February 10, 2011 Leave a comment
Yesterday: Market continued its downward spiral after breaching the Sensex 18000 mark day before. ICICI bank bounced back owing to stock being bottomed out after being hammered for 3 sessions. Mahindra and Mahindra came back strongly riding on good results for quarter.
Prediction: The market are quite unpredictable right now owing the new revelations about scams everyday. I will recommend small term buying in selective counters.
Stock to Watch: ICICI has breached its several lows. It can be a good time to enter the script. Gail is another long term counter showing some short term weakness. It will be good to get inside these scripts at these valuations. SBI was a bit expensive but has mellowed down yesterday. I see some further weakness for it in the coming days. Oracle Financial Services fall be over 4% yesterday. It is company with strong fundamentals and attractive valuations at this price.
The 8-10% fall in ADAG counters owing to market rumors over irregularities by the group at different levels
Uncertainty about IIP numbers and government’s ability to reign in fiscal deficit and inflation
SAIL can rise owing to it getting environment clearances from Ministry of environment for its Chiria Mines. Source