Friday, March 21, 2014

The Nifty as expected did not move anywhere today hovering between 6485.70 and 6522.90 during the whole trading session finally settling at 6493.20. The markets are still confused as to who is going to form the next government and this would continue till the NDA comes up with some solid strategy, which shows that they would be in the charge of the affairs in the coming elections. However the action would be seen mostly in the small and mid cap space, some of which are still near their 52-week lows. Chartically speaking, the inability of Bulls to cross 6565--6570 ranges and the Nifty closing below 6500 is a sign of weakness. The longs should therefore be strictly avoided and risk taking traders can even go for shorts taking 6570 as the SL. 
As expected Shree Ganesh Jewelry House (I) Ltd today moved to Rs.26.70 before closing at Rs.26.50 (21 DSMA) in the BSE, just near the day's high. Also, this is above its 21 DEMA which is placed at Rs.26.13. The Shree Ganesh, in 2012 forayed into solar power generation by acquiring 55% stake in two companies — Alex Astral Power Ltd and Alex Spectrum Radiation Ltd — owned by the Kolkata-based Sureka Group, at an estimated investment of nearly Rs.100 crore. The solar power generation business was earning revenues and generating profits. The companies had 30 MW assets already commissioned as of April 2012. The company also commissioned two 25 MW solar power projects in Odisha and Gujarat, and a 5 MW solar power project in Rajasthan in 2012. It is also into Gold Loan and is already getting benefits from the RBI action a couple of months back. The outlook of the scrip looks bullish and we can hope for a target of Rs.41-42, in the next few trading weeks, as the government of India takes a series of measures to relax the gold import norms. 
TV18 Broadcast Ltd which was recommended in this blog a few weeks back at around Rs.22, today touched The first target of Rs.26. The scrip closed at Rs.25.75. 
Allied Digital Services Ltd today hit the upper circuits before cooling down at Rs.12.50. It seems the promoters will come out with positive results for Q4FY14. Hope from  now on, they will spare something for the shareholders after sucking the company to the hilt during the last few years.