Indian stock market calls-Nitin Gupta(06/Oct/09)

Categorized | Featured, sensex

Indian stock market calls-Nitin Gupta(06/Oct/09)

Posted on 05 October 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

Buy Bharti Airtel

In Bharti Airtel our call was as a short-term trader was to wait for the news on the merger. Obviously some people got lucky on Thursday, the way the stock moved up Rs 440-450 levels. I think a lot of people took that as too much of positive and started to buy aggressively as you saw a lot of selling coming on that day and that’s continued today but it’s not just the news on Bharti which has taken that down because you have seen the other telecom stock sell off; I think there is some possible delay in the 3G auction. So that’s another excuse probably take the stock a bit lower. But personally speaking having offloaded and taken a bit of profit last week we have started to accumulate Bharti again and it will rise, again medium to long-term investors – ultimately it’s a fundamental company, there is nothing. The deal didn’t go through; you can see the positive of that and I am sure the company at some stage will expand overseas. I still feel it is one of the best positioned companies in the sector; there is still huge growth potential. So for me after the correction, which one has seen over the last couple of days, it is sort of reasonable buying opportunity again. I would advise to take long position in the stock for a one week target of 450 plus.

Buy Educomp Solution

IT education sector as a whole looks quite promising to me still. There is a lot of buying coming in, visible from Educomp data itself; the way the open interest has added up and the way it’s given a fresh breakout above Rs 4,850-4,900 levels. I still feel there is some more strength and the target that we are seeing is Rs 5,430. Traders have to maintain a stoploss around Rs 4,740. If Educomp opens today downwards gap, you can readjust the stoploss to Rs 4,540 because that’s a strong support area for it and a gap down opening should be a good opportunity to buy into this stock.

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Levels for nifty

Expect a flat to gap up opening on Tuesday. The resistance levels for nifty are 5050 and the support lies at 4980.

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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 information.