The Hindu Business Line : You shall have your desires with interest

Are banks being treated like oil companies, wondered Jogin? Why should people kill each other, Sridevi asked herself, while participating in voluntary work at a camp for Lebanon returnees? And Dakshinamoorthy was weighing the pros and cons of allowing practising CAs to set up management consultancy companies... All till Khan alerted them about the weekly market chat. Weave in. Fast!

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Kay: Hi, everybody! Chart patterns point to strength.

Sri: Sensex appears to breach the 11,200-point mark!

Dax: It could not hold gains on Friday, and showed weakness.

Jog: It is expected to decline further, in my opinion.

Kay: Hmm... the movement would remain volatile, I'd say.

Sri: Volatile market can cause dizziness to day-traders.

Dax: Markets opening strong is no confidence booster.

Sri: Look for "a confidence sans bound," as in The Tempest!

Jog: At the end of the day, one might end up lighter on the pocket.

Kay: Brokerages feeling the pressure of poor volumes...

Sri: Add to that the pressure of redemption in MFs.

Jog: Nifty closed at 3,176. For Nifty on the downside...

Dax: Possible support exists at 3,050 level. On the upside...

Jog: We may see 3,265. Only if it closes above 3,190

Kay: Key event to watch out for is the Fed announcement.

Sri: A stance of no change in interest rates could be beneficial for equities.

Jog: Psst... should we tell the board?

Dax: "You shall have your desires with interest." In King Henry IV.

Kay: Well, what about last week?

Sri: I have the numbers. Hind Motors was up 17% on

July 31. Unitech, Era Constr, Rajsh Sugar and Dharani

Sugar were up almost 5% that day. South Asia P earned

a profit of 4%, while Nagar Constr and Mys Cements gained

about 2%. TCS, NDTV ended last Monday on a +ive note.

Jog: This week, I expect Emco to see some strength.

Kay: On the back of having bagged an Rs 100-cr plus order?

Dax: Hind Zinc could also rule firm, as it has hiked prices .

Sri: Firm trends in the price of gold could see Titan strong.

Dax: "That play with all infirmities for gold," as in Cymbeline!

Jog: Jet Airways could see some respite.

Kay: As it has hiked surcharge to offset rising fuel charges .

Sri: Hotels performed well last week.

Jog: Taj GVK, in particular. It has a target of 225.

Dax: Revival in sugar stocks. Brokerage houses are upbeat...

Kay: On EID Parry (target 240) and Dhampur Sugar (target 130).

Sri: If the market has to enter 11k in a strong way...

Dax: Stocks such as ITC, Hindalco shouldn't be struggling.

Kay: India Glycols and Amara Raja are fancied much on bourses!

Jog: Heard on the street. Patel Engineering and AIA Engg.

Kay: Follow up is good for investors. Bye!

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Lee with inputs from Nat, Mad, The and Bij.

Blog at http://MarketChat.blogspot.com