Friday, April 8, 2011
ATLANTA.... Our Morning call ,,,trading strong hold
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Sterlite Industries
Sterlite Industries (BUY, between Rs170-171, Target Rs181): Sterlite on the daily chart has given breakout from ‘rounding saucer’ pattern above Rs170 on 30th Mar 2011 and hence forth as long the stock holds above the support levels of Rs170, there is high probability of stock testing levels of Rs187 in the near term. Currently stock is on its way to retest the support line which is placed at Rs170.Analysing the volume trend on the day to day basis suggest that volumes have been expanding during the upmoves and contracting during the downtick which suggest accumulation phase at lower levels. The daily RSI too has been holding the support of 50 mark which exhibits strength and could move into an overbought position of 65 in the near term. We advise buying stock in the range of Rs170-171 with stop loss of Rs166 for Target of Rs181. (Duration 5 days)
Market Commentary ..
After sprinting in recent times, the indices seem to be embracing a range-bound zone. Nature’s fury continues on Japan as a powerful aftershock hit northeast Japan last night. Stocks in Japan and other Asian markets have shrugged off the latest bad news emanating from Japan as there has been no major damage.
Even US indices closed off intraday lows. European benchmarks fell after the ECB hiked rates by 25 bps and Portugal appeared all set to get EU financial aid.
Back home, we expect a cautious start and perhaps another day of consolidation for the Large-Caps. The spotlight will be on small-caps and mid-caps, which you need to think more than twice before placing your bets on them. Volumes have been tepid and could remain so today as well.
Stock specific action will continue. Meanwhile, FII inflows seem to be losing steam. Expect the market to cool off a little more if this trend persists. In other news, food inflation has inched lower. Anna Hazare’s agitation is drawing a lot of attention.
Buy and Hold....Atlanta Ltd. AT 120 ...124 TGT 134 PLUS
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INTRADAY MARKET
Nifty & Sensex Levels
| Nifty / Sensex | F & O Close Rate | R-1 | R-2 | S1 | S2 |
| NIFTY | 5902 | 5936 | 5965 | 5880 | 5860 |
| SENSEX | 19591 | 19690 | 19800 | 19525 | 19470 |
NIFTY FO CLOSED @ 5902 AS ON 7.04.2011
NIFTY FO has resistance @ 5917 to 5933 above which other resistance levels are @ 5947 to 5961. In down side support levels are @ 5887 - 5870 levels; below which other support levels are @ 5861 - 5847 levels in APRIL - 2011. I am positive for next week above 5961 level but be with the trend. Let the market decide further moves. As we are saying from many days Buying is suggested in falls only... and its still a better strategy in the given scenario...... One can go for buy at those levels also, but in absence of that its time to BOOK PROFIT now. This is a pessimistic outlook but that's the way we tend to be, in this market.
Corporate Snippets
± Cairn Energy extend Vedanta deal deadline to May 20. (ET)
± RCF, Coal India and GAIL will together spend Rs75bn to build coal gasification facility. (ET)
± SAIL FPO to hit market by May-end. (BS)
± BHEL’s Haridwar unit reported a record turnover of Rs42.4bn. (BL)
± Essar to seek US$700mn more from Vodafone. (ET)
± The application of R-Infra for an extension in its existing power distribution license to the suburbs of Mumbai has been rejected. (BS)
± Mahindra Satyam NYSE relisting maybe delayed. (BL)
± Suzlon launches wind turbine machines suitable for low wind speeds. (BL)
± IFCI has increased its stake in debt-ridden apparels company, Koutons Retail from 5.9% to 10.2%. (BL)
Thursday, April 7, 2011
INTRADAY MARKET
Nifty & Sensex Levels
| Nifty / Sensex | F & O Close Rate | R-1 | R-2 | S1 | S2 |
| NIFTY | 5910 | 5936 | 5992 | 5860 | 5830 |
| SENSEX | 19612 | 19690 | 19875 | 19460 | 19380 |
Wednesday, April 6, 2011
FO..............
BUY AND HOLD
Oriental Bank April Future Rs391.90 for the target price of Rs412 with a Stop loss placed at Rs388.
Lot size: 500 Remarks: Net maximum profit of Rs 3,000 and net maximum loss of Rs2,500.
Market Commentary ..
Inflation remains the biggest challenge for equities across the globe, especially with Brent crude hovering around the US$120 a barrel mark. RBI deputy governor Subir Gokarn and PMEAC chief C Rangarajan have warned about risks to growth from elevated inflation. The RBI does favour inflation control to higher growth. So, further rate hikes cannot be ruled out over the next few months.
Meanwhile, the Chinese central bank has hiked lending as well as deposit rates by 25bps to rein in inflation. The ECB is likely to resume monetary tightening later this week for the first time since the global fiscal meltdown of 2008. Even in the US, the Fed policymakers have kicked off the debate on when to exit from the stimulus.
We expect a steady opening as world markets are putting up commendable resilience amid a string of headwinds. Though the undertone for India is positive owing to encouraging FII inflows, we could see some consolidation in the near-term. The Nifty may stay rangebound; a breakout above 5960 or breakdown below 5,840 will decide the near-term direction.
INTRADAY MARKET
Nifty & Sensex Levels
| Nifty / Sensex | F & O Close Rate | R-1 | R-2 | S1 | S2 |
| NIFTY | 5926 | 5960 | 6030 | 5902 | 5880 |
| SENSEX | 19686 | 19788 | 19998 | 19614 | 19620 |
Buy Call
Buy Call
| Scrip Name | F & O Close Rate | Target 1 | Target 2 | Stoploss |
| RANBAXY | 465.3 | 472 | 479 | 460 |
| ACC | 1123 | 1145 | 1170 | 1108 |
| BHEL | 2205 | 2223 | 2255 | 2184 |
| SESAGOA | 316.4 | 326 | 333 | 311.8 |
| SAIL | 176.5 | 178 | 181 | 174 |
| RANBAXY | 465.3 | 472 | 479 | 460 |
Corporate Snippets
± Maruti Suzuki has increased the prices of its vehicles across all models by up to Rs9,000. (ET)
± DLF has decided to develop its Rs10bn Infopark project spread over 54 acres in the Bhubaneshwar in phases. (BS)
± GVK Group is in advanced stages of negotiations to acquire two coal assets in Australia put on the block by Hancock Coal. (FE)
± Future Group will start selling financial products in all its large retail stores following a tie up with Future Capital. (ET)
± Lupin has filed a second suit in the US against Ranbaxy Laboratories to prevent Ranbaxy from launching fenofibrate, a generic version of Lupin’s cholesterol lowering drug Antara in the US. (ET)
± Central Bank of India and Oriental Bank of Commerce have reduced their interest rates on term deposits. (BS)
± Idea Cellular launches 3G services in Kerala. (BL)
± Satyam Computer and PWC agreed to pay a combined US$17.5mn to settle investigations into an accounting fraud. (ET).
Tuesday, April 5, 2011
BTST
Persistent Systems: ‘On strong footing’ – BUY
CMP Rs388, Target Rs475, Upside 22.4%
Persistent Systems limited (PSL) is a leading services provider in niche and rapidly growing outsourced software product development (OPD) space. With nearly two decades of concerted product development efforts and strong long-term relationships with top global software vendors, Persistent finds itself at a great vantage point in the OPD market. The increasingly compelling advantages of OPD and early investments in cloud computing, mobility, collaboration and analytics should enable the company to ride the next wave of growth. We estimate revenue/earnings CAGR of 24%/14% over FY11-13. Available at attractive 9.1x FY13E earnings, Persistent is a strong BUY.
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