Friday, June 10, 2011
Food inflation dodged the government again, rising to a two-month high of 9.01 per cent for the week ended May 28.
"Visit Daily www.NorthPole77.com , Join profit making community...Today!"
Corporate Snippets
± GAIL India plans to spend US$2bn on acquisition. (ET)
± Infosys may join race for UK government outsourcing deal. (ET)
± Unity Infra to raise Rs1.5bn to reduce high cost debt. (ET)
± Essar plans to raise proposed US pallet plant capacity by 75%. (ET)
± Divi’s Labs plans to buy biotech research companies. (ET)
± ICICI Bank has lined up an exchange offer for its lower Tier-II bonds, worth US$90mn. (BS)
± Canara Bank is eyeing Rs80bn business for the financial year 2011-12. (BS)
± ONGC has launched a massive exploration drive for gas extraction in Tripura. (ET)
Market Commentary ..
An improvement in consumer confidence has come as a welcome relief for the US markets which have been struggling off late. In India too, the indices may continue to remain lackluster amid thin volumes. A clear direction might emerge once the Nifty manages a decisive break out from the current range.
The opening is set to be slightly positive with market participants focusing more on the IIP for April. Reports say the Government will unveil a new IIP with change in base year and composition. The draft National Manufacturing Policy has received a green light from the PM.
What is moving right now is crude oil and it’s not good news for India. The US markets also managed to break a six-day losing streak, spurred by encouraging data. European stocks also rose after falling for six straight days.
The Bank of England and the ECB left key rates steady. However, the ECB is likely to hike rates in July. South Korea has increased policy rate by 25 bps.
Talking of rates, the RBI could boost rates by 25 bps on June 16. Inflation continues to be sticky with food inflation back above 9%. Inflation data for May will be out on June 14.
NIFTY FO CLOSED @ 5521 AS ON 9.06.2011
NIFTY FO has resistance @ 5555 to 5567 above which other resistance levels are @ 5577 to 5588. In down side support levels are @ 5503 to 5490 levels; below which other support levels are @ 5473 - 5450 levels in JUNE - 2011. I am positive for next week above 5588 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.
Thursday, June 9, 2011
Call to PAID clients .. BANG ON TARGET;
TARGET ACHIEVED;
BOTH MORNING CALLS..
BAJAJAUTO AT 1346
&
Sell NIFTY low at 5394,
BOOK PROFIT IN BOTH CALLS,
BOTH MORNING CALLS..
BAJAJAUTO AT 1346
&
Sell NIFTY low at 5394,
BOOK PROFIT IN BOTH CALLS,
Marke Commentary ..
Challenges abound for the government and the market. The political temperature has been soaring lately amid a howl of protests by the so-called civil rights activists against corruption in high places. At the same time, the weather God seems to be playing hide-and-seek.
There has been a lull in the market as well with the key indices hovering in a narrow trading band. Traded volumes have tapered off substantially, reflecting a general lack of interest among market players. This lackluster trend may persist for a while before there is any material improvement in sentiment.
Today might not be any different. The start is likely to be muted in the wake of yet another day of losses for the world markets. Wall Street extended the losing streak to six days following a bleak assessment of the US economy by Ben Bernanke. Europe continues to be haunted by the Greek situation. Asian stocks are mostly in the red as well.
One needs to exercise some caution as long as the Nifty trades below 5560. On the way down, any close below 5500 could take the Nifty towards 5430 levels.
Wednesday, June 8, 2011
Marke Commentary ..
There is no healing but only hurt which is more than evident from the speed at which 'fasts' are taking place in our country. Due to denial of permission, it's not Jantar Mantar for Anna Hazare this time. The action shifts to Rajghat.
On Tuesday, the main Indian indices managed to stay afloat thanks to some value buying in blue chips, especially RIL and Infosys. FII numbers have been encouraging for June and a lot of attention is being given to the mid-cap space too. Some follow-on buying may be seen at start. With global markets in the red, the Indian market will have a task at hand to maintain the slight upmove.
The US indices pared most of its gains after Federal Reserve chairman Ben Bernanke uttered confirmations of gloom. Economic growth has been below its potential, he admitted. Nothing was heard on QE3.
With the Nifty widely expected to remain in a range of a few hundred points this expiry, the temptation would be to jump into short term option strategies. Instead adopt a cautious approach in selective buying in the sound mid-cap and large cap space.
Subscribe to:
Posts (Atom)
JOIN US!!
Send SMS for "STUDY" on 09825677777