Stock for 10/10/2008

Buy ICSA India only on declines with a stoploss of Rs 323 for a short term target of Rs 401

Stock for 09/09/2008

Sell Tatasteel with a stoploss 576 Target 532-491

Buy NTPC with a stoploss below Rs 173 for targets Rs 179, Rs 181 and Rs 185. 

Market Outlook

GAIL India
Reco price: Rs 399
Current market price: Rs 416.25
Target price: Rs 529
Upside: 25.8%
Brokerage: ICICI Securities
 

Satyam Computer Services
Reco price: Rs 433
Current market price: Rs 415.80
Target price: Rs 521
Upside: 20.5%
Brokerage: Sharekhan

ITC
Reco Price: Rs 191
Current market price: Rs 189.60
Target Price: Rs 218
Upside: 15.2%
Brokerage: India Infoline

A sideways rangebound market is being witnessed in the wider band of 15800-13727 with bias shifting to alternate week. If the triple zig-zag count still holds, then the bias is for a weaker market. To establish a stronger market needs more hard work and repair job by bulls. Actually the market is in no man’s land.

Strategy for the week

Exit long positions on rise to 14966-15579 range as the opportunity arises. Choppy and sideways market makes it difficult to take a trading bias.

For 05/09/2008

Buy HDIL with a stoploss of Rs.275 for a target of Rs.415

Buy Orbit Corporation with a stoploss of Rs.250 tgt of Rs.385