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Wednesday, September 23, 2009

Avoid stocks that ran up 20-50% in last few weeks

the markets may see 5-7% correction in the near-term as the technical indicators were showing that the markets were overbought. He said he would avoid stocks that ran up 20-50% in the last few weeks. He advised to book part profits now. However, he quickly added that the markets would see 20-25% upside after the short-term pullback. The Sensex trading base was at 16000 levels, he said. His medium-term target for the Sensex was at 18300 and for the Nifty was at 5550.
He didn’t see too much upside in autos and technology stocks. However, he was positive on oil, power, banking, capital goods and realty stocks.

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Economic Event Calendar

GMT+5:30 Event Vol. Actual Consensus Previous
Friday, Jun 06
18:00 Unemployment Rate 2 4.2% 4.2% 4.2%
18:00 U6 Underemployment Rate 2 7.8% 7.8%
18:00 Nonfarm Payrolls 3 139K 130K 147K Revised from 177K
18:00 Average Weekly Hours 1 34.3 34.3 34.3
18:00 Average Hourly Earnings (YoY) 3 3.9% 3.7% 3.9% Revised from 3.8%
22:30 Baker Hughes US Oil Rig Count 1 461
Saturday, Jun 07
00:30 Consumer Credit Change 1 $10.85B $10.17B
01:00 CFTC Oil NC Net Positions 1 165.7K
01:00 CFTC GBP NC Net Positions 1 £35.4K
01:00 CFTC AUD NC Net Positions 1 $-61.2K
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