RIL, Balrampur Chini
“When we started moving up, it was 4,620 and that was a very significant support level. The Sensex recovered from very close to January 22 low of 1,532. So, it was a bounce back from a significant support level. Now that the index is above 4,800, if it were to sustain above 4,860 chances are that one might see 4,925. There could be a short-term rally in markets,” said Bose.
On Balrampur Chini, Bajaj Hindustan, Triveni Engineering:
Balrampur definitely looks pretty good. In fact, I was expecting Balrampur not to go below Rs 78. But on Monday, it bottomed out at Rs 76.10 and then bounced back very strongly. If it were to move above Rs 104, then the target would be something like Rs 127 and that was perhaps the January 8 high as well.
Renuka is perhaps the most high beta stock in the sugar space. It shows quite a bit of strength and can actually move faster. But you must be prepared that it actually shows a lot of volatility.
On the other hand for Bajaj Hindustan, above Rs 245, the next target would be something like Rs 265-270.
Over the medium-term, you would actually get decent gains on all the three stocks.
These stocks have actually given a signal that perhaps they are actually embarking on a short-term uptrend.
RNRL is a momentum stock and has bounced very strongly. This momentum is likely to sustain and perhaps the CNX midcap index is a testimony to that.
Chances are that this rally is likely to sustain for some more time and you will see some good swing in stocks like JP Hydro, Ispat, RNRL. So they are actually short-term pretty much positive.
The formation in L&T is a piercing line at the bottom. The signification of that is that this stock is actually going to stage a recovery. The recovery would be confirmed once it goes above Rs 2,980 and stays there. The worst is perhaps over for Larsen & Toubro.
In this upswing, if it crosses Rs 3,000 and stays above that, then Rs 3,250-3,300 could also be possible.
I hope GAIL stays above Rs 415. If it were to do so and if it stays above Rs 415, then the next target I would be looking at is Rs 438 and only above Rs 438 would we make higher projections.
On Reliance Industries & ONGC:
Reliance Industries’ move is quite encouraging. Reliance is now trading above Rs 2,300-2,325 levels. So, chances are that one might actually see Reliance moving up to Rs 2,440-2,450 before any serious resistance comes in. That would give a fillip to the index movements as well.
Before the fall of 4,600, ONGC was trading in a narrow band of Rs 970 to about Rs 1,040-1,045. It has again come within that band. Unless and until one sees ONGC going above Rs 1,040-1,050 levels, there would be no major movements. Since one is towards the lower-end of the boundary, one can put a stop loss of about Rs 970 and take a buy call expecting Rs 1,040-1,045.
On Reliance Capital & Reliance Power:
Reliance Capital and Reliance Power are showing considerable momentum. RPL would be the other stock that I would choose. Reliance Capital is also bouncing back from significant support level and chances are that the momentum would be carried forward in the short-term. Reliance Capital might well move up to Rs 1,550-1,600.
Regarding Reliance Power, Rs 364 is a resistance. If it were to cross that, then maybe Rs 380 could be possible. Rs 364 could well become a stiff hurdle to cross for Reliance Power.
On Bharti Airtel and Dr Reddy’s:
In Bharti Airtel there is some degree of consolidation. VSNL was also trading in a negative territory. It recovered while Bharti has not. But till such time that it maintains above Rs 780, there are chances that Bharti might actually recover. If it were to cross Rs 805, then there would be good movement in that.
From a medium-term perspective, there could be a good buying opportunity in any decline in DRL. There are chances that you would see some gains happening there. Especially, when it crosses Rs 585, it would show considerable strength and above Rs 600, that strength would be bolstered even further.
Comments
Post a Comment