Some Good Steals...

Originally Posted by AMITBE

Hi Narendra, I am waiting still.
There are some interesting moves being made in the market, but we need to watch this longer I feel.
There is really no hurry to take new positions, as we will find good picks as the market moves along.
Cheers.

Originally Posted by AMITBE

Hi Narendra, A rights issue is an issue of new shares for cash to existing shareholders in proportion to their existing holdings.
It is a way for the listed company to raise new cash from shareholders - this is an important source of new equity funding for publicly quoted companies.
Technically a rights issue must be made before a new issue to the public. This is because existing shareholders have the “right of first refusal” (otherwise known as a “preemption right”) on the new shares.
The rights issue is always issued to the existing shareholders at a discount from the price at which the shares will be offered to the public later.
About Hindalco...yes, a good defensive scrip for any portfolio. Not sure where it's trading now, but check for declines to enter. Or wait out a couple of days to see where things are headed. Like NTPC, this is unlikely to run away wildly so take your time..
Regards.

Originally Posted by AMITBE

This is more of a pointer as most of the scrips have been mentioned by me earlier.
I had already posted Gammon Ind: Has started to get volumes back on the back of the news that it has got an order worth 800 crores fro the National Highways. Something similar happened to GujratNRE Coke which was unable to cross 116 after several attempts but came in strong after news of bagging large export orders etc. Possibly a similar move caould take place with Gammon. Sometimes the punters need a nudge to remind them of these great companies I suppose. A steal at current levels of 270 or so but needs a little consolidation and stability. Hardly any downside.
The other one is GujNRECoke. At the time of writing buying is out numbering selling by over a lakh, with volumes at 14 lakhs plus. Has bounced back after yesterday's close of 122 to current 123 plus. Seems quite convincing, this rally of the last few days. Has to cross 130 for bigger target and seems very likely. A steal I feel.
LIC Housing Finance after languishing for several weeks between 230-240 with very poor liquidity( 20000-30000 average volume), fell to 200 levels after dissapointing results. May have bottomed out around current levels of 202 where it has stood since three days with not bad volumes, one lakh plus. Keep a watch, is associated with LIC, the mammoth insurence coporation. It has come down from 270 levels of two months ago. Could be a steal here, but a little early to say.
Cummins is certainly a steal at current 132. Has strong support here.
India Bulls, Rolta, Century Textiles very good at 155, 125, 256(at the time of writing), but show strong sensitivity to the Indexes. Have not much downside at these levels but bigger targets.
Then there is the laggard, Dabur. Back at 127 after yesterday's rally to 136 where it reacted. Good defensive pick still.
NTPC on a daily basis clocks around 20 lakh volume and satys around 83-85. Not much downside and another defensive play. Exactly what IDBI was doing around 88-90 a few weeks ago.
IDBI and BOI seem set for a big break out after holding steady at 102 and 99 with large volumes for a few days. IDBI is consistently doing volumes of over 15 lakh! Perhaps awaiting a new rally from the Indexes, hey Seniors?
Thanks.

Originally Posted by AMITBE

Hi Narendra, I am waiting still.
There are some interesting moves being made in the market, but we need to watch this longer I feel.
There is really no hurry to take new positions, as we will find good picks as the market moves along.
Cheers.