bad day for Asian markets as some saw new 52-week lows

4:15 PM - It was a bad day for Asian markets as some saw new 52-week lows. European markets were also trending lower. The Indian market saw relentless selling pressure to close at the day's lows. Sensex shut shop at 10169, down 513 points and Nifty at 3065, down 169 points from the previous close. CNX Midcap index was down 3.51% and BSE Smallcap index was down 2.02%. The market breadth was negative with advances at 287 against declines of 965 on the NSE. Top Nifty gainers included ITC and Hindustan Unilever while losers included Idea, Tata Steel and Unitech.

4:10 PM - If Sensex support of 10000 and Nifty support of 3000 breaks, there could be bigger cracks, says Deven Choksey of KR Choksey, on CNBC-TV18. The market is likely to be highly volatile and most unpredictable going ahead, he feels. The policy measures are not helping and it is difficult to tell where and when the bottom for the market will be made, he adds.

4:05 PM - Some analysts feel SEBI move on short selling will be neutral for the market, say experts on CNBC TV18. SEBI chairman met with 12 FIIs today and re-affirmed its disappointment on overseas lending and borrowing to the FIIs. FIIs sold Rs 1000 crore using P-notes in six sessions. Experts feel the bleak overseas picture is likely to continue as after banks it is the turn of countries to default. Argentina may default as it has plans to nationalize banks and seize pension funds worth $29 billion.

3:58 PM - This is a relief rally but it needs to sustain for a couple of days and weeks before one can say that the worst is over, says S Ranganathan of DSP Merril Lynch, on CNBC TV18. But the frank answer is that nobody has a clue that we are in the middle of the crisis or at the end of it, he says. In the near term, the pain in the market could continue for a while, he adds.

3:54 PM - Buy TCS with a target price of Rs 610-620 in 10 days, says Hardik Jain, technical analyst, on CNBC Awaaz. Maintain a stop loss of Rs 500, he adds. The stock is currently trading at Rs 545, down 2.87% on the BSE.

3:47 PM - If negative global cues persist then the market is likely to see a gap down opening with Nifty around 2850, says a technical analyst on CNBC TV18. But if the market is able to hold 3000 in the first 10 minutes of trade then it could sustain, he adds.

3:42 PM - It was a terrible day as the market saw relentless selling pressure. Sensex closed at 10147, down 535 points (provisional) and Nifty at 3056, down 178 points (provisional) from the previous close. CNX Midcap index was down 3.55% and BSE Smallcap index was down 2.02%. BSE Metal index was down 8%, BSE Realty index down 7%. The market breadth was negative with advances at 332 against declines of 934 on the NSE.

3:35 PM - Keep a strict stop loss of 3040 on Nifty for all long positions, says Ashwani Gujral, technical analyst, on CNBC TV18, as closing market strategy.

3:34 PM - Avoid taking any long positions until Nifty closes above 3135, says Vijay Bhambwani, technical analyst, on CNBC TV18, as closing market strategy.

3:32 PM - Buy JSW Steel with a target price of Rs 500 in 12-24 months, says Rajesh Tambe, technical analyst, on Zee Business. The stock is currently trading at Rs 252, down 5.6% on the BSE.

3:31 PM - The market is surprising in a negative manner and the intra-day volatility is killing, says Parag Shah of Sharekhan, on NDTV Profit. The negative FII flows and fear is seeing lack of any buyers, he says. There is panic all around the world that is making things worse, he adds.

3:26 PM - There is a lot more pain left in this market, says Daljeet Kohli of Emkay Shares and Stock Brokers, on NDTV Profit. The expectations that US guidance for the second quarter would be better has turned and so things will get a lot worse before it gets better for the corporate sector, he feels.

3:17 PM - There is a lot of fear around with very little appetite for risk, says Jacqueline Aldhous of Old Broad Street Research, on CNBC TV18. Europe is facing up to the fact that things are getting worse and the mood is of increased caution, she adds.

3:11 PM - The market is trading at the day's lows. Sensex is trading at 10177, down 505 points and Nifty is at 3067, down 167 points from the previous close. CNX Midcap index is down 3.26% and BSE Smallcap index is down 1.92%. Realty and metal stocks slide while banking stocks are also under pressure. The market breadth is negative with advances at 294 against declines of 944 on the NSE.

3:03 PM - Sell GAIL with a target price of Rs 218-209, says Husseini Wadharia of Techno Shares on CNBC Awaaz. Maintain a stop loss of Rs 242, he adds. The stock is currently trading at Rs 226, down 6.05% on the BSE.

2:55 PM - Buy JP Associates with a target price of Rs 90, says Hardik Jain, technical analyst, on CNBC Awaaz. Maintain a stop loss of Rs 68, he adds. The stock is currently trading at Rs 75, down 3.56% on the BSE.

2:48 PM - Buy Cairn India with a target price of Rs 300 in 12-24 months, says Rajesh Tambe, technical analyst, on Zee Business. The stock is currently trading at Rs 157, down 7.68% on the BSE.

2:38 PM - Buy Chambal Fertiliser with a target price of Rs 49-53, says Husseini Wadharia of Techno Shares on CNBC Awaaz. Maintain a stop loss of Rs 38, he adds. The stock is currently trading at Rs 45, up 0.44% on the BSE.

2:31 PM - Buy HDFC with a target price of Rs 2180, says Hardik Jain, technical analyst, on CNBC Awaaz. Maintain a stop loss of Rs 1800, he adds. The stock is currently trading at Rs 1949, down 1.41% on the BSE.

2:23 PM - Buy Thermax with a target price of Rs 400 in 12-24 months, says Rajesh Tambe, technical analyst, on Zee Business. The stock is currently trading at Rs 305, up 2.21% on the BSE.

2:17 PM - There is a limited upside in this market and in the best case scenario Nifty could go to 3300, says TS Harihar of ICICI Securities, on CNBC TV18. But one can expect to see new lows, he adds.

2:09 PM - Nifty has support at 3070-3080 and after that the next major support is at 3000, says Rajat Bose, technical analyst, on CNBC TV18. But the probability of Nifty breaching 3000 is high, he adds.

2:03 PM - The market has seen a small recovery. Sensex is trading at 10338, down 344 points and Nifty is at 3114, down 120 points from the previous close. CNX Midcap index is down 2.58% and BSE Smallcap index is down 1.27%. Realty and technology stocks are also under pressure.

1:56 PM - Sharekhan has a 'buy' rating on Canara Bank with a target price of Rs 234 in 8-12 months, reports Zee Business. The stock is currently trading at Rs 179, down 1.94% on the BSE.

1:50 PM - One can look at buying Tata Steel close to Rs 260, says Neppolian Pillai, technical analyst, on CNBC-TV18. If it holds Rs 260, then it can recover up to about Rs 312, he says. It is currently trading at Rs 258.40, down 7.2% on the BSE.

1:44 PM - Karvy Stock Broking has a 'buy' rating on Wipro with a target price of Rs 358, reports Zee Business. The stock is currently trading at Rs 283, down 4.52% on the BSE.

1:38 PM - One can continue to hold LIC Housing Finance keeping a stoploss below Rs 220, says Prakash Gaba, technical analyst, on CNBC Awaaz. The stock is trading at Rs 240, down 1.3% on the BSE.

1:31 PM - Sharekhan has a 'buy' rating on Axis Bank with a target price of Rs 901, reports Zee Business. The stock is currently trading at Rs 639, down 2.73% on the BSE.

1:22 PM - L&T has support at Rs 800-790 now, says Salil Sharma, technical analyst, on Zee Business. On the upside, it will face resistance at Rs 860-865, he adds. One can buy the stock at support levels, or even at Rs 700, if it falls there, with 1-1.5 years time horizon, he suggests. It is currently trading at Rs 822, down 4.44% on the BSE.

1:16 PM - Sharekhan has a 'buy' rating on TV18, with a target price of Rs 355, reports Zee Business. The stock is currently trading at Rs 91, down 1.35% on the BSE.

1:10 PM - The Asian markets have cracked while European markets have opened weak. Poor global cues making Indian market look worse. Sensex is trading at 10270, down 413 points and Nifty is at 3094, down 140 points from the previous close. CNX Midcap index is down 2.51% and BSE Smallcap index is down 1.57%. The market breadth is negative with advances at 905 against declines of 310 on the NSE.

12:57 PM - Karvy Stock Broking has a 'buy' rating on Aegis Logistics, with a target price of Rs 160, reports CNBC Awaaz. The stock is trading at Rs 71, up 0.2% on the BSE.

12:49 PM - The market may not bounce in a hurry, says Devesh Kumar, Managing Director of Centrum Capital, on CNBC-TV18. The market may remain in a range of plus-minus 1,000 points, he adds. But for now, the market looks attractive for investment with 1ÿ2 year horizon, he says. FY09 will reflect impact of tightening liquidity, and one should expect earnings to build again in FY10, he says.

12:39 PM - Tata Motors looks weak and can fall to Rs 200, says Prakash Gaba, technical analyst, on CNBC Awaaz. There is a possibility that it falls to Rs 165 too, he adds. It is currently trading at Rs 230.80, down 6.8% on the BSE.

12:32 PM - Nalco looks weak and can fall to Rs 210-200, says Prakash Gaba, technical analyst, on CNBC Awaaz. So sell the stock on bounces, he suggests. It is currently trading at Rs 241, down over 9% on the BSE.

12:25 PM - One can look at buying Triveni Engineering at Rs 44, says Neppolian Pillai, technical analyst, on CNBC-TV18. The stock is currently trading at Rs 45.15, up 0.4% on the BSE.

12:17 PM - The recession should be over by 2009-end, says Daphne Roth, Head of Equity Research-Asia, ABN Amro Bank, on CNBC-TV18. The bear market could end by the first half of 2009, she adds. She sees a lot of forced selling due to fund redemptions in China, India and feels that it is sentiment and not fundamentals that are driving outflows from these countries. Investors should sell into a technical rebound and focus on companies with high cash component and low gearing, she suggests.

12:10 PM - Sensex is at 10,313, down 369 points from the previous close. Nifty is at 3102, down 132 points. BSE Midcap index is down 1.8% and BSE Smallcap index, down 1.5%. FMCG stocks are seeing good buying coming in, whereas realty and metal stocks are being sold.

12:06 PM - HSBC recommends a 'buy' on Titan, with a target price of Rs 1,100, reports CNBC Awaaz. The stock is currently trading at Rs 934.75, down 6.3% on the BSE.

11:59 AM - Crude has a target of $100 per barrel by mid-2009, says Frederic Hervouet, Head Of Commodity Investor-Derivatives Asia, BNP Paribas, on CNBC-TV18. He sees crude oil prices at $77 per barrel by 2008-end and at $94-95 per barrel by early 2009.

11:51 AM - Try to buy Balrampur Chini at about Rs 46 and Rs 45, says Neppolian Pillai, technical analyst, on CNBC-TV18. The stock is currently trading at Rs 47.80, up 1.4% on the BSE.

11:43 AM - Sharekhan has a 'buy' rating on Marico, with a target price of Rs 77, reports CNBC Awaaz. The stock is trading at Rs 54.40, down 1.1% on the BSE.

11:36 AM - In metals, Tata Steel looks better, says Salil Sharma, technical analyst, on Zee Business. It seems to have made a botton at Rs 245-250 and can now possibly recover to Rs 315-320, he adds. The stock is currently trading at Rs 259.45, down 6.8% on the BSE.

11:28 AM - PINC Research has a 'buy' rating on Great Eastern Shipping, with a target price of Rs 407, reports Zee Business. The stock is currently trading at Rs 187.40, down over 4% on the BSE.

11:22 AM - As an investment proposition, JP Associates should be ignored even at the current price because it is overextended on all sides, says R Venkat Subramanian of Kotak Securities, on CNBC-TV18. So it is going to be a difficult next few years for the stock, he adds. It is currently trading at Rs 76.20, down 3.2% on the BSE.

11:09 AM - The market is still falling. Sensex is at 10,367, down 376 points from the previous close. Nifty is at 3114, down 120 points. All BSE sectoral indices, except for that for FMCG, are trading lower. Metal, realty, IT and capital good stocks are seeing significant selling pressure.

11:05 AM - Core Projects fell significantly with huge volumes, which is not good for any stock, says Salil Sharma, technical analyst, on Zee Business. So it is best to exit the counter on any bounce, he suggests. It is currently trading at Rs 47.50, up 3.4% on the BSE.

10:57 AM - One can look at shorting Reliance Communications at higher levels, says Neppolian Pillai, technical analyst, on CNBC-TV18. It can go up to Rs 277-290, he says. At any rally, even Rs 340 is possible, but that will be the maximum it can go, he adds. The stock is currently trading at Rs 243, down over 5% on the BSE.

10:49 AM - If Grasim breaks Rs 1,071, then it can fall to Rs 860, says Neppolian Pillai, technical analyst, on CNBC-TV18. The stock is currently trading at Rs 1,160, down 4.1% on the BSE.

10:42 AM - Idea Cellular looks weak now, says Neppolian Pillai, technical analyst, on CNBC-TV18. If it breaks Rs 54, then it can fall to Rs 43 and then probably Rs 39 too, he adds. The stock is currently trading at Rs 54.20, up 0.3% on the BSE.

10:32 AM - In the IT pack, Satyam Computer looks the strongest now, says Ashwani Gujral, technical analyst, on CNBC Awaaz. It can rally up to Rs 360-365, he says. The stock has support at Rs 280, he adds. It is currently trading at Rs 314.50, down 0.9% on the BSE.

10:24 AM - One can look at shorting Chambal Fertilisers in the range Rs 45-53, says Neppolian Pillai, technical analyst, on CNBC-TV18. The stock is currently trading at Rs 43.80, down 2.9% on the BSE.

10:17 AM - Any fall till Rs 745 in ONGC is a buy now, says Neppolian Pillai, technical analyst, on CNBC-TV18. The stock is currently trading at Rs 792, up 0.4% on the BSE.

10:10 AM - Idea Cellular now looks weak and can fall to Rs 40 now, says Ashwani Gujral, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 53.60, down 0.8% on the BSE.

10:03 AM - The market has opened lower on Wednesday. Sensex is at 10,416, down 267 points from the previous close. Nifty is at 3162, down 72 points.

9:56 AM - Tech Mahindra has support at Rs 335 and can rally up to Rs 463, says Ashwani Gujral, technical analyst, on CNBC Awaaz. The stock is at Rs 413.10 on the BSE.

9:50 AM - The market will remain choppy now, says Neppolian Pillai, technical analyst, on CNBC-TV18. Intra-day the Nifty should not dip below 3126 and should not close below 3150, he says. If it closes below 3150, then one may see levels like 2990, he adds. On the upside, if 3150 holds, then the Nifty will have targets of 3275 and 3420, he says.

9:43 AM - One may see further rally in IT stocks, says Ashwani Gujral, technical analyst, on CNBC Awaaz. Wipro can now go up to Rs 320 and then Rs 355, he adds. It has support at Rs 255, he says. The stock is at Rs 296.40 on the BSE.

9:37 AM - Nifty seems to be trading in a range of 3050-3250 now, says Ashwani Gujral, technical analyst, on CNBC Awaaz. Unless the index closes above 3250, a pullback rally will not start, he says. And if it closes below 3050, only then one can say that it is bearish, he adds.

ninad avasare
Doubling Stocks