MONTHLY ROUNDUP (May’13)EQUITY COMMENTARYLead IndicesIn the month of May 2013 Benchmark indices ended positively. While BS...
MONTHLY ROUNDUP (May’13)Indias annual inflation as per the wholesaleprice index weakened more than expectation ofeconomist...
MONTHLY ROUNDUP (May’13)14.BSEHEALTHCARE8691.20 8846.91 1.79Japanese drugmaker Daiichi Sankyo Co, which bought control ofR...
MONTHLY ROUNDUP (May’13)consolidated net profit to Rs 725 crore on 13.29% fall in Revenuefrom operations to Rs 6187 crore....
MONTHLY ROUNDUP (May’13)At the end of May 2013, Indian G-Sec bond yields closed lower by 48 bps at 7.24% over April 2013. ...
MONTHLY ROUNDUP (May’13)OUTLOOK GOING FORWARDGLOBAL:US Economy on the way of RecoveryIt has become routine, at about this ...
MONTHLY ROUNDUP (May’13)In a sober assessment of the state of the zones financial system, the central bank said that a pro...
MONTHLY ROUNDUP (May’13)as important as capital appreciation in the present times and for this reason the direction of the...
MONTHLY ROUNDUP (May’13)TECHNICAL COMMENTARYOn the daily chart of nifty we can see nifty has given almost 50 % retracement...
MONTHLY ROUNDUP (May’13)STOCK IDEASBANK OF INDIACMP 1825TARGET 1920SL 1793OUTLOOK BullishENTRY RANGE Above 1840TECHNICAL V...
MONTHLY ROUNDUP (May’13)ARVINDCMP 81.95TARGET 86SL 78OUTLOOK BullishENTRY RANGE Near 81TECHNICAL VIEW: - On the daily char...
Q4FY13 Review – Large Caps Outperformed the small and Mid Caps!
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Q4FY13 Review – Large Caps Outperformed the small and Mid Caps!

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In the month of May 2013 Benchmark indices ended positively. While BSE Sensex grew by 1.31% & Nifty gained 0.94%. RBI cuts interest rates by twenty five bps & Wholesale Inflation figure came down below 5 %. However GDP Data came in month of May, were in line with expectations, dampening hopes of further rate cut.
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Q4FY13 Review – Large Caps Outperformed the small and Mid Caps!

  1. 1. MONTHLY ROUNDUP (May’13)EQUITY COMMENTARYLead IndicesIn the month of May 2013 Benchmark indices ended positively. While BSE Sensex grew by 1.31% & Nifty gained 0.94%. RBIcuts interest rates by twenty five bps & Wholesale Inflation figure came down below 5 %. However GDP Data came in monthof May, were in line with expectations, dampening hopes of further rate cut.Weekno.% ChangeKey positives Key negativesSensex Nifty1 1.50 1.20India Govt. slashed the rate of tax from 20% to5%, levied on the interest that foreign investorsearn from their investments in local bonds, inits latest effort to attract more foreign capital tohelp finance a wide CAD.The Reserve Bank of India cut the repo rate by25 bps for the third time since January, butsaid there is little room to ease monetary policyfurther, disappointing markets.In the week ended 26 April 2013, India’sforeign exchange reserves increased by $1.60billion at $ 296.37 billion. In the previous weekended 19 April 2013, the forex reserves hadbeen declined by $ 485.90 million to $294.76billion.The Cabinet cleared the way for 839 new FMradio channels to go on air in around 300 citieslater this year. Lok Sabha has passed theFinance Bill for the fiscal 2013-14 with minoramendments, even as the Principal oppositionParty BJP walked out from the houseprotesting against Coalgate.RBI pegged the GDP growth rate for thecurrent fiscal year at 5.7%, significantly lowerthan Finance Ministrys forecast of 6.10% to6.70%.2 2.80 2.80Indias industrial production growth ratebounced back to 2.5% in the month of March2013 on better performance of power andmanufacturing sectors coupled with higheroutput of capital goods. However, the factoryoutput measured in term of IIP grew by just 1%in FY’2013 compared to a growth of 2.90% inprevious financial year. Meanwhile, theindustrial output growth for the month ofFebruary has been slightly revised downwardsto 0.46% from the estimates of 0.6% releasedlast month.India’s services sector for 2013-14 financialyear began on a dismal note, as the HSBCPMI index for services sector grew at 50.70 inApril, compared to 51.40 in March. Thecomposite Purchasing Managers’ Index (PMI)for India also includes manufacturing PMI wasdown to 50.50 in April from 51.4 in March. Asper a monthly HSBC India survey of servicessector managers, the pace of hiring by privatesector companies was slowest in sevenmonths. However, the executives expressedoptimism about improving trends in comingmonths.3 1.30 1.10Indias annual CPI Index slowed for thesecond straight month in April to 9.39%. Inthe March month Consumer prices rose 10.39annually. In April Food prices for consumersrose 10.61% annually, slower than rise of12.42% annually in March.Indirect tax collection in April grew by ameagre 3.30% to Rs 33,684 crore with exciseduty collection declining 14.70% y-o-y.Customs duty collection increased by 12.8% toRs 13,083 crore, while service tax collectiongrew 13.60% to Rs 10,712 crore in April.
  2. 2. MONTHLY ROUNDUP (May’13)Indias annual inflation as per the wholesaleprice index weakened more than expectation ofeconomists in April. The WPI increased 4.89%yoy in April. Economists had forecast a 5.45%increase. Prices of food articles rose 6.08percent annually, and costs of non-foodproducts advanced 7.59 percent. Fuel andpower prices recorded 8.84% increase from ayear earlier.Excise duty collection has fallen to Rs 9,889crore for during the month, compared to Rs11,590 crore in previous year.4 -2.90 -3.30Finance Ministry has been agreed to dole out arecord Rs.100,000 crore towards cooking fueland diesel subsidy in Fiscal 2012-13 but wantsto change pricing formula from current year tocut down the outgo. Finance Ministry, whichhad previously given out cash subsidy ofRs.55,000 cr, now has been agreed to giveRs.40,000-45,000 cr more to cover unmetrevenue losses on fuel sale in the fiscal yearending March 31, 2013.Sectoral PerformanceIn the month of May all Sectoral indices ended in positive except Bankex, Capital Goods, Metal, Oil and Gas, Power, PSUand Realty. The top three gainers of the month were IT, Technology & Consumer durable which rose by 6.23%, 3.69%, and3.53% respectively while Top three looser indices were Realty, Capital Goods & PSU fell by 11.40%, 3.20% and 3.04%respectively.BSE INDICES30 Apr201331 May2013% Change RemarksSENSEX 19504.20 19760.30 1.31BSE-MIDCAP 6344.00 6389.47 -1.29BSE-SMALLCAP 6021.20 5943.46 0.72BANKEX 14363.70 14261.24 -0.71Bank stocks fell on profit booking after recent gains triggered byexpectations that the RBI will cut policy rate to boost economicgrowth. Interest-rate Sensitive & banks fell after the RBI said thatassessment of growth-inflation dynamics limits scope for furthereasing of policy rate.SBI reported 18.54% fall in net profit to Rs 3299.22 crore on6.98% rise in Revenue to Rs 36330.87 crore in Q4 2013 over Q42012.In Fourth quarter PNB and UBI reported a sequentialimprovement in asset quality.BSE CD INDEX 7432.50 7695.00 3.53CAPITAL GOODS 9718.80 9407.38 -3.20Larsen & Turbo reported 6.9% fall in net profit to Rs 1787.94crore on 9.9% rise in Revenue to Rs 20686.93 crore in Q4 2013over Q4 2012.Capital goods stocks rose on renewed buying.BSE FMCG INDEX 6548.50 6772.13 3.41On 7 May 2013 Uttar Pradesh state government slashed VAT oncigarette/cigar from 50% to 25%. The Centre had raised theexcise duty on cigarettes by 18% on all cigarettes exceptcigarettes of length not more than 65 mm in Union Budget 2013-
  3. 3. MONTHLY ROUNDUP (May’13)14.BSEHEALTHCARE8691.20 8846.91 1.79Japanese drugmaker Daiichi Sankyo Co, which bought control ofRanbaxy Laboratories in 2008, said it believes unnamed formershareholders of the company-hid information regarding USregulatory probes into Ranbaxy. Ranbaxy pleaded guilty to felonycharges related to drug safety and agreed to pay $500 million incivil and criminal fines under a settlement with the U.S.Department of Justice.BSE-100 5941.40 5991.11 0.84BSE-200 2389.00 2409.22 0.85BSE-500 7385.30 7441.89 0.77BSE IT INDEX 5709.60 6065.34 6.23IT stocks gained on positive economic data in the US. US is thebiggest outsourcing market for the Indian IT firms. Wipros ITservices Total Income rose 0.50% to $1.585 billion in Q4 2013over Q3 2012. On yearly basis, IT services revenues rose 3.2%to $1.585 billion in Q4 2013 over Q4 2012. While HCLTechnologies reported strong Q3 results. As per US accountingstandards consolidated net profit rose 7.8% to Rs 1040 crore on2.40% growth in Total Income at Rs 6425 crore in Q3 2013 overQ2 2012.Infosys is collaborating with SAP on development of mobileapplications for the retail industry. These efforts are focused ongiving consumer packaged goods companies anytime, anywhereaccess to sales representatives and merchandisers, enablingthem to capture information from the field to make them morecompetitive and agile.BSE METAL 8651.10 8503.01 -1.71Sterlite Industries reported 51% yoy jump in its consolidated netprofit at Rs 1,925 crore for the quarter ended Q4 2013. Thecompanys revenue grew at 17% yoy basis to Rs 12,674 croreduring the recently quarter driven depreciation of the IndianRupee.BSE Oil & Gas 8711.00 8654.79 -0.65In month of January 2013, the government has allowed PSUOMCs to raise diesel prices in small measures at regular intervalswhile completely deregulating diesel prices sold to institutional orbulk buyers.Oil market companies have increased diesel prices by Rs 1.02per litre; it is the fourth increase in this year.BSE PSU INDEX 6864.60 6655.84 -3.04BSE TECK INDEX 3474.20 3602.53 3.69BSE REALTY 1901.30 1684.92 -11.38Realty stocks edged lower on account of profit booking after thegains triggered by the expectations that the Reserve Bank ofIndia may further cut key policy rates to perk up economic growthafter the latest data showed a sharp fall in WPI in April 2013.Unitech fell on news that the HSBC has sold 20 lakh shares ofUnitech through open market for about Rs 6 crore, resultingreduction in its stake.BSE POWER 1761.90 1755.12 -0.38JSW Energy fell as one of the promoters of JSW Energy hasmade an offer to sale of 2.82 cr shares through the separatewindows provided by the bourses for this purpose. Shares weresubscribed 1.75 times.In Q4 2013 Reliance Infra reported 76.4% increase in
  4. 4. MONTHLY ROUNDUP (May’13)consolidated net profit to Rs 725 crore on 13.29% fall in Revenuefrom operations to Rs 6187 crore. Net profit increased 41.59% toRs 2247 crore on 7.57% fall in total operating Revenue to Rs22382 crore in the year ended March 2013 over March 2012.BSE Auto 10957.90 11166.34 1.90 Auto stocks edged higher on renewed buying.Global MarketsWORLD MARKET INDICES PERFORMANCEIndex27 April201327 May2013Points Chg (%) ChgUSDJIA 14712.55 15394.5 681.95 4.64S&P 500 1582.24 1650.51 68.27 4.31NASDAQ 3279.26 3459.41 180.15 5.49EUROPEFrankfurt (DAX30) 7,814.76 8,383.30 568.54 7.28London (FTSE) 6,426.42 6,696.79 270.37 4.21Paris (CAC 40) 3810.05 3956.79 146.74 3.85ASIAHang Seng 22547.71 22686.05 138.34 0.61Japan NIKKEI 13884.13 14142.65 258.52 1.86Shanghai Comp 2177.91 2292.84 114.93 5.28Fund ActivityIn month of April, FIIs were the net buyers of Equity & Debt worth Rs. 17931.80 & Rs. 7579.60 crore respectively. MeanwhileMutual funds sold Equity worth Rs. 1320.70 crore but they were strong buyer of Debt worth Rs. 17307.90 croreBond YieldsFII & MF TRADING ACTIVITY IN MARCHForeign Institutional Investor Mutual FundsNet Purchase/Sales in Equity Net Purchase/Sales in Debt Net Purchase/Sales in Equity Net Purchase/Sales in Debt17931.80 7579.60 -1320.70 17307.90In the month of April 2013, the world markets ended ona positive note. Nikkei, Dow Jones, NASDAQ, CAC,FTSE, Hang seng, Shanghai Composite & andFrankfurt Dax were the gainers, rising 1.86, 4.645, 5.49,3.85, 4.21, 0.61, 5.28 & 7.28 percent respectively.Meanwhile BSE & NSE also edged higher with the Gainof 3.21% & 2.82% respectively.During the month of May 2013, Average daily volumeson BSE rose 4.50% M-o-M. The average dailyderivatives volumes on NSE also rose 1.20% in monthof May 2013.10 Year Government Bond Yield – Trend
  5. 5. MONTHLY ROUNDUP (May’13)At the end of May 2013, Indian G-Sec bond yields closed lower by 48 bps at 7.24% over April 2013. The yield on thebenchmark security fell sharply on account of amid lower inflation and expectations of further interest rate cut by the RBI.Increasing inflation has been one of the biggest factors in the sharp fall in the bond yields. While expectations of monetaryeasing in the June policy led to a fall in the yields.CommoditiesIn month of May 2013, the Reuters/Jefferies CRB Index of 19 raw materials ended down by 2.18% to close at 284.90because investors might have been turned to equities markets Speculators cut their bullish bet in cotton futures and optionsto a three-week low. The fall in the Reuters/Jeffries CRB Index was because of a fall witnessed in commodities like NaturalGas (-7.40%), Live Cattle (- 7.40%), Silver (- 6.00%), Gold (- 5.40%), Coffee (- 5.30%), Cocoa (- 5.30%), Sugar (- 4.50%),Cotton (- 4.40%), Nickel (- 3.60%), Crude Oil (- 1.60%) and Wheat (- 1.30%). Natural gas is the biggest gainer amongcommodities thus far in 2013, gained 7.4 % in May.BEHAVIOR OF COMMODITY PRICES DURING MAY 2013:Commodity30 May,201330 April,2013M-o-M % ChgGold 1393.00 1472.10 - 5.37Crude Oil 91.97 93.46 -1.59Aluminum 1903.00 1886.00 0.90Tin 20895.00 20820.00 0.36Copper 7270.00 7105.00 2.32Zinc 1913.00 1887.00 1.38Nickel 14700.00 15250.00 -3.61Lead 2186.00 2037.50 7.29CurrenciesUSD to:30 April,201330 April,2013M-o-M %ChgPakistani rupee 99.42 98.86 0.60Hong Kongdollar7.76 7.76 0.00Chinese Yuan 6.19 6.22 -0.50Indian Rupees 56.35 54.16 4.00Taiwan dollar 30.04 29.54 1.70Singapore dollar 1.26 1.23 2.30Argentine peso 5.28 5.18 2.00Euro 0.77 0.76 0.70Thai baht 30.21 29.31 3.10Malaysianringgit3.08 3.03 1.40Japanese yen 101.03 97.84 3.30Indonesianrupiah9832.84 9727.63 1.10Brazilian real 2.11 2.00 5.50Korean won 1130.07 1108.52 1.90Behaviour of commodity prices during the monthended May 2013 is given. The base metals packtraded on a positive note except Nickel tracking astronger euro for all metal markets as volumes werethinned by a European holiday.In May 2013, USD was positive against othercurrencies. The USD remained strong against itsseveral peers during the month except Chinese yuanbecause speculation grew that stronger U.S.economic data will urge the Federal Reserve toreduce its unprecedented monetary stimulus. Reporton rebounding U.S. housing sector also strengthenedthe USD.
  6. 6. MONTHLY ROUNDUP (May’13)OUTLOOK GOING FORWARDGLOBAL:US Economy on the way of RecoveryIt has become routine, at about this time of year, to predict that the US economy is on the mend – only for that recovery toswiftly rot away. In the second quarter of 2010, the median forecast for US growth in 2011 was 3.1 per cent, and the Fed wasgunning for 3.9 per cent. The actual outcome was a depressing 1.8 per cent and the pattern of the next two years wassimilar.Spring turns to summer in America, and once again, the mown-grass scent of economic optimism is in the air. An 11 per centannual rise in house prices and a boom in the stock market does that to people. Higher asset prices are not much good bythemselves – growth in incomes, jobs and activity is plodding – but markets seem to be sustaining the economy through theworst of tax rises and government spending cuts. Consumer confidence has not been this high for five years.Interest rates are lower than in previous years, adding more support for the economy, and the Federal Reserve itself is lessof a risk to growth. Its new policies tie easy money to the state of the economy – low interest rates at least untilunemployment falls below 6.5 per cent and more asset purchases until there is a substantial improvement in the labourmarket outlook. This reduces the chance of a premature tightening.After a lengthy recession, stock markets in the US are starting to look healthy. The S&P Broad Index shot up 26% in the pastyear to a record high. The most recent data shows the US economy is expanding at a 2.4% annual pace. Recovery inhousing has a powerful accelerator effect. Higher house prices mean that more people have enough equity in their home torefinance at a low mortgage rate; do that and they can start spending more.Japan – Abenomics coming to its rescuePrime Minister Shinzo Abe is promoting policies nicknamed “Abenomics to help revive Japans economy after two decadesof stagnation, raising public spending and easing monetary policy by an unprecedented extent to stimulate demand andinvestment, along with reforms aimed at making Japanese business more competitive.Supporters of Abenomics say they expect a recovery by mid-year, as the economy enters a “virtuous cycle” of rising prices,rising wages and surging demand thanks to a recovery in corporate investment. Skeptics question whether companies willraise wages and investment, and whether the recovery can prevail over the blows to demand from two looming sales taxhikes, even if Abe succeeds in pushing through politically difficult deregulation and other reforms needed to improvecompetitiveness and sustain growth in the long run.Japans economy has started picking up. Exports have stopped decreasing as overseas economies have been moving out ofthe deceleration phase that had continued since last year and are gradually heading toward a pick-up. Business fixedinvestment continues to show resilience in nonmanufacturing and appears to have stopped weakening on the whole. Publicinvestment has continued to increase, and housing investment has generally been picking up. Private consumption has seenincreased resilience, assisted by the improvement in consumer sentiment. Reflecting these developments in demand both athome and abroad, industrial production has stopped decreasing and signs of picking up have become increasingly evident.In recent days, however, concerns have grown about rising interest rates in the government bonds market, which couldthreaten Japan’s monetary policy. Japan is vulnerable to rising borrowing because of its high public debt burden, which istwice the size of its economy. Bonds are also the main financial asset held by banks, pension funds and insurancecompanies, making a surge in debt yields perilous.Eurozone – Recession looming againThe European Central Bank has warned that the eurozones slumping economy and a surge in problem loans were raisingthe risk of a renewed banking crisis, even as overall pressures in the regions financial markets had receded.
  7. 7. MONTHLY ROUNDUP (May’13)In a sober assessment of the state of the zones financial system, the central bank said that a prolonged recession had madeit harder for many borrowers to repay their loans, burdening banks that had still not finished repairing the damage caused bythe 2008 financial crisis.While the central bank did not mention specific banks, as is customary, it said the most vulnerable were those in countrieswith high unemployment or falling house prices. That list would include Italy, Spain, Greece and Portugal. But ailing banksare also a problem in stronger countries like Germany, where Commerzbank and publicly owned state banks are strugglingwith bad loans to the shipping industry.The recovery of the Japanese economy, just as a recession in Europe digs in, is renewing pressure on Europeanpolicymakers to shift course from austerity to stimulus.Indian Market Outlook:Q4FY13 ReviewQuarterly earnings of India Inc hit a new low in the three months between January and March this year thanks to somesevere pressure on demand, high interest costs and relatively weak bargaining power of the companies in raising priceseven though expenses rose.An analysis of quarterly earnings of nearly 1,100 companies (excluding oil companies) showed that the aggregate net profitsof these companies fell 14.6% on a y-o-y basis to Rs.62,244 cr. For FY13 too, the combined net profits of these companiesfell 5% to about Rs.2.72 lakh cr. This is the first time since the global financial crisis year of 2008-09 that the yearly profitsshowed a decline. This was also the second yearly drop in net profits in the last 10 years.Indias corporate performance, despite gloom and doom all around, wasnt very disappointing at an aggregate basis due toimpressive performance by a few sectors like oil & gas and automobiles and large caps. While broad Sensex earnings areabove expectations, they were boosted by heavyweight sectors like oil & gas and utilities. On the other hand, there is clearcase of revenue slowdown in many sectors, while margins continue to be under pressure.Small-Cap and Mid-Cap companies have been the worst hit with their net profits for Q4FY13 reducing to one-third of levelseen in the corresponding quarter last year while largecap companies have seen relatively slower deceleration in net profits.The better performance was led by strong performance from companies like NTPC, Coal India and Hindustan Zinc whichenjoy dominant market position in their respective sectors.Rupee Depreciation – Cause for another trouble?The Rupee has remained under pressure since the start of May 2013, with a depreciation of 3.5%. The currency has beenweighed down by the widening of trade deficit in April- 2013, domestic political issues and a strong Dollar amidst risingexpectations of tapering of QE by the Fed. Going by the current pace of weakening, value of 58-59 vs the USD seemspossible in the next few weeks. A section of the street however expects the currency to receive support in the medium termand return back to the 53-55 range on improvement in current account deficit, robust capital flows and from RBI policymeasures. The trading though is likely to be choppy amidst global uncertainties like possibility of withdrawal of stimulus bythe Fed and revival of Eurozone debt concerns. With several state elections this year and the General elections next year,domestic political dynamics will be a key input towards shaping market sentiments.The main reason causing the rupee to fall is the immense strength of the Dollar Index, which has touched its three-year highlevel of 84.30. The record setting performance of US equities and the improvement in the labor market has made Americansmore optimistic about the outlook for the US economy, thereby spurring greater hopes of QE tapering.The US Dollar is looking like gold these days because the Federal Reserve is in a very different position versus the ECB,BoJ and the RBA. The Federal Reserve is talking about tapering asset purchases at a time when European officials areconsidering more aggressive monetary easing measures such as negative deposit rates.The fact that the Euro zone is in a recession is just another reason why investors are snapping up dollars. The monetarypolicies of the ECB and the BoJ pose a threat to the value of the EUR and JPY whereas the next move by the Fed shouldsupport the dollar. This divergence is bringing the dollar more into the limelight as a safe haven. Capital preservation is just
  8. 8. MONTHLY ROUNDUP (May’13)as important as capital appreciation in the present times and for this reason the direction of the monetary policy and theconsequent implications for the currency has become very important.India’s economic cycle bottomed out?Indias Q4FY13 GDP grew 4.8% y-o-y, broadly in line with expectations. This follows 4.7% y-o-y growth in Q3 and resulted inaverage real GDP growth of 5.0% during FY13. Therefore, the overall momentum of the recovery remains tepid.Indeed, the RBI has reduced policy interest rates considerably in the recent months, but transmission of those cuts into banklending rates has been poor. The likelihood of continued fiscal austerity, along with weakness in typically resilient segmentssuch as domestic services, suggests sluggish economic activity for a while yet. On a more positive note, the rainfall forecastfor the coming monsoon season is “normal”, which should help the agriculture sector to fare better in the current fiscal yearas well as possibly support an improvement in consumption spending to some extent. Likely improvement in governmentspending should also help GDP growth in H2FY14.Capital expenditure (capex) is showing signs of revival. According to experts, this would resume in the current quarter, withthe lagged effect of lower interest rates, slightly stronger exports and improved equity market performance.Recent macroeconomic data have increased expectations for rate cuts by the RBI in 2013. The RBI has already cut the reporate by 75 bps this year. Inflation could remain broadly within the RBI’s comfort zone in the coming months, while the growthrecovery will remain weak.
  9. 9. MONTHLY ROUNDUP (May’13)TECHNICAL COMMENTARYOn the daily chart of nifty we can see nifty has given almost 50 % retracement of its current rally and forming lower top andlower bottom formation. Currently nifty is trading near its 100 days and 50 days SMA. Nifty short term trend is down and itmay continue to the level of 5750 if nifty breaks 5860 levels on closing basis. Trader with short position can liquidate theresome potion on current levels and re-enter in short after 5860 levels. Nifty has nest major support at 5780 and resistance at6150.Resistance 1 6050Resistance 2 6150Support 1 5750Support 2 5500CNX NIFTY
  10. 10. MONTHLY ROUNDUP (May’13)STOCK IDEASBANK OF INDIACMP 1825TARGET 1920SL 1793OUTLOOK BullishENTRY RANGE Above 1840TECHNICAL VIEW: - On the daily chart of Dr. Reddy’s Labwe can see stock long term trend is up. Currently stock hasbounced back after making double bottom patter and tradingnear its trading range upper level. Technical indicators RSIand STOCHASTIC are showing strength in stock. Currentlystock is trading above its 8 days, 13 days and 21 days EMA.Investor can make long position in stock above 1840 levelswith stop loss of 1793 for target price of 1920.YES BANKCMP 287TARGET 260SL 303OUTLOOK BearishENTRY RANGE Near 290TECHNICAL VIEW: - On the daily chart of Bank of India,we can see stock has broken its rising trend line with goodvolume. Currently stock is trading bellow 8 days, 13 daysand 21 days EMA. Technical indicator RSI and MACDHistogram are also showing weakness in stock. Stock cantouch 260 levels in lower side, investor should exit fromthere long position or can make fresh short position in stockwith stop loss of 303 for target price of 260.CMP 487TARGET 460SL 515OUTLOOK BearishENTRY RANGE Near 495TECHNICAL VIEW: - On the daily chart of Yes Bank, wecan see stock has broken its support level of 500 with goodvolume. Currently stock is trading bellow 8 days, 13 daysand 21 days EMA. Technical indicator RSI and MACD areshowing weakness in stock. Investors can make fresh shortposition in stock near 495 levels with stop loss of 515 fortarget price of 460.
  11. 11. MONTHLY ROUNDUP (May’13)ARVINDCMP 81.95TARGET 86SL 78OUTLOOK BullishENTRY RANGE Near 81TECHNICAL VIEW: - On the daily chart of Arvind, we cansee stock has outperformed nifty in last some session.Currently stock is trading above its 8 days, 13 days and 21days EMA. Technical Indicator RSI is showing strength instock. Stock has broken its falling trend line with goodvolume. Aggressive trader can make long position in stocknear 81 with stop loss of 78 for target price of 86.POWER FINANCE CORPORATIONCMP 183TARGET 174SL 198OUTLOOK BearishENTRY RANGE Near 190TECHNICAL VIEW: - On the daily chart of PFC, we can seestock has broken its trading range of 190 to 200 in lower side.Currently stock is trading bellow its 8 days, 13 days and 21days EMA. Technical indicators RSI is showing weakness instock. Investor can make short position in stock near 190levels with stop loss of 198 for target price of 174.DISCLAIMER

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