Market Mantra

In line with expectation, the market tanked yesterday for the 2nd day in  a row, mostly due to clueless DIIs. Nifty made a high of 6748 in initial trade and fell down to a low of 6665 during second half and then finally closing at 6675 with a net loss of 58 points.
The point which must be remembered is that Nifty is near its life time high but we are in a new BULL PHASE. Any bull market starts with skepticism and this time also we witnessing the same with profit booking coming above 6800 level. However, the long term picture shows great strength in the market and any short term dip is a buying opportunity. Though Nifty_Future long positions may still be avoided but investors / traders should concentrate on picking up stocks from mid and small cap space. 

Resistance: 6700 / 6740
Support: 6640 / 6600
Marg Ltd hit another Buyer Freeze on the opening trade at Rs.1.05. The scrip has been hitting continuous buyer freeze since it was recommended. 
Today's Call: (i) Buy J P Power at Rs.15.90, T--Rs.21, SL--Rs.14.4.There are lot of positive developments in the company. Jaypee is the country's third largest cement producer, the largest private sector company in hydropower with 1,700 MW, and has four thermal power plants totaling 5,120 MW slated to go on stream within a short time. JAL, the group flagship, has an engineering and construction wing which remains occupied mostly with in-house work. It also has the largest land bank in the National Capital Region.
(ii) Buy Orchid Chemicals Ltd at Rs.54.20, T-Rs.62, SL--Rs.49. It was earlier one of the hot favourite of the ace investor, Rakesh Jhunjhunwala. Later when its financials started to worsen he exited the counter and the stock price crashed. Meanwhile, the Company tried to reduce its debt through a CDR package, but it got delayed due to red-tape-ism. However even without implementing CDR, company turned to EBITDA positive in latest quarter. Now that the CDR package has been approved by the lenders, the good days are ahead for the scrip. According to some analysts: with this approval the Company can now complete the deal with Hospira and concentrate in other existing business (antibiotics API and oral formulations), and niche therapeutic products. Considering company's strong R&D pipeline, there are bright prospects for the company going forward. Recently U. S. health regulator Food & Drug Administration (FDA) inspected its Irungattukottai, Chennai-based oral formulations facility  and approved it without any observations.
(iii) Book profits in PVP Ventures Ltd at around Rs.8.90--8.70, as the scrip has run more than 40% in just 3-4 days. Let it cool down, then again you can invest in the scrip.
(iv) Average Core Education Ltd at Rs.13.10-13.20, A2Z Maintenance and Engineering Services Ltd (Rs.10.70) and Vijay Shanti Builders Ltd at Rs.11.40-11.50. Also, accumulate IVRCL Ltd (Rs.14.70) on all declines.