Weekly Review

The week had edged higher at 15807 up by 464 points than the previous week’s close of 15343. It seems now that 15000 should hold for the time being and hence one can expect the index to first scale 16200 . Next week is crucial for further momentum to be ascertained. Following are a few delivery calls which can prove to be fruitful.

JET AIRWAYS Close 536.55

The stock had in December 2007 peaked to 1049.80 which is almost 49 % down and now should not go below 515 in the near term. Buy now for reversal is due any time and one can expect it to reach 600 in the short term.

HCL TECH Close 230.20

The stock is a good buy now and at declines since it may not go below 215 now. It had peaked to 336 in December 2007 and gives a good buying opportunity. We can expect it to go beyond 300 in the coming months.

STEEL AUTHORITY OF INDIA Close 162.20

The stock is ready for a upmove to 185 levels as it has fallen substantially from a height of 292.50 achieved in December 2007 and one can buy with a stop of 148 since it is quite near a reversal pattern.

NIRMA Close 156

A steady stock only for the patient investor. It is quite close to support levels of 145 and one can enter and hold for it to reach 190 again. It may move slowly but it had also peaked to 272 in December and hence remains a good pick.

NIIT Close 94

The stock had hit a high of 159 in January this year and is now nearing its bottom levels. Supports exist at 85 and hence one can enter now for it will quickly go upto 115 to 120.

ALOK INDUSTRIES Close 59.65

This too has supports in the 52 range and hence one can take delivery of this stock for it will again start its upmove to at least 75 levels. In January it had peaked at 107.75

BALLARPUR INDUSTRIES Close 26.20

After having split recently it has come down from 37 levels to 26 ( it means a rate of 130 prior to split ) Not much risk now in the stock as it will bounce back from now or at the most 21/22 levels. Buy now for a target of 33.