Weekly Update:Sensex falls 863 points during the week

The index dropped more than expected by 863 points in the week to close at 16737. Weakness is expected to persist and a further fall of further 1000 points is not ruled out now and hence trade carefully or you will loose heavily. Some stocks can be considered for delivery and investment and more if they go down from here by 10 % or so since they are already considerably down.

GRASIM Close 2340The stock has come a long way down from 3949 achieved in November ’07 which is about 40 %. The stock seems to be a good buy now with downside restricted to upto say 2300 now from which a rise of atleast 10 to 15 % is on the cards. Buy and hold this stock which will give returns in the future.

CROMPTON Close 243.60Down from a top of 454 hit in November ’07 , the stock can be bought now as it supports at 230. Buy with a stop of 224 for a target of 275 and more in the coming month.

INDIA CEMENTS Close 161.05The stock which in December had peaked to 333 is down to half now and very less downside left in the stock. Support exists at 150 levels and one can enter this stock now and add at minor declines, for it will give good returns if held for some time. Stop may be kept at 145 but long term investors can accumulate at all declines.

MAX INDIA Close 155.70
The stock is ready for an upswing up to 180 levels. It is near to reverse from here and supports exist at 140. Buy now and at declines, for the stock moves well and one can expect decent returns from here with less downside risk. Some activity is also witnessed on 9th.

GLOBAL BROADCAST NEWS Close 119.30
The stock gives good trading opportunities. The stock which split around 240 levels in February is down to half and having supports at 110 levels, one can enter the stock now for it will go upto 145 levels again in the near term.

JYOTHY LAB Close 570.20
The stock which came out with an IPO this year listed and was up to 820 levels in Feb. It is now down quite a lot and one can watch and enter at declines upto 550. The stock is bound to go up now and one can use the opportunity to enter and exit after making gains once it reaches 640 in the short term.

KIRLOSKAR OIL ENGINES Close 106.70The stock which split in October last was around 165 levels and has come down substantially. Buy with a stop of 95 for it is close to bottoming out and one can expect it to go upwards up to 125 initially in the short term.