Indices to stay flat, time to trim positions in speculative counters May 26, 2009
Stocks on Dalal Street are likely to trade flat, as investors are not convinced about the long term sustainability of the bull run. The benchmark index or the Sensex is likely to trade closer the magic 14,000 mark. Midcaps might continue to outperform and do not look tired any time soon. Asian markets opened lower in the morning sessions on Tuesday, with Japanese stocks seeking direction as exporters broadly declined in the absence of overnight cues because of a U.S. holiday. The Nikkei 225 Average fell 0.5% to 9,298.59 after opening higher,South Korea's Kospi fell 0.3%. Oil prices fell to around $61 a barrel Monday as investors eyed an OPEC meeting this week and weighed evidence of a global economic recovery. Benchmark crude for July delivery was down 62 cents to $61.05 a barrel by mid-afternoon in Europe in electronic trading on the New York Mercantile Exchange. Realty and Healthcare stocks were in demand yesterday, while banking and power stocks took a breather.A total of 1250 scrips hit the upper circuit on the BSE and nearly 90 percent are them are not even in the BSE-500 index.We recommend investors to book profits in these stocks as the sky might be falling anytime for second and third rung counters. Pharma major Ranbaxy spiked more than 20 percent to close at Rs 267 and another major move in this stock could be used to book profits in this stock at nearly Rs 290 level.Other major gainers include Nocil, Jaiprakash hdro and blue Bird.PSU stocks might see a good day aftre news reports that the disinvestment program is in fast track. The markets are likely to mimic yesterday's trade with major indices in a narrow band and speculative action in speculative names.Alps Ind, Agrotech Foods, JPHydro, Man Ind, Emco Ltd and Brigade Enterprises might show some interesting moves in today's trade. Previous Close Box: BSE Sensex 13913.22 26.07 NSE Nifty 4237.55 -0.95 USD Rs.47.22 Oil Nymex $61.21 Research Desk --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups "Kences1" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [email protected] For more options, visit this group at http://groups.google.com/group/kences1?hl=en -~----------~----~----~----~------~----~------~--~---
