Archives : SENSEX TARGET 15700; NIFTY TAGET 4722 - 01/08/2008

SENSEX TARGET 15700; NIFTY TARGET 4722  – 01/08/2008.

 
  • DR. REDDY PRESCRIBES DOUBLE DOSE - REPO & CRR HIKE.
 
  • LOWEST ROLLOVER FOR HIGHEST VOLATILE SERIES.
 
  • TECHNICAL ANALYSIS:
 
  • LAST WEEK’S RECOMMENDATIONS:

Inspite of very high volatility over the past one week, once again all our Stocks reached their targets except Sasken Comm which will be reaching its target in the coming week.

 If one had bought 2000 shares of BRFL, 3000 shares each of Renuka, Neyvelli Lignite and Sasken Comm and 5000 shares of JP Hydro and MRPL. Then Profit for BRFL Rs.28,000, Profit for Renuka Rs.36,000, Profit for JP Hydro Rs.20,000, Profit for MRPL Rs.20,000, Profit for Neyvelli Rs.15,000, Profit for Sasken Rs.9,000. TOTAL PROFIT OF Rs. 1,27,000/-  in just a week.

  • BUY BRFL 334 TGT 346 REACHED 348.
  • BUY RENUKA 123 TGT 135 REACHED 135.
  • BUY JP HYDRO 54 TGT 57 REACHED 57.
  • BUY MRPL 67 TGT 71 REACHED 71.
  • BUY NEYVELLI LIGNITE 120 TGT 125 REACHED 125.
  • BUY SASKEN COMM 154 TGT 164 REACHED 157.
 
  • THIS WEEK’S RECOMMENDATIONS:
 
  • WATCH OUT FOR:

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SENSEX TARGET 15700; NIFTY TARGET 4722 – 01/08/2008.

 

Inspite of so many bear attacks on the market viz. RBI’s surprise rate hike, weak global markets and settlement week of the most volatile series i.e. July, our prediction that the bounce back will continue in our market, was proved correct as usual. Many times our readers are so confident that they almost believe our view as a foregone conclusion and because of this faith in us they mint money week after week. To say that the past week was very volatile will be a gross understatement. So despite severe unfavourable happenings during the past week, our market went up and the pull back continued as predicted.

 
  • DR. REDDY PRESCRIBES DOUBLE DOSE - REPO & CRR HIKE.
 

In fact Dr. Reddy thought that the market was in need of some emergency and hence instead of prescribing some medicine, gave the market double injection of Repo Rate and CRR hike. The Repo Rate was hiked by 50 bps as against the expected 25 bps and the CRR was hiked by 25 bps. This dose was too heavy for the market to digest and as a result market once again collapsed by more than 500 points. But the pull back started immediately after that.

Growth for a while has taken a back seat and controlling inflation has become the top most priority for the government. Inflation has once again come below 12% as against the market expectation of just over 12%. Inflation though is still moving up, albeit at a slow pace.

  • LOWEST ROLLOVER FOR HIGHEST VOLATILE SERIES.

The July series, which was arguably the most volatile series in recent times, has seen very low rollovers. Nifty Rollover was at 65.05% for July was the lowest in recent history, as compared to 70% witnessed at the start of the previous series. Such low rollovers are sign of sign of trend reversal. If you consider the Nifty discount of 70 points at the start of previous series and the way the Nifty covered and closed in premium suggests that the Bears have shed their shorts and started going long. August series looks promising to say the least.

 
  • TECHNICAL ANALYSIS:

Both Sensex and Nifty closed the week with good gains. Sensex registered a gain of 382 points and Nifty a gain of 102 points on a weekly basis. In the process, despite the volatility both Sensex and Nifty managed to close above the 50 DMA and have reversed the short term down trend. The Indicators are showing more momentum on the upside. The MACD has just turned positive and the ROC is breaking trendline Resistance. The week ahead will be marked with renewed Bull power as the short term trend has turned positive and now will head towards the pull back levels of 15125 and 15741 for the Sensex. The Pull back levels for the Nifty are 4544 and 4744 in the short term. The 4500 Calls have seen huge addition of Open Interest and thus this will act as a Resistance point, similarly Put writing at 4300, 4200 and 4000 strikes indicate presence of strong support at these levels.

Sensex Resistance 14954-15244-15332-15741. Support 14539-14243-14032-13727.Nifty Resistance 4516-4679-4722-4770. Support 4347-4298-4262-4159. 
  • LAST WEEK’S RECOMMENDATIONS:

Inspite of very high volatility over the past one week, once again all our Stocks reached their targets except Sasken Comm which will be reaching its target in the coming week. If one had bought 2000 shares of BRFL, 3000 shares each of Renuka, Neyvelli Lignite and Sasken Comm and 5000 shares of JP Hydro and MRPL. Then Profit for BRFL Rs.28,000, Profit for Renuka Rs.36,000, Profit for JP Hydro Rs.20,000, Profit for MRPL Rs.20,000, Profit for Neyvelli Rs.15,000, Profit for Sasken Rs.9,000. TOTAL PROFIT OF Rs. 1,27,000/-  in just a week.
  • BUY BRFL 334 TGT 346 REACHED 348.
  • BUY RENUKA 123 TGT 135 REACHED 135.
  • BUY JP HYDRO 54 TGT 57 REACHED 57.
  • BUY MRPL 67 TGT 71 REACHED 71.
  • BUY NEYVELLI LIGNITE 120 TGT 125 REACHED 125.
  • BUY SASKEN COMM 154 TGT 164 REACHED 157.
 
  • THIS WEEK’S RECOMMENDATIONS:

  • BUY SESA GOA 3483 SL 3440 TGT 3557-3630.
  • BUY MRPL 69 SL 67 TGT 75-82-89.
  • BUY NAG FERT 40 SL 38 TGT 43.50-46-51.
  • BUY RNRL 101 SL 98 TGT 106-114.
  • BUY TATA CHEM 330 SL 325 TGT 338-347.
 
  • WATCH OUT FOR:
MRPL 69, has given a flag breakout with volumes TGT 75-82-89 SL 67. 
Disclaimer : The recommendations made herein do not constitute an offer to sell or a solicitation to buy any of the securities mentioned. No representations can be made that the recommendations contained herein will be profitable or that they will not result in losses. Readers using the information contained herein are solely responsible for their actions. Information is obtained from sources deemed to be reliable but is not guaranteed as to accuracy and completeness.

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