There was minimal movement in the stock market with prices stuck inside a very narrow range. The Nifty registered a rise of 0.95 per cent, closing at 5,137 points while the Sensex rose 1 per cent to 17,166 points. The Defty rose by 1.43 per cent as the rupee continued to strengthen.
Breadth was neutral or slightly negative. Volumes were low in both cash and derivatives segments. Smaller stocks under-performed. The Midcaps was down 1 per cent, the Nifty Junior was down 1.4 per cent and the BSE 500 was up a nominal 0.2 per cent. FIIs continued to be large net buyers while domestic institutions sold.
Rationale: The intermediate trend has now been up for five weeks since the market bottomed at 4,692 on February 5. Since it's in phase with the long-term trend, which is also up, it could continue to run North over the next 3-6 weeks. The next peak should clear 5,160. Thus net gains are slightly more likely. The danger signal for an intermediate trend reversal would be a drop below 4,850, so there is also room for a short-term downtrend.
The short-term trend is showing a classic consolidation pattern with very tight ranging and low volumes. Any breakout will probably come on higher volumes and the market could swing by 100-odd points in the very next session. So, if we see a close outside 5,050-5,150, expect a move till 4,950 or 5,250 at least.
Counter-view: Volumes have been abnormally low for a bull market with a favourable intermediate trend. Breadth also looks weak with smaller stocks underperforming pivotals. Both low volumes and narrowing of breadth are bearish signals. It is possible that this is the precursor to an intermediate reversal. In that case, as mentioned above, the key level to watch would be 4,850.
Bulls & Bears: Traders should stick to highly liquid counters because losses in small stocks as occurred last week are usually accompanied by absence of liquidity. The banking sector, NBFCs, housing finance companies and DFIs made some positive gains with the Bank Nifty up 1.5 per cent. The CNXIT also rose by 2 per cent though there was quite a lot of volatility within the sector. The auto sector saw profit-booking that could continue. Sugar stocks continued to slide
In other sectors trading was very choppy and stock specific. Metals were up one session and down the next – Sterlite closed strong while Hindalco looked weak but that could be reversed on Monday. Ditto for real estate where there was no clear sector pattern. In FMCGs, Hindustan Unilever took a hammering while Colgate looked strong and ITC recovered from the post-Budget sell off.
MICRO TECHNICALS
MARUTI SUZUKI
Current Price: Rs 1,463
Target Price: Rs 1,430
The stock has recovered off recent lows at Rs 1,315 and it is hitting resistance again. A slide till support at the Rs 1,430 level is a minimum expectation and it could fall till Rs 1,400. Keep a stop at Rs 1,470 and short. Book at least 50 per cent profits below Rs 1,435 and reset the stop to Rs 1,450.
LIC HOUSING
Current Price: Rs 810
Target Price: Rs 860
The stock has completed a falling wedge pattern and looks set for an upside breakout. It saw some volume expansion last week. The upside could be around Rs 860. Keep a stop at Rs 800, and go long. Add to the position above Rs 835 and reset the stop to Rs 820.
ORIENTAL BANK
Current Price: Rs 291.40
Target Price: Rs 280
The stock hit resistance above Rs 305 and has started a reaction. It is likely to slide till around the Rs 280 level. Keep a stop at Rs 297 and short. Increase the position below Rs 287. Book profits at Rs 280. If Rs 297 is broken, reverse the position and go long with a target of Rs 307.
COLGATE PALMOLIVE
Current Price: Rs 736.40
Target Price: Rs 775
The stock has a pattern that has already pushed it to recent highs. It has the potential to reach Rs 775, at least on intra-day basis, though projections in a new zone are always subject to greater error. Keep a stop at Rs 725 and go long. Above Rs 750, increase the position and reset the stop to Rs 745. Book profits above Rs 775.
TCS
Current Price: Rs 796.95
Target Price: Rs 840
The stock is testing resistance at around Rs 800. If it breaks out, it will be in a new zone with a tentative target of about Rs 840. Keep a stop at Rs 785 and go long. Above Rs 805, increase the position and reset the stop loss to Rs 800. Clear the position above Rs 835.
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370)this.width=370">One look at the unruly traffic, the noise, the pollution and the dusty, dug-up roads and you could be forgiven for wondering if you are in one of the many such small towns that dot the Indian landscape. But you couldn't be more wrong.
This place is pretty special, although there is no indication to the fact that it is one of the largest foreign exchange earners for India. Or that the biggest global brands get their garments made in this small city and that the garments made here are sold in the largest retail stores across the world.
Welcome to Tirupur (occasionally spelled Tiruppur), a city of around 600,000 people in Tamil Nadu. It has a population of over a million in the urban agglomeration and has been registering an annual growth of 30 per cent since 1998.
This city exports knitwear worth Rs 11,000 crore (Rs billion) (Rs 110 billion) a year but it has no airport -- the nearest one is in Coimbatore (50 km away) and the nearest seaport is in Chennai.
The first stop for any international buyer of Indian garments is Tirupur. Buyers from 35 countries frequently visit Tirupur. Tirupur can deliver customised samples in less than 12 hours; half a million pieces in a matter of days.
Click NEXT to read on. . .
Carlos Slim Helú (Spanish pronunciation: [ˈkarlos eˈslim eˈlu], Arabic: كارلوس سليم Øلو), simply known as Carlos Slim (born January 28, 1940), is a Mexican engineer, businessman and philanthropist largely focused on the telecommunications industry. He is currently the wealthiest person in the world with a net worth of around US$53.5 billion through his holdings.[1][3]
Slim has a substantial influence over the telecommunications industry in Mexico and much of Latin America. He controls Teléfonos de México (Telmex), Telcel and América Móvil companies. Though he maintains an active involvement in his companies, his three sons—Carlos, Marco Antonio and Patrick Slim Domit—head them on a day-to-day basis.
Hindustan Unilever Limited (HUL) (BSE: HUL) is India's largest fast moving consumer goods company, touching the lives of two out of three Indians with over 20 distinct categories in home & personal care products and food & beverages. They endow the company with a scale of combined volumes of about 4 million tonnes and sales of over Rs. 13,000 crores[citation needed]. HUL is also one of the country's largest exporters; it has been recognised as a Golden Super Star Trading House by the Government of India.
HUL was formed in 1933 as Lever Brothers India Limited and came into being in 1956 as Hindustan Lever Limited through a merger of Lever Brothers, Hindustan Vanaspati Mfg. Co. Ltd. and United Traders Ltd.. It is headquartered in Mumbai, India and has an employee strength of over 15,000 employees and contributes for indirect employment of over 52,000 people. The company was renamed in June 2007 to “Hindustan Unilever Limited”.
More @ http://en.wikipedia.org/wiki/Hindustan_Unilever
11 Mar 2010, 1805 hrs IST, REUTERS
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