Friday, December 10, 2010
Indias IIP for the month of Oct at 10.8%
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Reitrate Buy & hold ITC Ltd at Rs168.5 with stoploss of Rs 165 for Target Rs176
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Buy and Hold....
Buy ITC Ltd (Buy above Rs169.5, Target Rs178.5): ITC Ltd has been holding the support of Rs165 quiet well despite weakness in broader markets and managed to close in the green with spurt in volumes. On the upside immediate resistance is seen at levels of Rs169 above which a breakout from the triangle will be confirmed, which should take stock price towards Rs180.Adding to it being a defensive, it provides better diversification and better risk reward ratio at times of highest volatility in the markets. We advocate buying stock above Rs169.5 with stoploss of Rs165 for Target of Rs178.5.
Corporate Snippets
± Dabur launches hair oil in Nepal. (BL)
± Jindal Power is likely to launch a 70bn IPO by March 2011. (ET)
± Rallis India, a subsidiary of Tata Chemicals, has acquired a majority stake in Metahelix Life Sciences Ltd. (BL)
± Corporation Bank has increased the rate of interest on term deposits for six months to less than nine months. (BL)
± Central Bank has upped interest rates on fixed deposits by up to 175 bps on various maturities. (BL)
± Bata India bets on larger stores to give it a leg up. (BL)
± NMDC, Severstal to set up steel plant in Karnataka. (BS)
Thursday, December 9, 2010
Wednesday, December 8, 2010
Morning Call: Intraday Call Sell Nifty target achieved at 5007
BANG ON TARGET
BOOK PROFIT
DON\T REMAIN SHORT
BOOK PROFIT
DON\T REMAIN SHORT
STBT: TATA STEEL Dec Fut at 628.10
OUR YESTERDAY call Sell tomorrow buy today
TATA STEEL Dec Fut BOOK PROFIT at 628.10
CALL CLOSE,
TATA STEEL Dec Fut BOOK PROFIT at 628.10
CALL CLOSE,
Corporate Snippets
± Kotak Mahindra Bank raised its base rate and benchmark prime lending rate by 25 basis points with immediate effect. (BL)
± Religare Enterprises is close to buying 85% of the Ajay Piramal Group-promoted real estate fund Indiareit Fund Advisors, valuing the entire fund at around Rs2.5bn. (ET)
± Jet Airways and Air India, India’s two large carriers, are leasing 35 Airbus aircraft in a deal valued at US$5bn. (ET)
± United Phosphorus has firmed up plans to launch a clutch of new branded hybrid vegetable seeds, ranging from tomatoes to green peas, next year. (BL)
± CARE has reaffirmed its ‘AAA' rating of LIC Housing Finance's debt instruments. (BL)
± CESC plans to have 500 MW hydroelectric generation capacities — through greenfield ventures or acquisitions — in the North-East and North India in the next six years. (BL)
± Welspun Corporation has bagged contracts worth Rs16.7bn from international markets. (BS)
Tuesday, December 7, 2010
Intraday: Sell Nifty at 6007.90, first target achived, HOLD for NEXT tgt..
Nifty Dec Fut 5964...........book profit
bang on target................
bang on target................
Buy and Hold.... till RAIL BUDGET, buy on EVERY DIPS!!
Buy Titagarh Wagon
BUY Kalindee RAIL
Buy Kernex
Buy BEML
Buy and Hold.... till RAIL BUDGET,
buy on EVERY DIPS!!
BankNifty at 11775, weak....
± SBI has raised its deposit rates by up to 150 bps across various maturities, a move that will provide better returns to people with fixed deposits in the bank. (ET)
Reliance BOOK intraday profit at 1040
OUR BTST & MORNING INTRADAY
RELIANCE AT 1039.50
BANG ON TARGET
RELIANCE AT 1039.50
BANG ON TARGET
Market Commentary ..
Many market players appear to be taking it easy as the year draws to a close. As a result, the trend for the remainder of December is likely to be largely lackluster. But, there could be a minor-year-end “Santa Clause Rally”, provided the overseas markets are supportive. For now though we seem to have hit a speed breaker.
The Nifty failed to sustain beyond 50 DMA of 6066. It is likely to consolidate in the coming days with near-term support likely in the zone of 5900-5950. The upside appears capped with resistance likely at 6050-6100 in the near term.
October IIP and the mid-quarter RBI review are the big events to watch out for in the next few days. Globally, Eurozone debt woes will continue to unsettle investors.
Today’s start is expected to be flat to slightly negative on the back of lackluster global markets. The way the Indian market turned negative on Monday will only add to the anxiety. FIIs were net sellers and so were the domestic funds. Stick to a stock centric approach.
Buy and Hold....
Buy Hindalco Ltd Above Rs221 Target Rs 231.5: Hindalco Ltd continues to remain in steady uptrend with counter regaining its control over the short term moving average of 10 & 20 DMA with increase in volume activity. A white candle engulfing a bearish candle in yesterdays trading session can be conceived as positive development in the counter with levels of Rs216 acting as strong support from hereon. A positive crossover can also be witnessed in daily RSI and long term chart depicts breakout from inverted head and shoulder bottom whose target is yet to be met. We advise buying stock above Rs221 with stop loss of Rs216 for Target of Rs231.5
Corporate Snippets
± Suzlon Energy to merge its infrastructure and tower business divisions with itself. (ET)
± Coal India Ltd (CIL) has officially expressed interest in Kenya's Mui Basin. (BS)
± ONGC Videsh Ltd (OVL) will sign a formal agreement for taking a 25% stake in Kazakhstan’s Satpayev oilfield by the end of February 2011. (BS)
± Religare Enterprises is close to buying 85% of the Ajay Piramal Group promoted real estate fund Indiareit Fund Advisors, valuing the entire fund at around Rs2.5bn. (ET)
± Areva is likely to sign a framework agreement with NPCIL to build the first two of the six planned nuclear power reactors in Maharashtra. (ET)
± Glenmark along with its US-based partner has received US health regulator's nod to manufacture and market two oxycodone products, used for treating moderate to severe pain, in the American market. (ET)
± BPCL will file an execution petition against Kingfisher Airlines (KFA) to claim jet fuel dues. (BS)
± Opto Circuits has completed the acquisition of US-based Cardiac Science Corporation. (FE)
± Glenmark's US-based generics subsidiary and Lehigh Valley Technologies (LVT) have jointly announced that the US regulator has approved two New Drug Applications (NDAs) for a line of controlled-substance products containing Oxycodone Hydrochloride (Oxycodone). (BL)
± SBI has raised its deposit rates by up to 150 bps across various maturities, a move that will provide better returns to people with fixed deposits in the bank. (ET)
Monday, December 6, 2010
BOOK PROFIT IN SELL NIFTY AT 5994
INTRADAY CALL
BANG ON TARGET
book profit................................
Buy & Hold ITC Ltd at Rs169.7 with SL of Rs 166 for Target Rs177.5
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ICICI Bank; RSI and stock closing above its 50 DMA
Buy ICICI Bank Ltd in the range(Rs1,170-1174) Target Rs1235: 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. The support trend line drawn from troughs of October 2010 is reinstated affirming the long term uptrend in the counter and 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 (Rs1,170-1,174) with stop loss of Rs1,147 for Target of Rs1235.
Nifty looking strong on charts, hold for 6550
Nifty Target 6,550
Index composition of Nifty conducive for setting a record high with some of its components exhibiting enormous strength
With strength in IT and FMCG sector, the decline in Nifty has got arrested at 38.2% retracement while broader index like BSE 500 retraced nearly 50%. Hence the composition of Nifty and Sensex turned out to be better in assisting quick recovery and we feel that the stage is set for the key indices to surpass the January 2008 peak very soon.
Corporate Snippets
± HDFC hikes home loan rates by 75bps. (BL)
± Siemens will invest nearly Rs4bn in the development of wind turbines in the country in the next two year. (BL)
± Honda could end up selling its 26% stake to Hero Group at a substantial discount to the market price, but this will be offset by higher royalty payment till 2014. (BL)
± ICICI Bank announced increase in both lending and deposit rates. (BL)
± Nuclear Power Corporation and Areva would sign two agreements for developing a 10,000MW nuclear power project at Jaitapur in Maharashtra. (BS)
± M&M will invest Rs2bn to set up a tractor manufacturing plant in South India, the location of which will be decided in the next three months. (BL)
± DLF has sold 150 plots, garnering more than 5bn, in a township project at Gurgaon. (BS)
± ONGC plans to spend US$1.8bn over three years to replace ageing infrastructure and maintain production at onshore oilfields in Gujarat. (ET)
± Central Bank of India plans to raise Rs25bn through rights issue in the fourth quarter of the current fiscal to augment capital adequacy. (BL)
± Sun Pharmaceutical Industries is set to delist its troubled US-based subsidiary Caraco Pharmaceutical from the US bourses. (BS)
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