The S&P BSE Sensex slipped a little over 1 per cent in
morning trade on Monday, led by losses in ICICI Bank, ITC and Reliance
IndustriesBSE -1.69 % Ltd. Tracking the muted momentum, the 50-share Nifty
index slipped below its crucial psychological level of 5,850 in trade today.
At 09:40 AM:
The 50-share index was at 5,845.80, down 64
points or 1.04 per cent. It touched a high of 5,895.25 and a low of 5,835.10 in
early trade today.
The S&P BSE Sensex was trading at 19,708.32, down 207
points or 1.04 per cent. It touched a high of 19,888.41 and a low of 19,693.41
in trade today.
The S&P BSE Midcap Index was up 0.02 per cent and BSE
S&P Smallcap Index edged higher by 0.12 per cent.
Among the sectoral indices, the BSE IT Index was up 0.6 per
cent, followed by the S&P BSE Healthcare index which gained 0.39 per cent
and the S&P BSE Consumer Durable Index rose 0.15 per cent.
The BSE Banking index was trading 2.46 per cent lower, followed
by the BSE Oil & Gas index which was down 1.08 per cent, BSE PSU index
slipped 1.09 per cent and the BSE Power index was trading 0.6 per cent lower.
Asian Markets:
Asian markets were trading mixed as politicians in
Washington showed no signs of making progress over the weekend in resolving the
U.S. budget standoff.
Japan's Nikkei 225 index was trading 0.46 per cent lower at
13,959.50 and Hong Kong's Hang Seng index was trading 0.75 per cent lower at
22,965.12. South Korea's Kospi index was trading 0.15 per cent lower at 1,993.
√ United Phosphorous
Buy United Phosphorous, Target Rs 165, 170 and Stoploss Rs
142
◘ Rationale: The
stock has given declining trend line breakout with good volumes on its daily
chart. Technical oscillators are also trading with a positive bias. Derivatives
data indicates long build-up in the stock.
√ Sesa Sterlite
Buy Sesa Sterlite, Target Rs 205, 210 and Stoploss Rs 182
◘ Rationale: The
stock has given rectangle pattern breakout with good volumes on its daily
chart. Technical oscillators are also trading with a positive bias.
√ Punj Lloyd
Buy Punj Lloyd, Target Rs. 29 and Stoploss Rs 23
◘ Rationale: The
stock is on the verge of breaking out the neckline of its inverted head and
shoulder pattern on daily chart. It has seen a sharp fall since the month of
May from the levels of Rs 57 and thereafter it consolidated for last two months
between the levels above Rs 20 and Rs 25. This consolidation appears to
breakeven on the upside.
√ Raymond
Buy Raymond, Target Rs 265 and Stoploss Rs 234
◘ Rationale: It has
seen a sharp upmove in the second week of September and thereafter the stock
consolidated at the top of its rally despite a sharp correction in the market.
In Friday’s trade the stock appears to break on the upside also the stock has
given a close above its 100 day moving average.
