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VOL 38. 2010 Date: September 25, 2010
FII buying drives market higher for fourth week
The BSE Sensex rose 450.43 points or 2.30% in the week 1481.05. The stock rose on reports a foreign broker upgraded
ended Friday, 24 September 2010, to settle at 20,045.18. The the stock to 'buy' from 'underperform' and also raised its price
S&P CNX Nifty jumped 133.35 points or 2.26% to 6,018.30. target to Rs 1,720 from Rs 1,369 earlier.
At a mid-term policy review on 16 September 2010, the Maruti Suzuki India's domestic sales rose 32.5% to 92,674
Reserve Bank of India (RBI) signaled that it may be nearing a units in August 2010 over August 2009. But, the company's
pause in its current tightening cycle. The central bank said its exports fell 18.4% to 12,117 units in August 2010 over August
rate and liquidity actions since October 2009 have been driven 2009. Maruti Suzuki's its total sales in August 2010 were the
by two considerations -- normalisation of the monetary policy highest ever monthly sales.
stance as the crisis abated and inflation management. The
Reserve Bank of India believes that the tightening that has Hero Honda Motors (up 6.55%), ITC (up 6.24%), Wipro (up
been carried out over this period has taken the monetary 6.13%), Tata Power Company (up 5.01%) and Tata Steel (up
situation close to normal, it said. Consequently, the role of 4%), were the other major Sensex gainers last week.
normalisation as a motivation for further actions is likely to be
less important, the RBI said. India's largest private sector firm by market capitalisation
Reliance Industries (RIL) declined 2.44% to Rs 1001.65. It was
The RBI on 16 September 2010 raised its repo rate, or the top Sensex loser. Reports last week indicated RIL is in
benchmark lending rate, by a quarter point to 6%, at a mid- advanced talks with US-based Chesapeake Energy to buy a
term monetary policy review. The central bank also hiked the stake in Eagle Ford shale gas project in the US.
reverse repo rate, or the rate at which it borrows funds, by half
a point to 5%. Both these changes will take place with Steel maker Jindal Steel & Power slipped 2.28% to Rs 692.7. It
immediate effect. was the second biggest Sensex loser.
The BSE benchmark Sensex surged to regain the magical Infrastructure developer Jaiprakash Associates fell 1.18% to
20,000 points level on Friday, 24 September 2010, as foreign Rs 121.2. It was the third biggest Sensex loser.
funds continued to pump capital into domestic equities,
bolstered by the government's move to relax certain foreign
investment limits. The BSE Sensex rose 184.17 points or Copper maker Sterlite Industries (down 0.52%) and private
0.93% to 20,045.18. Nifty rose 58.75 points or 0.99% to sector lender ICICI Bank (down 0.30%), were the other Sensex
FMCG company Hindustan Unilever was the top Sensex
gainer last week. The stock rose 11.56% to Rs 314.65 on BSE.
Mortgage lender Housing Development Finance Corporation
(HDFC) was the second biggest gainer in the Sensex. It rose
6.99% to Rs 731.95.
India's top car maker by sales Maruti Suzuki India was the
third biggest gainer in the Sensex. It rose 6.78% to Rs
TOP 5 GAINERS TOP 5 LOSERS
Current Week Previous Week Variance Current Week Previous Week Variance
Scrip Name Close Close Change Scrip Name Close Close Change
PUNJ LLOYD 132.1 117.8 12.14 FINANC.TEC. 1,221.00 1,421.25 -14.09
COLGATE PALM 918.2 822.35 11.66 CONS 411.45 459.35 -10.43
HIND UNI LT 314.65 282.05 11.56 BEML LTD 1,092.05 1,162.35 -6.05
MOSER BEAR 72.65 65.15 11.51 HIND.CONSTN. 60.2 63.7 -5.49
GLAXOSMITHKL 2,011.95 1,810.30 11.14 NANSER 636.75 672.75 -5.35
NIFTY TECHNICAL OUTLOOK
CLOSE : 6018.30
Comment As said in previous weekly
report, Nifty gained sharp
momentum after crossing 5906
level and crossed 6000 mark this
week. Intermediate uptrend which
has started after crossing 5399
level is now 8 weeks old and we
have raised our intermediate
uptrend level to 5549 last week.
Last week Nifty achieved all our
levels, however it could not close
above 6047 level.
RSI indicator is now above 70
marks which indicate that market
is in strong hands and may
witness sharp further upmove.
Above 6047 Nifty may reach
upto 6185, 6200 level. On the
other hand, Nifty has strong
support at 5932 level. Below
5932 we may see selling upto
COMPANY BUY PRICE STOP LOSS TARGET PRICE
ICICI Bank 1114 1080 1190-1240
Wipro 447 415 534-558
Review of stocks recommended last week.
Date Stock Action Stop loss Buy price Closing TARGETS REVIEW
28/09/2010 HPCL BUY 517 531 542 580 HOLD
04/09/2010 JSW Energy BUY 127 134 122.95 150 STOP LOSS TRIGGERED
04/09/2010 Thermax BUY 748 770-760 790 860 HOLD
18/09/2010 ACC BUY 960 997-980 1014 1084-1132 HOLD
18/09/2010 DLF BUY 335 352 370 399 HOLD
NOTE: - OUR STOPLOSSES ARE ON WEEKLY CLOSING BASIS
DISCLAIMER : while due care has been taken in compiling the above information, Sajag securities is not responsible for any direct or indirect loss
caused by relying on the same.
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