pushkan
24th June 2009, 10:51 AM
MARKET Outlook
For Private Circulation Only
June 24, 2009
As expected a volatile bounce-back occurred as soon as the market opened yesterday around the 450 mark. Technically market has completed a bigger part of correction within a down-trend. On the very short term the bounce back may continue till around 4300-4350-4436. The same maybe augmented by the derivatives expiry statistics which point to 4200 being held.
On the intermediate term, we are through with 2/3rd part of the correction in price but just 1/3rd part of time correction. As such we may slowly drift towards the price target of around 3950-3800 in next 2-3 weeks time.
With the F&O expiry on Thursday, the Budget early next month and corporate earnings not too far away, one can expect more volatility on an intraday basis, from the market going forward.
For today one may purchase above 4250 for a target of 4302-4340. The stops should be maintained at yesterday’s close at 4227. On the other hand if 4200 is breached on an hourly basis, then expect retest of yesterday’s levels around 4120.
The detailed Market Outlook is available on our website www.pacefin.com . You can directly access it at the following URL – http://pacefin.com/admin/research/DR1955531832.pdf
The record sheet for yesterday is as follows:
Buy/Sell Script Name Reco Date Rec. Price Tar. Price Stop Loss HI/LO Theorotical RESULT
BUY-BTST GLENMARK 22-Jun-09 216-220 225-236 211.0 212-222 50-50
BUY-BTST POLARIS 22-Jun-09 102-105 110-119 99.0 96.7 SL
SELL-STBT SUNPHARMA 22-Jun-09 1290-1311 1277-1263 1322.0 1270.0 ACHIEVED
BUY-ID VOLTAS 23-Jun-09 119-123 127-133 116.0 126.8 ACHIEVED
SELL-ID RELINFRA 23-Jun-09 1205-1218 1191-1177 1227.0 1156.0 ACHIEVED
SELL-ID JINDALSTEL 23-Jun-09 2395-2415 2368-2332 2436.0 2291.0 ACHIEVED
BUY-POS CHAMBLFERT 23-Jun-09 61-64 72-79 57.0 OPEN
BUY-BTST TANLA 23-Jun-09 70-73 76-81 68.0 OPEN
BUY-BTST JINDALSAW 23-Jun-09 384-390 397-411 379.0 OPEN
SELL-STBT HEROHONDA 23-Jun-09 1439-1463 1406-1393 1478.0 OPEN
__________________________________________________ __________________ _
Financial Services
Head Office A 1/291 Safdarjung Enclave, New Delhi 110029
Telephone 91-11-42022222 (50 lines), 26106371
Fax 91-11-26165176
Web site www.pacefin.com
__________________________________________________ ____________________ _
RESEARCH
Pushkaraj Kanitkar Chief Technical Analyst pushkan@pacefin.in
Head, Research & Strategy
Yadvendra Mohan Database Management yadvendra@pacefin.in
__________________________________________________ ______________________
Disclaimer
The Research Department of PACE Financial Services has prepared this report. The information and opinions contained herein have been compiled or arrived at based upon information obtained in good faith from sources believed to be reliable. Such information has not been independently verified and no guaranty, representation of warranty, express or implied, is made as to its accuracy, completeness or correctness. All such information and opinions are subject to change without notice. This document is for information purposes only. Descriptions of any company or companies or their securities mentioned herein are not intended to be complete and this document is not, and should not be construed as an offer or solicitation of an offer, to buy or sell any securities or other financial instruments. PACE, its owners, directors, analysts or employees do not take any responsibility, financial or otherwise, of the losses or the damages sustained due to the investments made or any action taken on basis of this report, including but not restricted to, fluctuation in the prices of shares and bonds, changes in the currency rates, diminution in the NAVs, reduction in the dividend or income, etc. Investors should invest only in consultation with their financial adviser.
PACE and other group companies, its owners, directors, analysts, associates, employees may have various positions in any of the stocks, securities and financial instruments dealt in the report, or may make sell or purchase or other deals in these securities from time to time or may deal in other securities of the companies /organizations described in this report.
General Advice Warning
Please note that any advice given by PACE is deemed to be general advise, as the information or advice given, does not take into account your particular objectives, financial situation or news. Therefore, at all times you should consider the appropriateness of the advice and consult your financial advisor before you act further.
For Private Circulation Only
June 24, 2009
As expected a volatile bounce-back occurred as soon as the market opened yesterday around the 450 mark. Technically market has completed a bigger part of correction within a down-trend. On the very short term the bounce back may continue till around 4300-4350-4436. The same maybe augmented by the derivatives expiry statistics which point to 4200 being held.
On the intermediate term, we are through with 2/3rd part of the correction in price but just 1/3rd part of time correction. As such we may slowly drift towards the price target of around 3950-3800 in next 2-3 weeks time.
With the F&O expiry on Thursday, the Budget early next month and corporate earnings not too far away, one can expect more volatility on an intraday basis, from the market going forward.
For today one may purchase above 4250 for a target of 4302-4340. The stops should be maintained at yesterday’s close at 4227. On the other hand if 4200 is breached on an hourly basis, then expect retest of yesterday’s levels around 4120.
The detailed Market Outlook is available on our website www.pacefin.com . You can directly access it at the following URL – http://pacefin.com/admin/research/DR1955531832.pdf
The record sheet for yesterday is as follows:
Buy/Sell Script Name Reco Date Rec. Price Tar. Price Stop Loss HI/LO Theorotical RESULT
BUY-BTST GLENMARK 22-Jun-09 216-220 225-236 211.0 212-222 50-50
BUY-BTST POLARIS 22-Jun-09 102-105 110-119 99.0 96.7 SL
SELL-STBT SUNPHARMA 22-Jun-09 1290-1311 1277-1263 1322.0 1270.0 ACHIEVED
BUY-ID VOLTAS 23-Jun-09 119-123 127-133 116.0 126.8 ACHIEVED
SELL-ID RELINFRA 23-Jun-09 1205-1218 1191-1177 1227.0 1156.0 ACHIEVED
SELL-ID JINDALSTEL 23-Jun-09 2395-2415 2368-2332 2436.0 2291.0 ACHIEVED
BUY-POS CHAMBLFERT 23-Jun-09 61-64 72-79 57.0 OPEN
BUY-BTST TANLA 23-Jun-09 70-73 76-81 68.0 OPEN
BUY-BTST JINDALSAW 23-Jun-09 384-390 397-411 379.0 OPEN
SELL-STBT HEROHONDA 23-Jun-09 1439-1463 1406-1393 1478.0 OPEN
__________________________________________________ __________________ _
Financial Services
Head Office A 1/291 Safdarjung Enclave, New Delhi 110029
Telephone 91-11-42022222 (50 lines), 26106371
Fax 91-11-26165176
Web site www.pacefin.com
__________________________________________________ ____________________ _
RESEARCH
Pushkaraj Kanitkar Chief Technical Analyst pushkan@pacefin.in
Head, Research & Strategy
Yadvendra Mohan Database Management yadvendra@pacefin.in
__________________________________________________ ______________________
Disclaimer
The Research Department of PACE Financial Services has prepared this report. The information and opinions contained herein have been compiled or arrived at based upon information obtained in good faith from sources believed to be reliable. Such information has not been independently verified and no guaranty, representation of warranty, express or implied, is made as to its accuracy, completeness or correctness. All such information and opinions are subject to change without notice. This document is for information purposes only. Descriptions of any company or companies or their securities mentioned herein are not intended to be complete and this document is not, and should not be construed as an offer or solicitation of an offer, to buy or sell any securities or other financial instruments. PACE, its owners, directors, analysts or employees do not take any responsibility, financial or otherwise, of the losses or the damages sustained due to the investments made or any action taken on basis of this report, including but not restricted to, fluctuation in the prices of shares and bonds, changes in the currency rates, diminution in the NAVs, reduction in the dividend or income, etc. Investors should invest only in consultation with their financial adviser.
PACE and other group companies, its owners, directors, analysts, associates, employees may have various positions in any of the stocks, securities and financial instruments dealt in the report, or may make sell or purchase or other deals in these securities from time to time or may deal in other securities of the companies /organizations described in this report.
General Advice Warning
Please note that any advice given by PACE is deemed to be general advise, as the information or advice given, does not take into account your particular objectives, financial situation or news. Therefore, at all times you should consider the appropriateness of the advice and consult your financial advisor before you act further.