Yesterday we saw a positive session on continued strong global cues. All stock did will with small caps doing the best followed by large caps and mid caps. The markets still have strong bullish undertones. The US markets closed flat after closing up for 6 straight sessions, the breather was expected after the recent rally. We do not expect the broad markets to move too much from here, we could see a period of consolidation. The trend remains positive and 5110 remains a difficult level to break. The second week of march will be crucial as will the following summer months. Earning will be reported in April, if earnings and guidance are positive as expected we can see the markets continue to move up. In the mean time there are no significant events that indicate a strong down move.
The NMDC IPO coming in a price band of 300-350 EPS is expected to be Rs 14 and the stock looks expensive at 350. 300 to 320 seems like a fair value for the stock. It does not make sense to hold NMDC in the portfolio pre-IPO as you will be able to buy it back cheaper.
As Earlier Post we said that nifty face stiff resistance of 61.8% retracement level near 5130 level & selling pressure at higher level.
Sensex closed at 17102 up 108 point & nifty at 5124 up 35 point from previous point.
NIfty has support at 5080 & Resistance 5150.
Trade in selected stock.
Our Call:
ABB,Mahindra forging & Alkali metal achieved their tgt.
Century Text almost achieved its 1st tgt.
Hold APil & Gail.
Stock for Watch:
BOMDYEING watch for quick trade, Can touch 595-600
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