Friday, December 3, 2010
Reliance BOOK intraday profit at 1026.90
INTRADAY sms Buy GIVEN AT 1011.40
\\\ Target at 1026.90, BANG ON TARGET ///
Sector Watch:
Sector Watch: Steel, Media & Financial Service
Sector Avoid: Fertilizers, Cigarette mfg. Stocks
One 97 Communication Ltd. Delays IPO
Issue to open on 13th Dec. to 16th Dec. 2010
Instead of 1st Dec. to 3rd Dec.
Market Commentary ..
Markets seem to be getting ready for Christmas with the bulls staging a spirited comeback. This week has been a pretty good one after a turbulent November. It looks like the market will close out the week on a positive note with global markets holding firm.
The start today will be higher after the US stocks extended rally and the ECB extended liquidity support measures. Asian markets are mostly up. All eyes are on the monthly US jobs data that will be released before the opening bell.
December has historically been a good month for Wall Street and it appears that the pattern will not be any different this year as well. There are signs of a pick-up in consumer confidence in the US.
US retailers posted robust November sales and pending home sales jumped 10% in October. The Dow notched up its second straight triple-digit advance. European stocks gained despite the ECB refraining from boosting the bond purchase program. Instead, the central bank said it will continue stimulus measures. A well received Spanish bond auction also lent support.
Buy and Hold....
GT Offshore Ltd (Buy, above Rs389 Target Rs414): GT Offshore has been consolidating in narrow range of Rs350-384 since last couple of weeks. However after yesterdays close above Rs384, a range breakout is seen on the upside which is likely to act as trigger for sharp up move in the counter. With MACD signaling bullish crossover and prices closing above the 50DMA , the authenticity of the rally increases and also provides better risk reward ratio from the current levels. Immediate resistance is seen at Rs416 which corresponds to the 200 DMA and above which stock should head towards Rs477.We advise buying stock above Rs389 with stoploss of Rs378 for Target Rs414.
Corporate Snippets
± Powergrid has received two bids from telecom tower companies seeking the right to lease the utility major tower slots to telecom operators. (ET)
± Godrej Consumer Products has acquired liquid detergent brand Genteel and Swastik soap. (ET)
± NTPC has signed a loan pact with Bank of Tokyo-Mistubishi UFJ Ltd for US$300mn to part-finance its capex on its ongoing and new power projects and for the renovation of existing stations. (BL)
± TCS announced the launch of its BPO centre in the Philippines with a capacity of 400 people; to be eventually scaled to 1,000 employees. (BS)
± L&T has bagged two orders totalling Rs4.2bn from Hindalco and Sepco-I. (BL)
± Tata Motors' sale of buses and trucks grew 19% yoy to 35,079 units in November. (BL)
± M&M reported highest ever monthly tractor sales in November at 16,975 units registering a 46% yoy growth. (BL)
± HCL Tech bagged a contract from OP Pohjola, the largest financial services group in Finland. (BL)
± Dabur India launched a daily health supplement under the Nutrigo brand to announce its entry into the OTC healthcare market. (BL)
Thursday, December 2, 2010
INDIAINFO: at 90.10,Trading strong, hold for 97 & 104 ++
HOLD INDIAINFO, trading in profit..................
Sell Chambal Fert at Rs97.10, target achieved at 92.10, BIOOK PROFIT
bang on target, intraday position closed..................
Target Achieved in Diamond Call Long Bank Baroda Dec fut
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Food articles inflation at 8.6%
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Buy and Hold....
DELIVERY CLIENT hold our
Buy and Hold Dabur at Rs98.20
with SL of Rs96 for target of Rs103,111 ++
Buy and Hold Dabur at Rs98.20 with SL of Rs96 for target of Rs103,111 ++
Book profit in Reliance Dec given buy to paid clients at 987.90
BOOK PROFIT AT 1007.90SMS TO PAID CLIENT ONLY
Market Commentary ..
After a subdued October and a tumultuous November, the bulls have something to cheer about. The Indian market has bounced back and looks like it has enough spirit left in it to go farther. For a change, the daily dose of news on various scams is likely to be buried by the positive global vibes.
So, it’s a no-brainer that India will witness a gap-up opening. Hopefully, the external scenario will remain bright to enable us to finish higher.
The global turnaround has been sparked by strong manufacturing PMI reports. US stocks galloped following encouraging reports on private payrolls, auto sales and productivity.
Concerns over the eurozone debt crisis also seem to be ebbing following positive comments from the ECB chief. It is expected to leave rates steady at today’s meeting. A successful sale of government debt by Portugal also helped lift some of the gloom.
But, crude oil at $86 a barrel is a cause for concern so is the overhang of tension between the two Koreas.
Buy ICICI Bank Ltd
High Risk Buy ICICI Bank Ltd in the range of (Rs1160-1162) Target Rs1,225: After forming an inverted head & shoulder on the hourly chart, stock has signaled a breakout and has been sustaining above the breakout levels of Rs1160 quiet comfortably. With prevailing positive crossover in the RSI and stock closing above its 50 DMA, it has voided negative trend in the counter. One can also see a formation of H&S bottom in RSI which support buying argument in
the counter. We advise buying stock in the range of (Rs1,160-1,162) with stop loss of Rs1,225 for Target of Rs1,234
Corporate Snippets
± NTPC has tied up with a Singapore-based bank for US$300mn loan for funding its projects during this fiscal. (BL)
± Coal India Ltd (CIL) may buy 10% stake in US-based Peabody asset ltd. (ET)
± HDFC bank, ICICI bank & Corporation bank withdraws teaser home loan schemes. (ET)
± Bharti Airtel & Punj Llyod have submitted bids to buy out Telecom consultant of India (TCIL) 30% stake in Bharti Hexacon. The deal is expected to be worth Rs18bn. (ET)
± IOC plans to come out with FPO by January 2011 for a price of Rs450 per share. (ET)
± SBI & Indian Bank have raised inertest rate for NRE rupee term deposit from 2.51% to 2.54%. (ET)
± The Government is likely to dilute up to 10 % of its stake in Neyveli Lignite in the next financial year. (BL)
± Central Bank of India is planning Rs25bn rights issue in the January-March quarter. (BS)
± VA Tech Wabag is looking at acquisition of around Rs10bn in China & Middle East Asia.(ET)
± Supreme Court has dismiss German firm Bayrer’s Plea to block Cipla low-cost cancer drug launch. (ET)
Wednesday, December 1, 2010
European market update: FTSE index 0.7%, CAC index up 0.8% and DAX index up 1%
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Market Commentary ..
Strong Q2 GDP growth has sparked hopes of India hitting the 9% mark for FY11. The fiscal deficit seems to be under control too. The core sector growth improved smartly as well in October. Now we will have to wait for the IIP report and monthly inflation data.
It would be interesting to watch the RBI’s reaction to the upbeat macro-economic statistics. The mid-quarter review is scheduled for Dec. 16 while the quarterly review is slated for Jan. 25. It could increase rates by 50-75 bps next year.
The start today is likely to be a subdued one given the murky global outlook. However, there is a chance of a bounce back provided the external picture improves.
US stocks closed in red despite encouraging consumer confidence data. European markets fell amid persistent worries over the sovereign debt situation. The euro slid below the $1.30 mark, while the spread on Spanish and Portuguese debt hit new record highs. China’s manufacturing expanded at the fastest pace in seven months in November. Keep an eye on monthly auto and cement sales, trade data and manufacturing PMI.
Tata Steel looking good, rebound from the 200DMA
Tata Steel (Buy, in range Rs577-579 Target Rs600): A solid rebound from the 200 DMA yesterday accompanied with a ‘hammer’ pattern on candlestick has signaled a trend reversal from the short term down trend. With coinciding support of 100 DMA and 200 DMA respectively at 474, and RSI sustaining above 50 levels on the weekly charts increases scope for bounce back in the counter. Adding to it rising support line drawn from the October 2010 has been holding quiet well. We advise buying stock in the range of Rs577-579 with stop loss of Rs569.
Corporate Snippets
± HCL Technologies has signed a multi-year IT infrastructure management deal with pharmaceutical firm Purdue Pharma. (ET)
± Sun Pharmaceutical has received a tentative approval from US health regulator to market generic donepezil hydrochloride tablets used for treating Alzheimer's disease in the American market. (ET)
± Videocon Industries along with its partners Oilex, Sasol Petroleum Australia, Bharat Petro Resources and Hindustan Petroleum, have entered into a farm agreement with Apache Northwest for WA-388-P gas exploration license in offshore West Australia. (FE)
± SAIL has signed a memorandum of understanding with Japanese steelmaker Kobe Steel Ltd for a comprehensive strategic collaboration covering technologies, projects and other areas. (BL)
± ABB Ltd to buy Baldor Electric Co for about US$3.1bn in cash to expand in the North American market for industrial motors and drives. (BS)
± Neyveli Lignite Corporation sets up a 1,980 mw coal-based power project near Kanpur. (FE)
Tuesday, November 30, 2010
Buy and Hold.... MAHALAXMI RUB [ BSE CODE: 514450]
BUY MAHALAXMI RUB AT 26.90
hold for 34.90 & 44.90 in 100 days
hold for 34.90 & 44.90 in 100 days
Buy and Hold....
ITC (Buy, in range Rs170.5-171 Target Rs179): ITC Ltd has bounced back from the support of 100 DMA and closed in positive terrain leading to a hammer pattern on candlestick. An appearance of Hammer pattern near the support levels signifies resumption of the uptrend which had been stalled earlier. Horizontal drawn from the peak of Oct 2010 acts as steady supply zone which is placed levels of Rs180, where this upmove might last on the conservative note. However a breakout above same could open gateways for sharp upside ranging from 8-10%. We advise buying stock in the range of Rs170.5-171 with stop loss of Rs167 for Target of Rs179.
Corporate Snippets
± Gujarat Mineral Development Corporation has managed to get nine responses for its Rs140bn aluminum project in Kutch, Gujarat. (BS)
± BPCL and its partners have made a major natural gas discovery in offshore Mozambique. (BS)
± Lavasa, a subsidiary of HCC is likely to approach the Bombay High Court seeking a stay on a directive issued by MoEF(Ministry of environment and forests.(ET)
± IVRCL Infra said its water and building division had bagged orders worth Rs5bn from various organizations. (BS)
± Punj Lloyd group announced that it has entered into MOU with Hopetech Sdn Bhd, Malaysia a provider of integrated solutions in automated revenue collections. (BL)
± GMR Infrastructures sold off its 50 stake in Intergen N.V. (BL)
± Ceat has acquired the global rights of the Ceat brand from Pirelli for Rs550mn, helping it to secure better pricing advantage and distribution strengths.(ET)
Monday, November 29, 2010
European Market Update: FTSE index up 0.3%, CAC index up 0.4%, DAX index up 0.3%
====================================
Morning Call: RIL Dec Fut trading strong at 1007
HOLD RIL, Target 1044, THIS WEEK
Sector Watch:
Sector in Action;
Pharma, I.T. & Fertilizers
Sectors to Avoid:
Telecom, Realty & Banking
Pharma, I.T. & Fertilizers
Sectors to Avoid:
Telecom, Realty & Banking
Market Commentary ..
Today, after the mayhem of last week, the market will look to find some stability. The bulls will try their best to put the bribes-for-loans scam behind, but whether they are successful remains to be seen. A mix of domestic and global headwinds will continue to cast a shadow on the sentiment.
The start today would be cautious as Asian markets are indecisive. Barring Japan other markets are in red. US and European markets sold off on Friday amid growing concerns over the eurozone sovereign debt issue. Meanwhile, European officials have announced a $112bn rescue package for Ireland.
The war of words between South Korea and North Korea continues and will continue to weigh on world markets. US jobs report, Chinese manufacturing PMI and ECB interest rate decision are some of the global economic events to watch out for.
Back home, Q2 GDP data will be announced on Tuesday. Also keep an eye on monthly Auto and Cement sales, besides the latest trade data and manufacturing PMI. Use any rebound to get rid of ‘questionable’ stocks in your portfolio and get into quality ones with sound fundamentals and earnings visibility.
New IPO update ..
*Manganese Ore Ltd. (MOIL) IPO 1st Day Subscribed 0.76 (average)
*Claries Life science IPO 3rd Day Subscribed only 0.44 (average) CLARIS LIFESCIENCES LIMITED
*Shipping Corporation (FPO) Opens on 30th November 2010Issue will close on 2 Dec,2010 instead of the earlier closing day on 26 Nov, 2010.Further price band has revised from278/- to Rs. 293/- TO Rs. 228/- to Rs. 235/- per share
*One 97 Communication Ltd. IPO Opens on 1st Dec.
Morning Call : Buy and Hold IGL at 319
BUY& Hold IGL for 4 days for target of 320 &330 ++
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Corporate Snippets
± Suzlon Energy’s overseas subsidiary, REpower Systems has received an order from Belgium based C-Power to install wind energy turbines for Thornton Bank aggregating 295MW. (BL)
± Deal between Bhushan Steel and Japan’s Sumitomo Metals has got stuck due to differences over valuation. (BS)
± Tata Power has decided not to take part in the country’s first major solar auction. (ET)
± Bajaj Auto, KTM and Kawasaki of Japan plan to form a global alliance. (BS)
± Shipping Corp FPO price band fixed at Rs135-140/share. (BL)
± GVK Power & Infrastructure, through its wholly owned subsidiary, has announced that it has emerged the successful bidder for the six-laning tollway road project in Gujarat. (BL)
± The Union environment ministry issues showcause notice to Lavasa Corporation, promoted by HCC alleging violation of environment laws. (ET)
± Claris Lifescience’s reduces the Initial Public offer price by 20% and extends it by three working days. (ET)
± The IPO of MOIL was subscribed 76% on the first day of bidding. (ET)
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