Tit - bits
Domestic bourses hit fresh intraday low in afternoon trade, dragged by Reliance Industries and IT pivotals. When this report is being made the BSE Sensex was seen at 38,133.68 down 365.44 points (-0.93%) while the Nifty was trading at 11,223.25 down 85.75 points.
In the broader market, the S&P BSE Mid-Cap index gained 0.88% while the S&P BSE Small-Cap index added 0.97%. Both these indices outperformed the Sensex.
The market breadth was strong. On the BSE, 1481 shares rose while 1039 shares fell. A total of 149 shares remained unchanged.
Foreign portfolio investors (FPIs) bought shares worth Rs.245.95 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,017.40 crore in the Indian equity market on 28 July, provisional data showed.
#At last Reliance Indistries Ltd (Rs.2105.15) is down today after the Edelweiss downgraded it to hold from buy with a price target near the CMP. Though Goldman Sachs has raised the price target to Rs. 2325 and CLSA to Rs.2250, they don't look too convincing considering the current run up of the share. I'm expecting the share of RIL to touch Rs.1750 in the short term.
#My recommended stock National Fertiliser Ltd made an 52 - week high of Rs.44.95, this week. Today, it touched Rs.44.90, intraday. I have asked all to book complete profits and wait for dips to enter. The stock was repeatedly recommended in this blog from Rs.26/27 to Rs.17, when it feel during the initial Lockdown periods. This company has huge debts.
#My recommended Deepak Fertilizers & Petrochemicals Ltd made a 52 - week high of Rs.150 yesterday. Today also, it made a high of Rs.148. I had in my earlier posts, repeatedly asked to buy fertilizer counters. Hope most of you made money in my recommended other fertiliser stocks too.
#Now don't buy anything. Stay in cash or in light position. This market is due for a correction, which is expected to take it next 9700, as China is fearing 2nd round of Covid - 19 attack.
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