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Nifty View
During the month of March market witnessed a smart
pullback of around 8%. On weekly charts it has made
Higher Top Higher Bottom formation.
Nifty is forming trend line on the upper levels around
5980 which becomes the critical levels for the market,
if it fails to hold these levels on closing basis then we
may witness profit booking towards 5720 which is
200DMA. If market closes below 5600 levels for three
to four days then it may enter a major corrective phase
towards 5150 levels.
Whereas on upside till the time Nifty does not crosses
6180 levels on sustainable basis which is the recent
January month’s high level, the major strength could not
be seen. Historically we have witnessed that in the month
of April & May market remained in correction or
consolidation phase.
Sensex View
During the month of March, Sensex formed a
Bullish Candlestick on monthly charts and
witnessed smart pullback rally from lower levels.
Sensex closed at around 19450 levels as on first
week of April month. FIIs were net buyers to the
tune of ~ Rs. 7000 Crores and ~6750 Crores for
the month of March and for the first week of April
respectively.
On the broader perspective, Sensex has immediate
support around 19000 levels if it breaches these levels
then selling pressure may get intensified towards
18500-18200. Whereas if holds 19700 levels then
further rally towards 20000-20500 levels could be
seen. For the month of April, Index is likely to trade in
the range of 19000-20000 levels and any range
breakout may give momentum of 4-5% on either side.
Bankex View
CNX Bankex
CNX Bankex Index has witnessed Bullish
Candlestick on charts. The index has
outperformed the markets with closing up by
almost 11%. If we see the Fibonacci Retracement
of the recent fall from November,2010 i.e. 13300-
10017 levels then 62% levels comes around to
12000 levels that becomes the crucial levels for
the index.
The Index closed at 11673 levels at the end of the first
week of April month, on upside it has strong
resistance around 12000 levels, now if it sustains
above 12000 levels then it may move up towards
12400-12600 levels. Whereas if it falls below these
levels then profit booking could be seen towards
11000 levels.
The stocks like SBI, IOB, KOTAKBK, CANBK
INDIANBK, PNB, YESBANK may see profit booking at
higher levels and can correct by 5-10% from current
levels.
Capital Goods View
BSE Capital Goods
The BSE Capital Goods Index has
underperformed the indices in the recent rally with
no major activity seen in the stocks. The index
closed up by around 6% on monthly basis. The
index has made the Inside Bar formation on
monthly charts that reflects a balance between
buyers and sellers following a sharp up or down
move from current levels.
This index is trading below 200DMA which is
around 14600 levels, till time it is trading below
these levels no major strength could be seen. If
the market corrects from these levels then fast
correction could be seen in this index.
The Index closed at 13740 levels as on first week of
April Month, on upside it has strong resistance around
psychological 14000 levels, if it moves above those
levels then it may move up towards 14400-14600
levels. Whereas it has strong support around 13300
levels, if it falls to hold these these levels then selling
pressure may get intensified towards 12850-12500
levels.
The stocks which may see weakness are LT, BHEL,
PRAJIND, AREVA, SIEMENS, BGRENERGY
Increasing crude prices a BOON or a BUST?
Rising oil prices have been benefiting oil producers along with the service providers where as
hurting other OMC’s.
Oils service providers activities include exploration activities and offshore drilling services.
After the increase in oil prices these activities are becoming viable for the providers. As the global
activities are picking up in drilling and offshore services with $8.6bn worth new orders being placed
in last six months, Indian companies are also expected to be benefited.
According to industry estimates, global E&P spends will grow 15% in 2011, which augurs well for
the offshore services industry.
What’s the logic?
48 news jack-up rigs are expected to be delivered in next 2 years on increasing demand. Out of 48
rigs, 11 have already been contracted. These orders in turn should benefit the Indian companies
as well as they have offshore presence and will further be reflected in their order book.
Offshore activities are directly related to the oil prices. For these activities to be viable need oil
priced above $60/bbl and now with oil hovering above $100/bbl is posing a good opportunity for
this segment and companies to show some improved performance in coming time.
New orders, increase in realizations will add to the top line of the companies.
Companies like ABAN, GTOFFSHORE,MLL, ABG SHIPYARD and BHARTI SHIPYARD may
benefit from this change.
Concerns
Company specific parameters like stretched balance sheets, equity dilution and geo political
concerns may cause hindrance in the performance of the companies.
Monthly views
Anand Rathi Research
View Trigger Levels
Nifty Range Bound
Nifty has strong support
at 5620 levels and on
upside 5980 would cap
as strong resistance
Sensex Range Bound
Sensex has major
support at 19000 levels
whereas on upside
holding above 19700
may see rally towards
20000-20500.
Sector View Oil & Exploration, Drilling
The outlook for the Oil
Exploration (drilling)
seems to be improving.
Stocks
ARVIND LTD, SINTEX,
BHARAT BIJLEE
LTD,TINPLATE,PTC,
PETRONET, ENGINEERS
INDIA
Looks good for short
term
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Nifty View
During the month of March market witnessed a smart
pullback of around 8%. On weekly charts it has made
Higher Top Higher Bottom formation.
Nifty is forming trend line on the upper levels around
5980 which becomes the critical levels for the market,
if it fails to hold these levels on closing basis then we
may witness profit booking towards 5720 which is
200DMA. If market closes below 5600 levels for three
to four days then it may enter a major corrective phase
towards 5150 levels.
Whereas on upside till the time Nifty does not crosses
6180 levels on sustainable basis which is the recent
January month’s high level, the major strength could not
be seen. Historically we have witnessed that in the month
of April & May market remained in correction or
consolidation phase.
Sensex View
During the month of March, Sensex formed a
Bullish Candlestick on monthly charts and
witnessed smart pullback rally from lower levels.
Sensex closed at around 19450 levels as on first
week of April month. FIIs were net buyers to the
tune of ~ Rs. 7000 Crores and ~6750 Crores for
the month of March and for the first week of April
respectively.
On the broader perspective, Sensex has immediate
support around 19000 levels if it breaches these levels
then selling pressure may get intensified towards
18500-18200. Whereas if holds 19700 levels then
further rally towards 20000-20500 levels could be
seen. For the month of April, Index is likely to trade in
the range of 19000-20000 levels and any range
breakout may give momentum of 4-5% on either side.
Bankex View
CNX Bankex
CNX Bankex Index has witnessed Bullish
Candlestick on charts. The index has
outperformed the markets with closing up by
almost 11%. If we see the Fibonacci Retracement
of the recent fall from November,2010 i.e. 13300-
10017 levels then 62% levels comes around to
12000 levels that becomes the crucial levels for
the index.
The Index closed at 11673 levels at the end of the first
week of April month, on upside it has strong
resistance around 12000 levels, now if it sustains
above 12000 levels then it may move up towards
12400-12600 levels. Whereas if it falls below these
levels then profit booking could be seen towards
11000 levels.
The stocks like SBI, IOB, KOTAKBK, CANBK
INDIANBK, PNB, YESBANK may see profit booking at
higher levels and can correct by 5-10% from current
levels.
Capital Goods View
BSE Capital Goods
The BSE Capital Goods Index has
underperformed the indices in the recent rally with
no major activity seen in the stocks. The index
closed up by around 6% on monthly basis. The
index has made the Inside Bar formation on
monthly charts that reflects a balance between
buyers and sellers following a sharp up or down
move from current levels.
This index is trading below 200DMA which is
around 14600 levels, till time it is trading below
these levels no major strength could be seen. If
the market corrects from these levels then fast
correction could be seen in this index.
The Index closed at 13740 levels as on first week of
April Month, on upside it has strong resistance around
psychological 14000 levels, if it moves above those
levels then it may move up towards 14400-14600
levels. Whereas it has strong support around 13300
levels, if it falls to hold these these levels then selling
pressure may get intensified towards 12850-12500
levels.
The stocks which may see weakness are LT, BHEL,
PRAJIND, AREVA, SIEMENS, BGRENERGY
Increasing crude prices a BOON or a BUST?
Rising oil prices have been benefiting oil producers along with the service providers where as
hurting other OMC’s.
Oils service providers activities include exploration activities and offshore drilling services.
After the increase in oil prices these activities are becoming viable for the providers. As the global
activities are picking up in drilling and offshore services with $8.6bn worth new orders being placed
in last six months, Indian companies are also expected to be benefited.
According to industry estimates, global E&P spends will grow 15% in 2011, which augurs well for
the offshore services industry.
What’s the logic?
48 news jack-up rigs are expected to be delivered in next 2 years on increasing demand. Out of 48
rigs, 11 have already been contracted. These orders in turn should benefit the Indian companies
as well as they have offshore presence and will further be reflected in their order book.
Offshore activities are directly related to the oil prices. For these activities to be viable need oil
priced above $60/bbl and now with oil hovering above $100/bbl is posing a good opportunity for
this segment and companies to show some improved performance in coming time.
New orders, increase in realizations will add to the top line of the companies.
Companies like ABAN, GTOFFSHORE,MLL, ABG SHIPYARD and BHARTI SHIPYARD may
benefit from this change.
Concerns
Company specific parameters like stretched balance sheets, equity dilution and geo political
concerns may cause hindrance in the performance of the companies.
Monthly views
Anand Rathi Research
View Trigger Levels
Nifty Range Bound
Nifty has strong support
at 5620 levels and on
upside 5980 would cap
as strong resistance
Sensex Range Bound
Sensex has major
support at 19000 levels
whereas on upside
holding above 19700
may see rally towards
20000-20500.
Sector View Oil & Exploration, Drilling
The outlook for the Oil
Exploration (drilling)
seems to be improving.
Stocks
ARVIND LTD, SINTEX,
BHARAT BIJLEE
LTD,TINPLATE,PTC,
PETRONET, ENGINEERS
INDIA
Looks good for short
term
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