'The rally seems stretched'
Ramesh S Damani expects a correction in the market from August 24.
ashoks (Wed Aug 23 19100 5:47 IST)
Sir do u think the current rally will take the sensex to 5000, and do u think infosys will ever reach 10000+?
Mr Ramesh Damani (Wed Aug 23 19100 5:56 IST)
ASHOK - The rally seems stretched. We are likley to correct beginning tomorrow (Thursday).
sundar (Wed Aug 23 19100 5:49 IST)
what happened today? Why did tech stocks fall so much?
Mr Ramesh Damani (Wed Aug 23 19100 5:57 IST)
sundar - market exp a technical breakdown. 4500-4600 is a resistance level. Infy will have to wait to cross 10,000
rohit (Wed Aug 23 19100 5:58 IST)
good evening Mr Damani. Will the market go up next week then?
Mr Ramesh Damani (Wed Aug 23 19100 5:59 IST)
Rohit - too early to tell. I would expect a down day tomorrow. We will then evaluate it. I expect NASDAQ and DOW to also start correcting
meera (Wed Aug 23 19100 5:59 IST)
i have missed this rally. will there be any opportunities and what should i do?
Mr Ramesh Damani (Wed Aug 23 19100 6:0 IST)
meera- market is full of opportunities. Every day. Keep watching and something will come your way,
ashoks (Wed Aug 23 19100 6:0 IST)
Sir, Bhel is recovering do u see it as a good buy?
Mr Ramesh Damani (Wed Aug 23 19100 6:2 IST)
ashok - avoid psu stocks. It seems the govt is determined to make them underperform. Only buy if the story is compelling. I don't see BHEL as compelling.
ashoks (Wed Aug 23 19100 6:5 IST)
Is the rally in ZEE predetermined? where do you see it in the next few days
Mr Ramesh Damani (Wed Aug 23 19100 6:7 IST)
ashok - predetermined is a strong word for such a large market cap company. I am negative on ZEE at the current time and price
amar (Wed Aug 23 19100 6:8 IST)
what are FIIs doing?
Mr Ramesh Damani (Wed Aug 23 19100 6:8 IST)
amar - mainly buying last week. However it might slow down over the next 2 weeks.
manna (Wed Aug 23 19100 6:10 IST)
are there any stocks to watch out now and at what price sir?
Mr Ramesh Damani (Wed Aug 23 19100 6:11 IST)
manna - it is always a good time to watch out for stocks. Let's see how the market behaves before we buy new stocks.
suraj (Wed Aug 23 19100 6:11 IST)
what do you think of tata tea at Rs 220? I think it is a good price but i am not aware if there is any danger due to Tetley merger. what is your view?
Mr Ramesh Damani (Wed Aug 23 19100 6:12 IST)
suraj - yes there is a danger that the acquisition will not go well. Tea prices are down. I would buy it as a value investor if i am patient.
manna (Wed Aug 23 19100 6:12 IST)
so your advice at this stage is to wait and watch only?
Mr Ramesh Damani (Wed Aug 23 19100 6:14 IST)
manna - this rally took the index from 4000 to 4500. A 500 +point move. If NASDAQ and DOW become slow we could see a correction. When the time to buy comes, stick to big name tech and FMCG counters.
debashish (Wed Aug 23 19100 6:13 IST)
what do you think of SSI? any idea how the result was?
Mr Ramesh Damani (Wed Aug 23 19100 6:14 IST)
debashish - results were in line with exp , 60 cr with 8-10 cr other income. Looks fairly priced. SSI is a stock to watch though.
sree (Wed Aug 23 19100 6:15 IST)
any value picking at present?
Mr Ramesh Damani (Wed Aug 23 19100 6:17 IST)
sree - abbott labs may be a good start. United Breweries if you have a 2-3 year time frame.
Mr Ramesh Damani (Wed Aug 23 19100 6:17 IST)
add tata tea and Indian Hotels to that list
sree (Wed Aug 23 19100 6:19 IST)
what do you think of Agrevo and Monsanto? Which is better?
Mr Ramesh Damani (Wed Aug 23 19100 6:20 IST)
sree - both are good. I would pick Monsanto at the current time because of the successful merger that they have accomplished.
Mr Ramesh Damani (Wed Aug 23 19100 6:26 IST)
thanks everyone for joining.have a prsoperous week. Pls join in next week.
Money
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