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
92.95
277.81
123.80
131.47

Qualified institutional buyers
Non institutional investors
Retail individual investors
Total
Top Gainers / Losers (Index Stocks)
Scrip

Gain (%)
21.70
13.08
12.82
11.63
11.35

SAIL
REL
HINDALC0
TATASTEEL
STER

Scrip
HEROHONDA
RANBAXY
HINDPETRO
TCS
SUZLON

Loss (%)
2.93
2.62
2.30
1.95
1.70

Top Gainers / Losers (Overall market)
Scrip
KOTHARIPRO
COLORCHIPS
BSL
MURUDCERA
MSPL

Gain (%)
52.89
52.17
50.58
43.22
37.81

Scrip
NSIL
WENDT
HOVS
TIPSINDLTD
KALECONSUL

Loss (%)
11.24
10.68
8.90
8.75
8.47

Advance / Decline Ratio:
Date
09/07/0
7
10/07/0
7
11/07/0
7
12/07/0
7
13/07/0
7
Total

Traded
1122

Adv
687

Ad %
61.23

Dec
408

Dec %
36.36

Unch
27

Unch %
2.41

1126

431

38.28

672

59.68

23

2.04

1126

571

50.71

520

46.18

35

3.11

1125

771

68.53

324

28.80

30

2.67

1127

484

42.95

623

55.28

20

1.77

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
type

ADANIENT
APARINDS

Medium
Term
Review

ARVINDMILL

Short Term

AZTECSOFT

Review

BEML

Review

CADILAHC

DENABANK

Medium
Term
Medium
Term
Long Term

EVERESTIND

Short Term

FDC

Medium
Term
Medium
Term
Short Term

DCB

GLOBALVECT
GNFC
GODREJIND
GOKEX

Medium
Term
Short Term

GTL

Long Term

GVKPIL

Long Term

HCC

Short Term

HIKAL
IBREALEST
INDIANB

Medium
Term
Review
Short Term

INDSWFTLAB

Review

JINDALPHOT

Review

LAKSHVILAS

Review

OMAXAUTO

Review

OPTOCIRCUI

Short Term

Analysi
s
Date

Close

Current

Highest

Date

AD

Price

Close

HC

02/07/0
7
19/06/0
7
12/07/0
7
19/06/0
7
19/06/0
7
25/06/0
7
19/06/0
7
02/07/0
7
05/07/0
7
25/06/0
7
25/06/0
7
12/07/0
7
02/07/0
7
29/06/0
7
02/07/0
7
02/07/0
7
29/06/0
7
02/07/0
7
07/06/0
7
05/07/0
7
07/06/0
7
10/06/0
7
19/06/0
7
07/06/0
7
29/06/0

270.70

310.85

310.85

169.05

216.05

216.05

48.50

47.45

50.95

87.95

86.85

89.10

1,138.0
0
373.25

1,271.0
0
360.45

1,291.0
0
396.90

95.80

112.30

112.30

49.75

52.20

53.20

123.95

120.15

123.95

35.35

31.95

35.35

285.15

209.75

285.15

124.90

125.30

125.30

214.65

209.90

220.55

242.60

246.50

259.20

222.60

225.10

230.70

496.95

543.25

543.25

123.20

126.80

132.00

491.75

528.90

534.90

384.40

511.40

511.40

141.05

151.65

151.65

60.45

66.75

69.75

109.60

117.70

119.70

78.95

91.75

91.75

92.05

78.90

92.05

385.10

426.20

426.40

13/07/0
7
13/07/0
7
12/07/0
7
09/07/0
7
06/07/0
7
26/06/0
7
13/07/0
7
12/07/0
7
05/07/0
7
25/06/0
7
25/06/0
7
13/07/0
7
12/07/0
7
03/07/0
7
10/07/0
7
13/07/0
7
03/07/0
7
09/07/0
7
13/07/0
7
13/07/0
7
09/07/0
7
04/07/0
7
13/07/0
7
07/06/0
7
11/07/0

Calend
ar
days

Gain
%

11

14.83

24

27.80

20

1.31

17

13.44

1

6.34

24

17.22

10

6.93

1

0.32

10

2.75

4

6.84

8

3.64

11

9.32

4

7.14

7

8.77

36
8

33.04
7.52

32

15.38

24

9.22

24

16.21

12

10.72

7
ORBITCORP

Short Term

PARSVNATH

Short Term

PFC

Short Term

POCHIRAJU

Review

POLYPLEX

Short Term

PSL
PUNJABTRAC

Medium
Term
Review

RPL

Long Term

SICAL

Medium
Term
Short Term

SINTEX
SKUMARSYNF

Medium
Term

Scrip

Position
type

SOUTHBANK

Short Term

SREINTFIN

Long Term

SRF

Short Term

TATAMETALI

Short Term

TINPLATE
XLTL

Medium
Term
Medium
Term

7

29/06/0
7
12/07/0
7
12/07/0
7
10/06/0
7
05/07/0
7
19/06/0
7
10/06/0
7
02/07/0
7
19/06/0
7
05/07/0
7
25/06/0
7

272.70

324.45

328.30

11/07/0
7
12/07/0
7
13/07/0
7
03/07/0
7
12/07/0
7
12/07/0
7
10/06/0
7
13/07/0
7
21/06/0
7
13/07/0
7
04/07/0
7

12

394.00

378.25

394.00

169.30

175.15

175.15

23.85

25.55

27.55

144.60

146.60

150.05

266.80

373.00

373.60

322.20

285.15

322.20

114.35

117.90

117.90

268.85

260.40

296.45

259.65

289.75

289.75

91.45

109.80

112.10

Analysi
s
Date

Close

Current

Highest

Date

Price

Close

HC

Calend
ar
days

AD

29/06/0
7
02/07/0
7
05/07/0
7
12/07/0
7
02/07/0
7
02/07/0
7

127.50

152.50

152.50

92.20

95.85

97.50

175.75

172.10

176.10

147.95

142.60

147.95

60.80

56.90

60.80

138.75

136.40

140.05

13/07/0
7
04/07/0
7
12/07/0
7
12/07/0
7
02/07/0
7
03/07/0
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

1
23
7

20.39

3.46
15.51
3.77

23

40.03

11

3.10

2

10.27

8

11.59

9

22.58

14
2

Gain
%
19.61
5.75

• 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