23 Sept 2011: Equity Buy/Sell (Technical View) IFCI research,

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Equity Buy/Sell (Technical View)

Ø  Not one scrip (recommended on 22/09) triggered the buy level – with a gap down opening there was no chance. It is time again to look for support levels of fundamentally good scrips for investment. To look at auto sector first one can look at :

o   Hero Motors - support ~ 2020, 1925-50 ;               

o   Bajaj ~ 1565, 1500 ;

o   M&M ~ 765, 715;                                                         

o   TVS Motors ~ 57/50, 48/50.

o   L&T reacted steeply. To look out for investment in the scrip near its support levels of 1460-70 and 1390

 

CURRENCIES:

Ø  It may be recalled that on 21/09, we had mentioned that Rupee vs $ trajectory once it closed below 47/75 would be 49/25, 49/45 and 50/50. It has closed below 49/45 (it touched 49/69 intraday in MCX-SX). While a rebound (ie. Rupee strengthening vs $) is expected, it could come down to 50/62 and 52/15.

COMMODITIES:

Ø  Precious metals - gold, silver have been gyrating wildly (in a sideways move) and investors are advised caution. Risk averse investors can take position when we get a clear breakout signal after the present sideways move.

Have strict stop losses