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Apr 06, 2010, 01.48 PM IST
In an interview with CNBC-TV18, Deven Choksey, Managing Director at KR Choksey Shares & Securities, spoke about his reading of the market and his outlook.
Below is a verbatim transcript of the interview. Also watch the video.
Q: What is the sense you are getting from the trading screen? What do you think this series will be like for the Nifty?
A: Importantly in last month, particularly, we have seen a typical behaviour of the market wherein most of the F&O traders refrained from participating in the F&O market due either call it advance tax payment effect or call it unwinding of the trades at the end of the year. As a result of which we saw typical lower volumes in the month of March. I see this particular trend little bit changing now in the month of April. Participation is expected to increase and probably what we are going to see is an upward bias into the market.
Reading says that the Nifty should be crossing 5,320 to 5,330 levels and should go in space of 5,410 and 5,475 levels. I am expecting the Nifty to range between 5,475 on the upside to a downside of around 5,250 kinds of levels.
Q: Between these two heavyweights, which one do you think will do its bit to carry the Nifty to those more than 5,400 kinds of levels that you are talking about—from Reliance from sub Rs 1,100 or Larsen & Toubro from Rs 1,650?
A: I would say both of them will contribute. Reliance particularly because we are expecting the quarter to end at around Rs 5,890 crore or Rs 5,900 crore worth of profits for Reliance driven by very strong directions coming forward in form of gas production as well as the higher amount of margin continuing on the GRM side of the refining business. Reliance should probably show a big jump.
Important aspect is that if Reliance is sustaining about more than Rs 1,120 levels then in such situations we should be seeing gradually an upside closer to Rs 1,300 kind of levels in case of Reliance. The stock is appearing very positive going forward for the next full year.
L&T as the management has also put across their viewpoint that in Q4, they should be in a position to meet the guidance of 10% growth in the full year. This means that on a quarter-on-quarter basis, L&T numbers should look very robust. It should be between 40% and 50% kind of a growth that one should see over Q3 in this particular quarter. So both these stocks are expected to take markets to higher levels.
Tags: market, Sensex, Nifty, Deven Choksey, KR Choksey Shares & Securities, Reliance, Pipavav Shipyard, Mundra, IVRCL, JMC Projects
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