Wednesday, April 29, 2015

Market Mantra
Yesterday the Nifty rallied and closed with a gain of 72 points. Buying interest below 8200 level pulled it to 8308 and it finally settled at 8285. Bank index was the best performer which was lead by ICICI Bank. 

After correcting 660 points, market has witnessed buying interest at 200 DEMA support. Yesterday, the traders purchased shares across the board. Today, the Premium Members were given Buy call on Nifty  at around 8,224.45 (corresponding spot price) when it was down 61.15 points or 0.74% points; for a target of 8260. Now the Nifty is trading at 8,285.15 down only 0.45 points or 0.01%. I feel most of the Paid Members made money in my Nifty call today. Meanwhile, the Hourly Trend in case of Nifty has again turned positive. 

Today's call: 
(i) Buy Veer Energy Ltd at Rs.3.30-3.40 for a target of Rs.4.9. Since the crude oil prices have started to move up, the renewal energy sector is expected to do well.
(ii) Buy Hindustan Oil Exploration Ltd at around Rs.38.50--39 for a target of Rs.46.  Yesterday there werew media reports that Barclays has raises crude oil price forecasts citing geopolitical tensions, unplanned outages and lower natural gas prices in the US. Bank of America Merrill Lynch and Societe Generale are the other two major banks that have made upward revisions to oil forecasts amid a rally in US oil prices.

Rolta India Ltd (Rs.116) should be moving towards Rs.140-144 in the next few week. Kindly add on all declines. 

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