ANAGRAM BROKING: Markets came under pressure with scam related news-flow and Year-end Profit-taking by FIIs and previous week`s come-back by markets was short-lived. Markets were down on four out of five sessions last week. On weekly basis, Nifty posted significant losses of 135 points (or 2.26% fall). This was very much on our anticipated lines. However this `sell-off` now appears to be bit overdone, although Year-end Profit-taking by FIIs is likely to continue and may arrest sharp rallies in near term. NIFTY OI PCR of 1.13 is in `favourable` position Index-wise. Unwinding on STOCK FUTURES side is also healthy sign, said brokerage house Anagram, while commenting on the outlook.
"Going by Option-distribution pattern, down-side now appears to be restricted between 5,700-5,800 levels of Nifty. In the coming week, which is also a short week of four trading sessions, year-end profit-taking by FIIs is likely to continue and may arrest sharp rallies in near term markets by and large are likely to stage mild recovery and Nifty could trade in the range 5,750-6,000," it added.
FAIRWEALTH SECURITIES:
DAILY OUTLOOK:
FUNDALMENTAL PICKS:
WEEKLY TECHNICAL:
TECHNOFUNDA CALL:
WAY2WEALTH has recommended "Buy" on Bank of India (BOI) with a price target of Rs 534 as against the current market price (CMP) of Rs 427 in its report dated Dec. 10, 2010.
WEEKLY TECHNICAL PICKS FROM EDELWEISS:
State Bank of India (SBI)
After taking support at 2,655 levels, stock bounce back and broke the resistance of 200DEMA with good volumes. Beside this on the daily chart stock had formed an "Inside Bar" pattern and even oscillator had gave a positive crossover, indicating an upside trend in the coming days. Buying is recommended at CMP of Rs. 2,732 with target of Rs 2,915 and stop loss of Rs 2,622
Mahindra & Mahindra (M&M)
Stock had corrected 61.80% retracement of the recent rally from 742.45 to 814 and took support at the 55DEMA. Thereafter it bounce back sharply and made a "Piercing" pattern on the daily chart as well as broke the resistance of 21DEMA with good volumes. Oscillator also gave a positive crossover which further indicates strength in the stock. Buying is recommended at CMP of Rs. 780 with target of Rs. 840 and stop loss of Rs. 749
Bharat Heavy Electricals (BHEL)
Last few days stock was trading in the range of 2,200-2269. On Friday stock broke the resistance of 2,269 as well as 21DEMA with good volumes. Beside this on the hourly chart stock had gave neckline breakout of the "Inverse Head and Shoulder" further indicating strength in the stock. Oscillator on daily chart depicts bullishness with RSI and Stochastic continuing their positive momentum. Buying is recommended at CMP of Rs. 2,287 with target of Rs. 2,455 and stop loss of Rs. 2,155.
KOTAK SECURITIES:
Buy Axis Bank Current Market Price: Rs 1300 Target: Rs 1825
Buy ICICI Bank Current Market Price: Rs 1097 Target: Rs 1345
Buy State Bank of India Current Market Price: Rs 2716.1 Target: Rs 3675
Buy Cummins India Current Market Price: Rs 750 Target: Rs 950
Buy Diamond Power Infrastructure Current Market Price: Rs 179.3 Target: Rs 319
Buy Greaves Cotton Current Market Price: Rs 95.7 Target: Rs 110
Buy Gujarat Apollo Industries Current Market Price: Rs 172.5 Target: Rs 290
Accumulate Larsen & Toubro Current Market Price: Rs 1958 Target: Rs 2100
Accumulate TVS Motors Current Market Price: Rs 69.4 Target: Rs 81
Buy Escorts Current Market Price: Rs 165.7 Target: Rs 256
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