Monday, February 02, 2015

There is no stopping of Rohit Ferro Tech Ltd. Today it, closed at Rs.8.98 up 6.27%, in the BSE; giving a bullish breakout on the daily candle stick chart pattern.  It is pertinent to mention here that the share has already given more than 15% return in the last two days. Moreover, the company earlier informed that, 7,12,05,000 (Seven Crores Twelve Lacs Five Thousand) Convertible Warrants of nominal value of Rs.10 each at a price of Rs.20 per Warrant (including a premium of Rs. 10 per Warrant) will be allotted to the promoters.  This gives some sort of datum for the shareholders, regarding its future price. Also, the company will be disposing of the Jajpur manufacturing unit located at Kalinganagar Industrial Complex, District: Jajpur, Orissa by the way of slump sale or otherwise, to further reduce the debt. The next targets for the scrip are Rs.9.60-10.4-11.20--12.30-14. Therefore, do not sell the shares in a hurry. Infact accumulate the share on intra-day declines. 
Reliance Capital Ltd today reached its 1st target of Rs.492, as it touched Rs.495, intra-day. The next target for the scrip is Rs.503, where some profit booking is expected. 
Today Jaiprakash Power Ventures Ltd (Rs.12.15) closed above a crucial resistance level. Hence, we could look for bullishness in the scrip in the coming days. Moreover, once Rs.12.60 is broken on the upside, we can look for targets of Rs.13.50-15.
The SAW Pipe manufacturer, Jindal Saw Ltd today closed at Rs.81.40 in the BSE, after touching Rs.83 in the morning trade. It is to be remembered that as the price of crude oil starts to move up in the international market, the company would also benefit, immensely. Meanwhile, Brent crude was up 1.3% at $53.65 a barrel, having reached $55, while US oil rose 1.7% to $48.52, as investors speculated that the falling cost of crude may have ended.
Firstsource Solutions Ltd (Rs.29.15), saw good delivery based buying today, as the percentage of Deliverable Quantity to Traded Quantity was 35.43% in the BSE. A meeting of the Board of Directors of Firstsource Solutions Ltd will be held on February 09, 2015, to consider, the audited standalone and consolidated financial results for the quarter ended December 31, 2014 (Q3). The next target for the scrip is Rs.32, once it closes above Rs.29.70.
Nifty which today closed at 8797.40, should get support at around 8740-8605 ranges; though today both the FIIs and DIIs were net sellers, as Obama effect died down.
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