India stock market – weekly review

July 13, 2007

Disclosure

Bulls are back with vengeance

The India Street has remained bullish on Indian stock market. We have
seen in our previous weekly reviews that the medium term trend and
long term trend are bullish. This week was an interesting one and now
we have the confirmation that the bulls are back on track.

In last week’s India stock review I had mentioned that, “However, let
us be slightly realistic rather than over enthusiastic. The last three
trading sessions have witnessed three lower lows of 4342, 4312 and
and 4304 respectively. This is not an encouraging sign. Moreover, the
stochastic indicators tell us that the market has entered overbought
zones. Under the circumstances, a corrective decline next week cannot
be ruled out. This correction, if occurs, will only be a healthy sign that
the bull market will continue its uptrend.”

On Monday Nifty was up by 34.55 points. Tuesday and Wednesday

witnessed corrective declines of 13.35 and 18.90 points respectively.
Yesterday the market was buoyantly up by 59 points. Today the
market was up once again by 58.40 points. Overall, the index has
closed at 4505, gaining 119.70 points or 2.73% for the week.
This movement indicates that the market continues its short term
bullish trend. The daily chart of Nifty is shown below.

http://groups.google.com/group/theindiastreet/web/NiftyDaily130707.JP
G

The index continues to remain overbought in daily charts. But as I

mentioned earlier, it is quite normal during a bull market. The Wilder’s
DMI (28) also indicates a reasonable uptrend.

In my first India stock weekly review I had mentioned that “the weekly
chart shows that there is an ascending triangle breakout with a triangle
height of about 690 points. This when added to 4245 gives a target of
4935”. In the monthly charts, 38.2% retracement from a low of 3555
in March 2007 works out to 4913. So we can expect a target of 4915+
if this trend continues.

As of now, there is no significant reversal signs in short, medium or

long term charts. Corrective declines in index will be good
opportunities to enter.

Update on Everonn IPO:

Everonn Systems India Limited, a fully integrated education and

learning Solutions Company, has received an overwhelming response
for their initial public offering and the issue has been oversubscribed
131.47 times. High Networth Individuals (HNI’s) have oversubscribed
the issue by 227.81 times.
 Investor type Oversubscription, x
times
Qualified institutional buyers 92.95
Non institutional investors 277.81
Retail individual investors 123.80
Total 131.47

Top Gainers / Losers (Index Stocks)

Scrip Gain (%) Scrip Loss (%)

SAIL 21.70 HEROHONDA 2.93
REL 13.08 RANBAXY 2.62
HINDALC0 12.82 HINDPETRO 2.30
TATASTEEL 11.63 TCS 1.95
STER 11.35 SUZLON 1.70

Top Gainers / Losers (Overall market)

Scrip Gain (%) Scrip Loss (%)

KOTHARIPRO 52.89 NSIL 11.24
COLORCHIPS 52.17 WENDT 10.68
BSL 50.58 HOVS 8.90
MURUDCERA 43.22 TIPSINDLTD 8.75
MSPL 37.81 KALECONSUL 8.47

Advance / Decline Ratio:

Date Traded Adv Ad % Dec Dec % Unch Unch %

09/07/0 1122 687 61.23 408 36.36 27 2.41
7
10/07/0 1126 431 38.28 672 59.68 23 2.04
7
11/07/0 1126 571 50.71 520 46.18 35 3.11
7
12/07/0 1125 771 68.53 324 28.80 30 2.67
7
13/07/0 1127 484 42.95 623 55.28 20 1.77
7
Total 5626 2944 52.33 2547 45.27 135 2.40

We have been tracking 42 stocks in our technical reviews / analyst

upgrades / short term / medium term / long term picks. Following table
shows the status of these stocks as on today:
 Scrip Position Analysi Close Current Highest Date Calend Gain
s ar
type Date AD Price Close HC days %
ADANIENT Medium 02/07/0 270.70 310.85 310.85 13/07/0 11 14.83
Term 7 7
APARINDS Review 19/06/0 169.05 216.05 216.05 13/07/0 24 27.80
7 7
ARVINDMILL Short Term 12/07/0 48.50 47.45 50.95 12/07/0
7 7
AZTECSOFT Review 19/06/0 87.95 86.85 89.10 09/07/0 20 1.31
7 7
BEML Review 19/06/0 1,138.0 1,271.0 1,291.0 06/07/0 17 13.44
7 0 0 0 7
CADILAHC Medium 25/06/0 373.25 360.45 396.90 26/06/0 1 6.34
Term 7 7
DCB Medium 19/06/0 95.80 112.30 112.30 13/07/0 24 17.22
Term 7 7
DENABANK Long Term 02/07/0 49.75 52.20 53.20 12/07/0 10 6.93
7 7
EVERESTIND Short Term 05/07/0 123.95 120.15 123.95 05/07/0
7 7
FDC Medium 25/06/0 35.35 31.95 35.35 25/06/0
Term 7 7
GLOBALVECT Medium 25/06/0 285.15 209.75 285.15 25/06/0
Term 7 7
GNFC Short Term 12/07/0 124.90 125.30 125.30 13/07/0 1 0.32
7 7
GODREJIND Medium 02/07/0 214.65 209.90 220.55 12/07/0 10 2.75
Term 7 7
GOKEX Short Term 29/06/0 242.60 246.50 259.20 03/07/0 4 6.84
7 7
GTL Long Term 02/07/0 222.60 225.10 230.70 10/07/0 8 3.64
7 7
GVKPIL Long Term 02/07/0 496.95 543.25 543.25 13/07/0 11 9.32
7 7
HCC Short Term 29/06/0 123.20 126.80 132.00 03/07/0 4 7.14
7 7
HIKAL Medium 02/07/0 491.75 528.90 534.90 09/07/0 7 8.77
Term 7 7
IBREALEST Review 07/06/0 384.40 511.40 511.40 13/07/0 36 33.04
7 7
INDIANB Short Term 05/07/0 141.05 151.65 151.65 13/07/0 8 7.52
7 7
INDSWFTLAB Review 07/06/0 60.45 66.75 69.75 09/07/0 32 15.38
7 7
JINDALPHOT Review 10/06/0 109.60 117.70 119.70 04/07/0 24 9.22
7 7
LAKSHVILAS Review 19/06/0 78.95 91.75 91.75 13/07/0 24 16.21
7 7
OMAXAUTO Review 07/06/0 92.05 78.90 92.05 07/06/0
7 7
OPTOCIRCUI Short Term 29/06/0 385.10 426.20 426.40 11/07/0 12 10.72
 7 7
ORBITCORP Short Term 29/06/0 272.70 324.45 328.30 11/07/0 12 20.39
7 7
PARSVNATH Short Term 12/07/0 394.00 378.25 394.00 12/07/0
7 7
PFC Short Term 12/07/0 169.30 175.15 175.15 13/07/0 1 3.46
7 7
POCHIRAJU Review 10/06/0 23.85 25.55 27.55 03/07/0 23 15.51
7 7
POLYPLEX Short Term 05/07/0 144.60 146.60 150.05 12/07/0 7 3.77
7 7
PSL Medium 19/06/0 266.80 373.00 373.60 12/07/0 23 40.03
Term 7 7
PUNJABTRAC Review 10/06/0 322.20 285.15 322.20 10/06/0
7 7
RPL Long Term 02/07/0 114.35 117.90 117.90 13/07/0 11 3.10
7 7
SICAL Medium 19/06/0 268.85 260.40 296.45 21/06/0 2 10.27
Term 7 7
SINTEX Short Term 05/07/0 259.65 289.75 289.75 13/07/0 8 11.59
7 7
SKUMARSYNF Medium 25/06/0 91.45 109.80 112.10 04/07/0 9 22.58
Term 7 7

Scrip Position Analysi Close Current Highest Date Calend Gain

s ar
type Date AD Price Close HC days %
SOUTHBANK Short Term 29/06/0 127.50 152.50 152.50 13/07/0 14 19.61
7 7
SREINTFIN Long Term 02/07/0 92.20 95.85 97.50 04/07/0 2 5.75
7 7
SRF Short Term 05/07/0 175.75 172.10 176.10 12/07/0
7 7
TATAMETALI Short Term 12/07/0 147.95 142.60 147.95 12/07/0
7 7
TINPLATE Medium 02/07/0 60.80 56.90 60.80 02/07/0
Term 7 7
XLTL Medium 02/07/0 138.75 136.40 140.05 03/07/0
Term 7 7

SUNDARAMURTHY VADIVELU

Suggested Reading Stock Tip Articles

• 5 India Stocks You Need to Own Now
• 5 India Stocks for the Short Term
• 5 Great Long Term India Stock Buys
• 5 India Stocks You Should Own for the Next 6 Months
 • These 5 India Stocks Set to Move in the Short Term

LABELS: NSE, NIFTY, INDIA STOCK MARKET, SHORT TERM PICKS,

MEDIUM TERM PICKS, LONG TERM PICKS, WEEKLY REVIEW