Top Picks for the Week - July 7 2010
Wednesday, July 07, 2010
F&O turnover spurts
The Nifty July 2010 futures were at 5247.25, at a premium of 6.15 points over spot closing of 5241.10. Turnover in NSE's futures & options (F&O) segment jumped to Rs 69053.31 crore from Rs 59652.35 crore on Tuesday, 6 July 2010.
Markets today ended near the day's low on weak cues from the global peers. The Sensex touched a high of 17,623 on opening but started slipping soon after on pressure in metal and banking stocks. Towards the end of the day, the Sensex slumped further to a low of 17,447 and ended at 17,471 - down 143 points.
Indian equities dropped on Wednesday erasing earlier gains. The Sensex ended on a depressing note due to global meltdown. All sectoral indices traded in red except consumer duable and teck. Oil & gas, metal and banking stocks faced the brunt of profit booking.
Deal Date Scrip Code Company Client Name Deal Type * Quantity Price **
7/7/2010 505665 ABC Bearings LIFE INSURANCE CORPORATION OF INDIA S 65000 122.21
7/7/2010 504629 Anil Special NILESH S JADHAV B 64625 19.57
7/7/2010 504629 Anil Special NILESH S JADHAV S 64625 19.38
7/7/2010 512355 Anukaran Comm MOUNTAIN VIEW DEVELOPERS PRIVATE LIMITED B 32701 20.35
Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
07-JUL-2010,ABAN,Aban Offshore Ltd.,MORGAN STANLEY MAURITIUS COMPANY LTD,BUY,455329,839.99,-
07-JUL-2010,BSL,BSL Ltd,BHARAT SECURITIES PVT LTD,BUY,67587,47.50,-
07-JUL-2010,CELESTIAL,Celestial Biolabs Limited,SAR AUTO PRODUCTS LIMITED,BUY,131999,39.98,-
The key benchmark indices registered their fourth decline in five trading sessions on Wednesday, 7 July 2010, as weak global stocks weighed on investor sentiment. Index heavyweights Reliance Industries (RIL) slumped. Banking, auto, realty and metal stocks fell. The BSE 30-share Sensex fell 143.46 points or 0.81%, off close to 170 points from the day's high and up close to 25 points from the day's low. The market breadth turned negative compared to positive breadth earlier in the day.
Tata Power said a consortium led by the company has been awarded three coal bed methane blocks for exploration in Satpura, Madhya Pradesh. (ET)
Dubai’s Istithmar sold its 6.9% stake in SpiceJet for US$25.3mn. (ET)
After consolidating for the past two sessions, bulls were back in action as the Indian markets closed with healthy gains on Tuesday. Sentiment got a major boost after markets across the world recovered from recent lows.
All progress is precarious, and the solution of one problem brings us face to face with another problem. Martin Luther King Jr.
World equity markets managed good bit of progress thanks largely to a sudden turnaround in the battered Chinese market. Risk tolerance improved with the dollar falling and the euro climbing. Crude oil is hovering near $72 a barrel mark while gold continued to slip.
We recommend a buy in the stock of Eveready Industries India from a short-term perspective. It is apparent from the charts of the stock that it has been consolidating sideways in a broad range between Rs 55 and Rs 75 since September 2009. From a long-term perspective, the lower boundary level Rs 55 is a significant support level. The stock took support from this lower boundary in May 2010 and started to move up. While trending up the stock conclusively breached its 50 and 200-day moving averages in late June and is trading well above these averages. On Tuesday, the stock jumped 3.7 per cent with good volume, forming a bullish engulfing candlestick pattern. The 14-day relative strength index has re-entered in to the bullish zone from the neutral region and weekly RSI is on the brink of entering into this zone. Both daily and weekly moving average convergence divergence indicators are featuring in the positive territory. We are bullish on the stock from a short-term perspective. We anticipate the stock to move up further until it hits our price target of Rs 68 and then Rs 70 in the upcoming trading sessions. Short-term traders can buy the stock with stop-loss at Rs 64.