Stock's Talk: Indian Stock Market BSE NSE

BSE 12676.19 -654.32 -4.91%
NSE 3,861.10 -178.60 -4.63%

The Markets are tightly hugged by bears with another negative day, but the market crashed in the last hour of trade today. Tremendous selling pressure and lack of buying in today's trading session kept the market pinned down. Political uncertainities kept global investors away for the market. Sensex ended the day at 12,676, down 654 points from the previous close. Nifty shut shop at 3861, down 178 points. CNX Midcap index lost 3.7% and BSE Smallcap index, 3.2%. Banking, capital goods, metal and realty stocks were clearly the laggards. Biggest losers on the Sensex include Ranbaxy, HDFC Bank, ICICI Bank and Hindalco, among others.

Asit C. Mehta has a 'buy at declines' rating on Great Offshore, with a target price of Rs 500, reports CNBC-TV18. The stock is at Rs 425, down 3.5% on the BSE.

BHEL has support at Rs 1,300-1,320, says Bharat Dalal, technical analyst, on NDTV Profit. If this is broken, then one may see the stock fall to Rs 1,150-1,200, he adds. It is at Rs 1,376, down 6.4% on the BSE. The market ended at the day's lows today. Sensex ended at 12,612, down 717 points (provisional) from the previous close. Nifty hit a new 2008-low and shut shop at 3837, down 202 points (provisional). This is the lowest closing for the Nifty since April 2007.

Hold short positions on Nifty July for the target of 3790; resistance will be at 3873, says Rahul Mohindar, technical analyst, as market closing strategy, on CNBC-TV18.

Go short on the Nifty if it goes below 3850 near closing, target will be 3680, says Vijay Bhambwani, technical analyst, as market closing strategy, on CNBC-TV18.

Initiate fresh shorts on ONGC and Tata Steel, says Rahul Mohindar, technical analyst, as market closing strategy, on CNBC-TV18.

Ranbaxy will now trade in the range of Rs 385-445, says Bharat Dalal, technical analyst, on NDTV Profit. If it breaks Rs 385 on the downside, then investors will see a lot of pain price-wise as well as time-wise, he adds. The stock is currently trading at Rs 407.50, down over 14% on the BSE.

Incremental flows are negative and the buy-sell ratio is at 1:3, says dealers, reports CNBC-TV18. Asian investors are not keen to invest in te Indian market till the political hangover is over, they say. Volumes are low and domestic funds are also on the sidelines, they add.

Sun Pharma has short term support at Rs 1,277 and midterm support at Rs 1,170 or so, says Anuj Dixit, technical analyst, on CNBC Awaaz. One can accumulate the stock by investing partly at these levels, he suggests. It is currently trading at Rs 1,300, down 2.8% on the BSE.

Prabhudas Lilladher has maintained its outperformer rating on Ranbaxy Laboratories, with a target price of Rs 657, reports CNBC-TV18. The stock is currently trading at Rs 410.45, down 13.7% on the BSE.

Expect RBI to up Repo rate by 50 bps in July, says Barclays Capital, on CNBC-TV18. Over a year, RBI can up Repo rate by 200-250 bps and CRR by 125-175 bps, they add.

Sensex is currently at 12,783, down 546 points from the previous close. Nifty is at 3890, down 149 points. Market breadth is extremely weak, with 173 advances against 1,069 declines, on the NSE.

If JP Associates closes below Rs 150, then there'll be fresh weakness in the stock, says Simi Bhaumik, technical analyst, on Zee Business. If it falls below Rs 150, then expect to see 128-130, she adds. On the upside, it will face resistances at Rs 176, Rs 190 and Rs 200, she says. It is currently trading at Rs 147.85, down 4.4% on the BSE.