It's been almost two months when Punnu started a discussion on "IT sector boom coming" here. I thought it was time to check prices again and see the lay of the land so to speak. Here are my findings:
...............20 Sep 07........7 Nov 07.......15 Nov 07
1$ = ..........Rs. 39.80 ......Rs. 39.15 ......Rs. 39.28
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3IINFOTECH.....149.20 (H)......129.85 (SS)......127.75 (H)
APTECHT........388.60 (H)......358.50 (SS)......376.40 (SB)
INFOSYSTCH....1800.40 (SS)....1745.90 (SS).....1647.30 (SS)
MINDTREE.......537.10 (SS).....433.20 (SS)......447.20 (SS)
MOSERBAER......308.90 (SS).....269.05 (S).......276.40 (SB)
MPHASIS........273.00 (H)......288.00 (H).......276.50 (SS)
NIITTECH.......340.40 (S)......270.35 (SS)......250.80 (SS)
PATNI..........467.10 (H)......328.60 (SS)......313.60 (SS)
POLARIS........114.00 (S)......102.50 (SS)......105.45 (H)
ROLTA..........496.55 (SS).....696.50 (S).......713.80 (SS)
SATYAMCOMP.....421.60 (SS).....436.00 (H).......428.75 (SS)
TCS...........1002.05 (SS).....997.05 (S).......980.20 (SS)
TECHM.........1299.65 (H).....1054.25 (H)......1035.20 (SS)
TULIP..........872.40 (SS).....924.25 (H).......925.35 (SB)
WIPRO..........434.70 (SS).....477.25 (H).......457.20 (SS)
B=Buy, SB=Strong Buy, H=Hold, S=Sell, SS=Strong Sell
Recommendations as given on <link deleted>
Obviously, companies not directly affected by rupee appreciation and/or bad data coming from US/Europe seem OK by comparison as confirmed by those that have turned Strong Buys as shown above. Some like Polaris, Everonn, Wipro, TCS etc. have hit rock bottoms. I like Mindtree also which is showing some upward movement now. OTOH, Infosys may be headed lower still below 1500 (according to Elliot Waves).
I think more bad data will be coming from USA still. The sub-prime problems so far have amounted to a loss of some $150 billion but the actual size could be more like $450 billion. As our illustrious prof. Dr. Ravi Batra suggests 2008 is going to be the worst year of housing bubble. One good news according to him maybe that the Oil bubble which has been dominated by five major oil bullies may be heading lower as it was purely speculative. Actual inventories are not that low. Again, according to him Gold may be going higher still as dollar hits lower bottoms. If you do a search on his name in Google, you will hit upon a number of interesting articles and predictions by him that have come true.
Paresh
