in these counters may prevail.
In the metal pack TATASTEEL, Saw fall in OI with price negative indicating longs liquidation in these counters whereas heavy short positions buit up in HINDALCO and STER indicating weakness in these counters.
Considering the overall scenario and the markets behavior the market may show some consolidation before taking any sharp movement on either side .Traders are advised not to go aggressively short on the market unless important support level of 3750 is breached and any position taken today should be with strict stop losses to be adhered too.
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