Hold Punj Lloyd; target of Rs 91: Emkay

Emkay Global Financial Services has recommended hold rating on Punj Lloyd with a target of Rs 91, in its February 28, 2011 research report.

“Punj Lloyd’s exposure to Libya stands at Rs 98 billion or 35.4% of Dec’10 order backlog of Rs 277.8 billion. No progress on Libyan orders worth Rs 62 billion (placed on SEC) - fortunes for which always stood at abeyance. Commenced execution on projects worth Rs 36 billion - Punj Lloyd is cash positive to the tune of Rs 2.65 billion. For FY12E, Libyan contribution at 4% of revenues and 18% of net profit. Punj Lloyd’s exposure to Libya stands at Rs 98 billion or 35.4% of Dec’10 order backlog of Rs 277.8 billion. Further, there was no progress on Libyan orders worth Rs 62 billion (placed on Sembawang Corporation) - fortunes for which always stood at abeyance. These orders were not factored for execution and revenue booking in ensuing quarters . Some progress was accorded on Libyan orders worth Rs 36 billion placed on Punj Lloyd - however progress remain tardy as mentioned in Q3FY11 result update. On exclusion of Libya orders from order backlog, Punj Lloyd forward order book stands at 2.1X FY11E revenues - lending revenue visibility for 8 quarters.”

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SHORT TERM TRADING TIPS - Gujarat Narmada Valley Fertilizers Company (Rs 107.8): Buy

YOGANAND recommends a buy in the stock of Gujarat Narmada Valley Fertilizers Company (GNFC) from a short-term perspective. It is apparent from the charts of the stock that its long-term uptrend that started in March 2009 low of Rs 52 has ended after encountering resistance around Rs 145 in November 2010. Since then, the stock has been on a medium-term downtrend. The stock breached its key support at Rs 120 and 200-day moving average around this level in early January, and continued to decline.

However, the stock's decline appears to have come to an end recently as it found support at Rs 105 and bounced up almost 4 per cent on February 22. We notice that there is an increase in volumes over the last seven trading sessions. Moreover, the daily moving average convergence divergence indicator is displaying positive divergence signalling an impending trend reversal. Both daily and weekly relative strength indices have entered into the neutral region from the bearish zone.

Considering that the stock is reversing from significant long-term support, MACD is displaying positive divergence and the increase in daily volume we take a contrarian view on the stock from a short-term perspective. We expect it to move higher until it hits our price target of Rs 111 or Rs 114.5 in the forthcoming trading sessions. Traders with short-term perspective can consider buying the stock with stop-loss at Rs 105.

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SOURCE: HINDUBUSINESS

SHORT-TERM TRADING TIPS - Rolta India (Rs 147.6): Buy

D.YOGANAND recommend a buy in the stock of Rolta India from a short-term perspective. It is seen from the charts of the stock that it resumed its downtrend, after encountering resistance around Rs 188 in November 2010. Since then, the stock was on a medium-term downtrend until it found support at Rs 128 last week. While trending down, the stock has formed a falling wedge pattern (a bottom reversal pattern) spanning between December 2010 and early February 2011.

On February 14, the stock gained 3.6 per cent breaching its falling wedge pattern, medium-term down trend-line and its 21-day moving average. Moreover, triggered by positive divergence displayed in the daily moving average convergence divergence indicator the stock appears to have changed direction.

The daily relative strength index is on the brink of entering into the bullish zone from the neutral region and the weekly RSI has entered into the neutral region from the bearish zone. Daily MACD has signalled a buy and is inching towards positive territory. We are bullish on the stock from a short-term perspective considering its penetration of falling wedge pattern. We anticipate it to rally until it reaches our price target of Rs 152.5 or Rs 157 in the forthcoming trading sessions. Traders with a short-term perspective can consider buying the stock with stop-loss at Rs 144.

SOURCE: HINDU BUSINESSLINE

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Asahi India Glass (Rs 95.5): Buy [SHORT-TERM TRADING TIPS]

It is recommended a buy in the stock of Asahi India Glass from a short-term perspective. It is evident from the charts of the stock that since bottoming out in March 2009 after touching a low of Rs 33, the stock has been on a long-term uptrend forming higher peaks and troughs. However, following a minor corrective decline from its November 2010 peak, the stock found support at Rs 88 in December and bounced up. The stock recently took support from this short-term base of Rs 88 and bounced up again, triggered by the positive divergence displayed in the daily moving average convergence divergence indicator. Moreover, long-term uptrend-line is in tact and also provides support for the stock at Rs 88. In the past two trading sessions, the stock gained 5.8 per cent, forming a bullish engulfing candlestick pattern in the weekly chart that signals trend reversal. Both the daily and weekly relative strength indices are inching higher in the neutral region towards the bullish zone. Daily MACD has signalled a buy and is heading towards the positive territory whereas weekly MACD is featuring in this territory. We are bullish on the stock from a short-term perspective. We anticipate it to continue climbing higher until it reaches our price target of Rs 100 or Rs 102. Traders with short term perspective can consider buying the stock with stop-loss at Rs 92.



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DAY TRADING TIPS FOR 27.1.2011

DLF

Fresh long position is recommended only if the stock moves beyond Rs 260 levels with tight stop-loss.

ICICI Bank

On Tuesday, the stock tumbled 4 per cent with above average volume, experiencing selling pressure. Initiate fresh short position if the stock slips below Rs 1024 levels with tight stop-loss.

Infosys

Initiate fresh long position only if the counter moves beyond Rs 3275 levels with stiff stop-loss.

L&T

Fresh long position can be initiated if the stock bounces up from Rs 1655 levels with rigid stop-loss.

ONGC

We recommend a buy in the stock with stiff stop-loss at Rs 1115 levels.

Reliance Capital

Fresh short position is recommended only if the counter dives below Rs 567 levels with tight stop-loss.

Reliance Communications

Initiate fresh long position only if the stock climbs beyond Rs 135 levels with fixed stop-loss.

Reliance Industries

RIL is currently testing key short-term support level. Initiate fresh short position only if the stock drops below Rs 944 levels with tight stop-loss.

SBI

Fresh short position can be initiated if the stock fails to move beyond Rs 2705 levels with stiff stop-loss.

Nifty Futures

Initiate fresh long position only if Nifty futures advances above 5733 levels with stiff stop-loss.

SOURCE: HINDU BUSINESS