SUSTAINED GROWTH……

The markets exhibited sustained growth without any volatile situations that normally seen on expiry day but a sustained buying at every point was exhibited. The investors across the globe providing support to stock prices as they look cheap when compared to the history highs registered.
A serious redflag caution is advised as the P/E ratio at 16.53, the forward earnings likely to deteriorate will increase it to above 20 even at the current prices. So the retail investors can wait for a substantial fall to buy the blue chips as our economy likely to contract due to lack of demand for our produts on overseas and the huge expansions initiated two to three years back now put pressure on the internal demand as the suppply is likely to exceed.

Market PULSE check by Stock-O-Meter:
The Following scrips covered in my previous posting:
The high, low, closings of 29-04-08:

Nifty 3486.40 3366.70 3473.95
ICICIBANK 484.50 444 479.20
RIL 1820 1745.85 1806.25
REL infra 699.25 670 695.20
Rel Cap 527.80 497.80 524.50
T.Steel 243.60 229.50 238.10
SAIL 111.85 107.30 109.20
BHARTI 758 714 752.75
ONGC 870 833.55 864.75
LT 889 852 879.35
I may be right or wrong-“No argument with the ticker-NEVER”

The April series………..

The market roll over for may series is low due to the domestic events and due to the negative global news flows. The series may end with volatility but the markets may see some bounce back in the early trade as suggested by the SGX Nifty index.

The markets are at the verge of support as the major index heavy weights are trading below or just above the support levels in RIL, ONGC, Bharti, NTPC, ITC and HUL. On the positive side the LT, Infosys, Wipro, SBI, ICICI and HDFC bank are in Bull grip.
The Nifty as suggested in my earlier postings took support at 3350 level and this will gain strength when it trades above 3420 level. The intermediate range between 3280 and 3420 level is a consolidation range.
The earlier suggested levels hold good for RIL and ICICI. The Relcap and RelInfra lost much ground as expected and suggested. Now rel cap will be under bear pressure but can bounce to 525 level. It is very weak below 513-15 level. The Rel infra can also see a bounce back up to 693 level as suggested earlier.
The ONGC is weak below 829 and gains strength above 866-69 level. The Bharti is good above 735 can go upto 790 leve when it trades above 756-59 mild resistance level. It will become weak when the results disappoints the street may well go below support level at 686-88 level.
The LT is in Bull grip good above 896-902 level may touch 938 and 947 levels. The Sail is good still it is above 106 but likely to touch 90-93 level once it breaches due to the negative sector news. But today it will hold above 100-102 level.

SWINE FLU CATCH......

The markets could have little support to hold above the 3450 level due to global melt down and due to the Expiry on Wednesday. The Infras felt the heat and the banking bowed to the bear pressure.

Market PULSE check by Stock-O-Meter:

The Following scrips covered in my previous posting:

The high, low, closings of 28-04-08:

Nifty 3471.95 3351.50 3362.35
ICICIBANK 470 433.05 439.05
RIL 1792 1731 1737.15
REL infra 723.90 654 661.55
Rel Cap 544.70 487.75 492.80
T.steel 257.4 232 234.35
SAIL 113.40 106.50 107.60
BHARTI 749.9 713 724.35

The high, low, closings of 27-04-08(Yesterday):
Nifty 3517.25 3435.30 3470.
ICICIBANK 477.95 411.10 467.55
RIL 1807 1761 1785.55
REL infra 1751.50 701.35 1710.85
Rel Cap 568 526.30 532.05
T.Steel 268.50 251.05 253.75
SAIL 115.70 110.10 111.90
BHARTI 756.40 730.20 743.65

I may be right or wrong-“No argument with the ticker-NEVER”

STRESSED…..

The order of the day now opening with stressed accounts and the amount related will hit the head lines as the markets are likely to witness the results and reveals from the Indian banking sector. The aggressive private sector bank ICICi has announced its numbers far below than the street expectations. The NII and the NIM are both are positive but the provisions are huge that resulting a drop of more than 35% in net profits. The stock which faced resistance at 439 level may become weak below 430, the bears run as the stock falls below 415…, 403….and the earlier supports at 495-90 may not hold as the support is expected first at 378-81 level and at 357-53 level. The stock is technically in Bulls grip. The Bulls lighten their positions in the counter when it trades below 321 level and the Bears take advantage below 315 levels.

The Asian markets are mixed and the SGX nifty suggests 40 points loss with negative bias. The Nifty is in Bull grip so long it trades above 4221-23 level, major support is at 4361-63 level but the resistance is expected at 3509-3524 level. The markets may get support at 3350 level as the upward momentum was in place. As the markets has risen in the last two trading sessions, the fall in prices still keel them in bulls grip.

The RIL could cross the immediate resistance at 1735-39 level and touched a high of 1802. Today it may face resistance at 1809-11 but gains upward momentum above 1821 level. The stock will become weak only it trades below 1693 level.
The Rel infra will face resistance at 1751-54 level and the support is expected at 684-86 level. The stock is in Bull grip above 719-21 level.
The Relcap has potential to go to 579-81 level so long it trades above 542-39 level. The stock will get support at 523 level.
The T.steel has recovered from a low of 240 level to 270 level may see some correction so is the other metals. The Sail will get Bulls support above 116.50.
The Bharti is good above 726 level but may face resistance at 767-71 level. The RCOM is good above 226 level but the support at 218-19 level and will become weak below 215 level.

The SWINE FLU is threatening to kill more as it spreads but the medicines are available.

The crucial results to be announced on Monday are from Aban, Bank Baroda, Indian bank, Oriental bank, United spirits, Tech Mahindra castrol, Areva, Bartronics, Exide Ind, and Vimta labs.