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Wednesday, December 05, 2012

After Market Opening Chart Check
 In line with expectation, market traded above 5850 yesterday and closed at 5889 with a net gain of 18 points. Although Nifty traded range bound, shares continued to out perform at individual capability.
Market is expected to trade with positive bias today as is seen from the morning trade. Nifty remains strong above 5800 and a rise above 5900 will add more strength to it. More then 250 points rise in a week and a close above major resistance area of 5800 this week can be considered as resumption of uptrend after an intermediate corrective phase. Nifty has close above this resistance after 2 years period, which is a clear sign of strength. The traders are suggested to keep holding long positions and buy good scrips at reasonable valuations. 
Buy Prakash Industries Ltd at Rs.53, T--Rs.62, SL--Rs.47. The scrip is into steel and mining. Some days back there were some report in Financial Times that there is a Sudden Turnaround in Chinese Property Market:   In October, new house prices in CHINA rose in 35 out of the 70 Chinese cities tracked by the national bureau of statistics, up from 31 in September. Prices fell in 17 cities, and remained unchanged in 18 cities, including Shanghai. It is a sharp turnround from the bleak predictions for a downturn or even a housing sector crash that have dominated the news until recently. Just two months ago, the World Bank warned that a “property market correction” was one of the biggest risks facing China. The implications of the market confounding expectations by strengthening rather than weakening would be huge for both China and the world.  This is expected to boost the sentiment of steel and other metals in the coming days. Prakash Industries Ltd is known to behave positively in Bullish conditions. In view of this I have recommended this scrip. 
Those who are holding Pantaloon Retail Ltd (CMP: Rs.231.70) and V2 Retail Ltd (Rs.15.70), since a long time are suggested to book profits (or at least partial) in view of too much uncertainty in the section. Though it is almost certain that UPA would win the vote of confidence, but since when you are making sure shot profits, what is the use of taking so much risks? However, if you are willing to take the risk and wait till the voting, then if there is a negative outcome, kindly sell the scrips immediately, without waiting for a minute.
I think now Manappuram Finance Ltd has consolidated around the current price ranges and is now ready to move up. Buy the share at around Rs.35.50, T--Rs.42, SL--Rs.31. This is in view of the Banking Regulation Act which is expected to be amended, in this session of Parliament. 
Note: This report was posted on the Paid Blog, in the morning. You can also get these kinds of  updates by  joining either  my Paid Service or my Brokerage  Houses.