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Free India Sensex Stock Picks Updated Weekly Every Monday
Week of October 31, 2011
India Stock Market Headlines from Bloomberg: India Primary Dealers Buy Bonds at Auction Third Time This Month. India Bonds Drop Most in 3 Weeks on Debt Sales, Rate Increase. India's Rupee Has Best Week Since 2009 on Europe Crisis Plan.
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ICICI Prudential FMCG Growth India - FMCG 19.76%
DSP BlackRock Opportunities Fund Institutional GrowthIndia - Large Cap 16.46%
Canara Robeco InDiGo Growth India - Conservative Allocation 13.72%
FT India Monthly Income B Bonus India - Conservative Allocation 13.70%
AIG India Equity Institutional Dividend India - Large Cap 13.23%
Honest Adviser India Stock Market Research Analysis Advice Reports
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October 31, 2011 India Stock Market Commentary
No new India stock picks this week. I see the SP500 index making a short-term top here now at 1292.66 with 1074.77 support as my target and below to buy in for a very low-risk high-reward upside bear-market rally after that. Some think that now there's a supposedly a European Union solution for the Greek debt default, that its a bull-market again. I don't think so, but a lot of pressure has been released to keep the markets from continuing crashing hard and fast it seems. Short-term now I'm selling short looking for the break of 1074.77 on the SP500 then cover, and buy long. I would then be very interested in buying some India stocks and will place them here once I see them.
October 31, 2011
Voltas has fallen over 63% since (263) Nov 2010 to the recent low of 95. This low is exactly on the lower end of the falling parallel channel, indicating higher probability of counter trend or even a reversal.
See the above weekly chart. After making a high of 262.50 in Nov 2010, the stock started its down move in a perfect falling parallel channel. The recent low of 95 has touched the lower end of the parallel channel, and in fact, the previous 3 weekly lows were also close to the lower end of the channel. Despite of opportunity and bearish undercurrent, bears failed to break the channel (lower end) and push the prices even lower. This failure suggests active buying by strong hands near the lower end of the channel & 92-95 area will now act as a strong support (buying zone) whereas the upper end of the channel (apprx 120) will act as a major hurdle for the bulls and on break expect further rise towards 140-160 area.
Conclusion: After 63% fall in the past 12 months, stock is likely to stage recovery, both price wise as well as time wise. Probability of fresh fall below the recent low of 95 is limited. Long term investors should accumulate the stock at CMP or on declines upto 95 for a medium term target of 120-125, and after weekly close above this level, expect target of 140-160.
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