Indian stock market calls-Nitin Gupta(24/Aug/09)

Categorized | sensex

Indian stock market calls-Nitin Gupta(24/Aug/09)

Posted on 23 August 2009 by Anubhav Arya

Currentopics.com

Market Guru

Full Name : Nitin Gupta

Designation: Managing Director

Company Name: Gupta Consultancy Services

Experience in stock market: 9 years

Company Profile: Portfolio Management Services

Today’s Call

Nifty May rally before expiry

Nifty has surprsised everyone by making a sharp up move on Friday. It was not easy for the nifty to cross the 4500 levels but it did. I expect the nifty to move towards 4650 before expiry. I would advise all the clents to take positons in mid cap it stocks.

Buy HCL TECH

HCL Tech has been running away for a while and making new bull market highs as well. So it’s on an excellent run, this continuation of move. It did not correct with the market either that is a sign of very strong demand, so at the moment nothing holding it back at all. Probably going to be a short-term trade anyway because of the momentum and people holding it longer should hold on to it. HCL Tech after some sort of correction is now beginning to move out again. It has got support around Rs 250 and next target here could be Rs 310-315.

Buy Mphasis

Mphasis reported an impressive quarter showing topline & bottomline growth of 42% & 128% respectively. In spite of Re. appreciation, the company reported a growth owing to mainly volume increase. HP – EDS still remains a large part of overall business, showing a contribution this quarter of 10-12%. The stock has been rallying right upto the quarterly numbers and if you see the entire midcap IT move, this stock has been the market leader and maybe there is just slackening and a little bit of money moving away from MphasiS to some of the other midcap IT stocks. But if there is one company which can go from a midcap tier two level to a tier one player in the next 2-3 years is Mphasis and therefore you have that twin advantage of the PE multiple also getting re-rated goes to tier one and the earnings per share also outperforming the industry purely on account of its ownership structure. So this is not a company which one exits in the short term or even tries to trade, its more of a company which you would like to keep as a part of your core portfolio and try and acquire at every decline. I would adice all of you to buy it for a price target of 680 in short term.

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Technical Call

Real Estate stocks are making bases particularly the midcap kind of realty stocks. Indiabulls Real has support now at Rs 235. It could easily be headed to targets of about Rs 285 to Rs 290.

Buy Aban Offshore today at 1175 for a price target of 1240 plus by keeping a stoploss of 1150.

Levels for Nifty

Nifty may see a gap up opening on Monday. It may face a major hurdle at 4550 and 4580 and the support levels are 4500 and 4450.

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Disclaimer : These Recommendations are based on technical analysis and Personal observations. Due care has been taken while preparing these comments, no responsibility will be assumed by the author for the consequences what so ever, resulting out of acting on these recommendations.

Disclosure : The calls made herein are for informational purposes and are not recommendations to any person to buy or sell any securities. The information is derived from sources that are deemed to be reliable but its accuracy and completeness are not guaranteed. The above calls are based on the theory of technical analysis. The author does not accept any liability for the use of this site. Readers of this site who buy or sell securities based on the informatio