It was quiet day for the market, and it ended in red. Nifty closed below 5200 level. The BSE consumer durable, auto, IT indices witnessed selling pressure. However, realty and midcap stocks have surged. Pharma and metal closed in green but with modest gains.
The Sensex closed down 109.22 points or 0.62% at 17490.90, and the Nifty was down 35.95 points or 0.69% at 5192.25.
Rajat Bose, Rajatkbose.com said that he is disappointed by DLF. He is positive on Puravankara and IVRCL Infrastructure. He expects Maruti to surrender its gains.
On DLF, Puravankara, IVRCL and Unitech:
My pick has been the two leaders, DLF and Unitech. Although Unitech performed today, but DLF has disappointed me and I wasn’t expecting it to come down below Rs 713. It has come down below that. But unless and until DLF falls below Rs 691, it retains its ability to move up.
Again, the disappointment is also on account of DLF. I was not expecting it to fall below Rs 713. Another thing if I may add on the overall market, most of the stocks have opened close to their highs and they are coming down. I don’t know whether this is actually showing signs of a short-term reversal or not because we have had a good run already.
Apart from that, even stocks like Puravankara or even IVRCL Infrastructure might actually show some good movement on the upside.
On Maruti, Ashok Leyland, Tata Motors:
I was not expecting Maruti to surrender its gains because it was actually rising from the bottom and on Friday there had been very good volumes and Tata Motors also is showing weakness. Ashok Leyland couldn’t sustain. So, this is a bit worrisome.
On PFC and UCO Bank:
PFC has actually shown real strong movements today. I would expect that if it were to stay above Rs 176 on a closing basis, which definitely would be the case, because in the next 10-20 minutes, it is not going to fall in a big way. So, given that, I would say that PFC is looking pretty strong. It can actually move up even further, now that it is closing even above Rs 180-182 range. The next target would be something like Rs 192 and Rs 197. But PFC would face very strong resistance between Rs 197 and Rs 204.
Regarding UCO Bank, it is a stellar performance today, but we need to see whether UCO Bank sustains the same kind of performance tomorrow, because if you look at the past price history of UCO Bank, generally after a stellar performance UCO Bank fails to carry that forward in the next day. Tomorrow if UCO Bank stays above Rs 52-53 range, then you will see further upswing happening, otherwise consolidation is quite likely.
Disclosures: It is safe to assume that my clients & I may have an interest in the stocks/sectors discussed.
Source: Moneycontrol.com
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