Technical Analyst, Ashwani Gujral is of the view that Reliance Industries has support at Rs 1850.
Gujral told , "Rs 1,970-1,980 is sort of the place from where that big gap happened on that post election results day, it is right there at that point, it's filled up its gap. Now it is at a clear support, if it holds up and Reliance comes back, the market will come back. But chances are once something fills a gap, it tends to go down bit further and the next support could be Rs 1,850. And with so close to a key market support 4,100 that if something goes wrong, the market could try to fill up its gap and that becomes a very clear possibility so people should keep 4,100 stop on all positions."
Disclosure: It is safe to assume that analyst and his clients may have an investment interest in the stocks/sectors discussed.
Hold Reliance Industries, says Choksey
Deven Choksey of KR Choksey Securities is of the view that one can hold Reliance Industries.
Choksey told , "In Reliance the news flow is negative and it is going to continue for some more time till Supreme Court (SC) judgement is out. If one wants to pick up the momentum this is not the right time. Probably one will have to wait for better news flows to come in and then start buying this particular counter. If you are an investor, already invested in this particular company, one shouldn’t be unduly worried about this particular company’s business future etc."
He further added, "My own take is that SC judgement would probably give lot of clarity on whatever the issues are. High Court (HC) judgement also is largely to do with the family settlement of this particular dispute. So maybe economic interest on this particular subject would be an area where SC is going to be throwing more light on. So I would stay invested with my long-term investment portfolio and for momentum to build up, I think I will wait for some better news flows to come in and then probably buy. As of now I think hold as far as buying decision is concerned."
Disclosure: It is safe to assume that analyst and his clients may have an investment interest in the above stock/sector.
Monday, June 22, 2009
Fibonacci Support and Resistance_23062009
Fibonacci Support and Resistance_23062009
Download the Report here
http://www.4shared.com/file/113398383/237af38b/Fibonacci_Support_and_Resistance_23062009.html
Download the Report here
http://www.4shared.com/file/113398383/237af38b/Fibonacci_Support_and_Resistance_23062009.html
Password for the file is http://dailytradereports.blogspot.com/
Decision on Future Ventures' IPO in 30 days: Kishore Biyani
Kishore Biyani, Managing Director of Pantaloon Retail (India) Limited, said the company was mulling an initial public offer for Future Ventures, and that a decison on the same would be taken in 30 days.
Biyani said he was looking to raise Rs 2,000 crore through the IPO and added he would put the money to use for new ideas.
“We are looking at reorganising the group business and consolidate retail under the financial business,” Biyani said, adding that the company would unfold plans to realign businesses in the next few weeks.
Q: Are you going to go ahead with the IPO and what is the exact quantum that you seek to raise?
A: I think we have started working on drawing board of how we can look at IPO of Future Ventures. So definitely something is on the cards but we will take a decision in the next 30 days and the original quantum will get reduced. We are still working on the final numbers. But we are looking at some form of IPO for Future Ventures because that is one of our largest dreams. Lot of people can participate in the growth of the consumption story. We have some big plans on Future Ventures but we will unfold it in the next few days.
Q: We hear that even if the trim down version of the IPO should be Rs 2,000 crore plus, what would you need to raise that kind of money for and will any of that money come into any of your group companies?
A: No, that is not the idea. The idea is to fund or be a mentor capitalist to a lot of consumption stories in the country. The idea is also to look at partnering with various partners in building up the consumption theme in India and also building up new projects. Maybe we might look at entry into our own brand of airtime along with somebody and they might be funded by this. So, we are looking at some big ideas to be funded out of this Future Ventures.
Biyani said he was looking to raise Rs 2,000 crore through the IPO and added he would put the money to use for new ideas.
“We are looking at reorganising the group business and consolidate retail under the financial business,” Biyani said, adding that the company would unfold plans to realign businesses in the next few weeks.
Q: Are you going to go ahead with the IPO and what is the exact quantum that you seek to raise?
A: I think we have started working on drawing board of how we can look at IPO of Future Ventures. So definitely something is on the cards but we will take a decision in the next 30 days and the original quantum will get reduced. We are still working on the final numbers. But we are looking at some form of IPO for Future Ventures because that is one of our largest dreams. Lot of people can participate in the growth of the consumption story. We have some big plans on Future Ventures but we will unfold it in the next few days.
Q: We hear that even if the trim down version of the IPO should be Rs 2,000 crore plus, what would you need to raise that kind of money for and will any of that money come into any of your group companies?
A: No, that is not the idea. The idea is to fund or be a mentor capitalist to a lot of consumption stories in the country. The idea is also to look at partnering with various partners in building up the consumption theme in India and also building up new projects. Maybe we might look at entry into our own brand of airtime along with somebody and they might be funded by this. So, we are looking at some big ideas to be funded out of this Future Ventures.
Nifty to reach 6000 if it crosses 4650: Rakesh Jhunjhunwala
n a candid interview with A news Channel, Rakesh Jhunjhunwala, one of India’s most respected equity investors, said the Sensex could go up to 20,000 and then slip into a trading range between 15,000 and 16,000. The benchmark index won’t hit 21,000 in a straight run though, the Big Bull said.
“If the Nifty breaks 4650 decisively and holds for a week or so, it could hit 5900-6000,” Jhunjhunwala said. The markets would consolidate between 4,000-5,000 for three-four years, he added.
The correction seen in the latter part of 2008, he said, was a part of a major bull run that continues and which started in September 2001. “The bull market started in September 2001. We had the first leg up to September 2002 after which there was a correction. Then it started from April 2003, that leg lasted till 21,000,” the ace investor said. “That gets corrected back now to 7,500-8,000 and now we have resumed that bull market. So we can go to 20,000 and again come back to 16,000-15,000, make a range and then make a move which goes above 21,000.”
“If the Nifty breaks 4650 decisively and holds for a week or so, it could hit 5900-6000,” Jhunjhunwala said. The markets would consolidate between 4,000-5,000 for three-four years, he added.
The correction seen in the latter part of 2008, he said, was a part of a major bull run that continues and which started in September 2001. “The bull market started in September 2001. We had the first leg up to September 2002 after which there was a correction. Then it started from April 2003, that leg lasted till 21,000,” the ace investor said. “That gets corrected back now to 7,500-8,000 and now we have resumed that bull market. So we can go to 20,000 and again come back to 16,000-15,000, make a range and then make a move which goes above 21,000.”
Subscribe to:
Comments (Atom)
