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Viewing report
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Alpha India ME – Long portfolio review
Orpheus Capitals, Feb 2011, Pages: 4
The long portfolio we started over a month ago is down 12%. However, we continue to hold the stocks as we still see the current structures as bottoming. The two stocks which fell the most , Housing Development and Infra and Reliance Infra are completing a minor A-B-C correction down and seem to be in the last fifth of the C (slide 2). We added NTPC, which is completing a second corrective wave down and could push higher from current supports. The NTPC case, along with Punj Lloyd, Reliance Industries and Reliance Power are updated on slide 3. Suzlon is still above previous supports near 46.
We made some changes in our short portfolio also. We closed Nifty and Tata Motors, we shorted Nsebank and Bank of Baroda, one lot each and we increased our exposure on HCL Tech with one lot. The market bias is still negative. However, we expect Nifty to find some support soon near previous lows at 5,350 levels. The oversold daily RSI momentum confirms our view. The best performing sector is BSE Consumer Durables, which fell 5.68% from the beginning of the year. The worst sector is BSE Realty which fell 21.97%.
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