ICICI Direct: Weekly Equity Pulse

Previous Week: Indian equity market bounced back modestly in the previous week ended on February 13, 2009. The strong undertone was set on the very first day of the week after the GDP estimate for 2008-09 revised down to 7.1% from 9% earlier, which gave hope for further rate cuts. Expectation of stimulus package from the government in interim budget due to on 16th February also supported the marketsentiment throughout the week even as global markets saw sharp downfall. On a week-on-week basis however, the 30-share BSE Sensex added 334 points or 3.6% to close at 9634.74, whereas, the S&P CNX Nifty ended at 2948.35, up by 105 points or a gain of 3.7.

Week Ahead: All eyes in the market will be on the interim budget that is going to be delivered on the very first day in the coming week. Expectations have already built up for some sector specific measures that are likely to be announced and some sectors already have shown strength e.g. metals etc. The market is expected to have a direction for the short-term at least from the interim budget. The RBI is also expected to cut rates very soon and if it comes in the coming week, it would be one positive factor for the market. The inflation is also expected to fall further.

 

Result Update
Stock Name
RCP
Target
potential Upside
Time Frame
Rating
Indian Overseas Bank 58 98 69% 12-15 Months Outperformer
Usha Martin 24 40 67% 12-15 Months Outperformer
Mercator Lines 27 41 52 % 12-15 Months Outperformer
Bartronics 69 106 53% 12-15 Months Outperformer
Welspun Gujarat 70.85 105 48% 12-15 Months Outperformer
OnMobile Global 215 315 46% 12 Months Outperformer
IDFC 58 80 38% 12-15 Months Outperformer
Nitin Fire Protection 152 209 37.5% 12-15 Months Outperformer
Bajaj Hindustan 55.6 72 29.4% 12 Months Outperformer
Tulip Telecom 385 489 27% 12 Months Outperformer
Shree Cement 501 630 26% 12-15 Months Outperformer
Balrampur Chini 59 74 25.4% 12 Months Outperformer
* Recommended price at the time of recommendation.

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