1TG ACHIVEVED GIVEN LAST WEEK
BUY TATAELXSI ABOVE 1670 TG 1680,1695 SL 1655
There is simply no end to the disorder on Dalal Street as bears are in total control. Both the major indices touched 52-week lows in intra-day trade on Monday .The Sensex slipped 266 points at 24188 and the Nifty was down 86 points at 7351. About 2309 shares declined against 343 advancing shares on the BSE. Reliance Industries and Bajaj Auto tanked 3.5 percent followed by HDFC, HDFC Bank, L&T and ICICI Bank.
Market about to rebound in domestic stock markets because the current selloff is mostly related to what is happening outside India - crude oil prices have crashed to 12-year lows leading to concerns about global growth. More importantly, the slowdown in China continues to rattle investors.
A steep fall in commodity prices is one of the reasons for the drop in revenues. Crude oil prices are down nearly 20 per cent since the beginning of the year to hit a fresh 12-year low.
The first batch of December quarter results from top companies failed to lift investor sentiment. All eyes are on the Q4 GDP numbers of China set to be released tomorrow. The market could see another 5-7 per cent correction as a result of earnings cuts in the ongoing results season and de-rating of certain expensive stocks.
Gainer - Tata Steel, Adani Ports, TCS BHEL and HUL
Losers - Reliance, Bajaj Auto, Cipla, L&T and SBI