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Friday, October 7, 2011
Book profit in Tata Steel at Rs418 given on 5th October.
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Market Commentary
Its
déjà vu time for central banks in the developed world, as they ramp up
efforts to calm nervous financial markets amid mounting fears of
double-dip recession. The Bank of England surprised markets with a fresh
round of monetary stimulus despite inflation running high. ECB’s
outgoing president Jean Claude Trichet unleashed a couple of liquidity
boosting programs to relieve tension in the European credit markets.
Eurozone authorities have shown readiness to recapitalise banks.
In
the US, President Obama is trying hard to sell his jobs plan, calling
it an insurance against another recession. US Senate will vote on the
Obama jobs bill and the controversial currency bill next week. But,
before that, all eyes will be on Friday’s jobs data.
The
opening is likely to be a positive one following a three-day rally on
Wall Street and recovery in European stocks. Asian markets are in good
shape as well. The banking pack could see some buying for the day. For
our markets, the crucial event will be the RBI’s policy meeting on Oct.
25. Pressure is building on the RBI to take a pause. Corporate results
will also start pouring in shortly.
Corporate Snippets
± Maruti has fixed production targets at 30-40% higher for October, compared to September when it produced 73,000 cars. (ET)
± The Department of Telecommunications is known to have cleared a showcause notice to Idea Cellular on cancellation of its telecom licence in Punjab. (BS)
± Suzlon Energy has bagged an order from GAIL for supply of wind turbines to the state-run gas distribution majors upcoming project in Karnataka. (BS)
± Mundra Port and Special Economic Zone has emerged as the sole bidder for Chennai port’s Rs36.8bn mega container terminal project. (BS)
± The telecom department has asked its legal wing to examine the 3G roaming agreements between Bharti Airtel, Vodafone and Idea Cellular. (ET)
± BHEL has bagged a Rs38bn order from Dainik Bhaskar Power for setting up a 1,320-MW thermal power plant in Madhya Pradesh. (BL)
± Essar Power has earmarked an investment of US$8bn in the next three years for setting up thermal power projects in the country. (BS)
± Bahrain-based telecom firm Menatelecom has awarded WiMAX managed services contracts to Tech Mahindra and Huawei Technologies for the year 2012-13. (BS)
Thursday, October 6, 2011
Wednesday, October 5, 2011
Buy and Hold for 7 days
BUY TATASTEEL around 400
WITH AT SL OF 390
hold FOR TRG OF 419.90 ++
(DURATION 7 DAYS)
WITH AT SL OF 390
hold FOR TRG OF 419.90 ++
(DURATION 7 DAYS)
European market update: FTSE index up 2.5%, CAC index up 3%, DAX index 2.5%
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Buy Call
|
Scrip Name
|
F & O Close Rate
|
Target 1
|
Target 2
|
Stoploss
|
|
Maruti
|
1100.00
|
1115
|
1121
|
1086
|
|
Ranbaxy
|
513.80
|
520
|
524
|
505
|
Sell Call
|
Scrip Name
|
F & O Close Rate
|
Target 1
|
Target 2
|
Stoploss
|
|
Tata
Motors
|
146.30
|
143
|
141
|
148.90
|
|
M
& M
|
778.55
|
769
|
762
|
788
|
|
STER
|
105.65
|
103.50
|
102
|
107
|
|
Axis
Bank
|
966.70
|
952
|
948
|
978
|
|
Jindal
Steel
|
460.20
|
454
|
450
|
466
|
Market Commentary
Fear seems to be overtaking faith
as rating agencies appear to be on a downgrade overdrive. The Moody’s blues
started with the ratings agency downgrading the standalone rating for State
Bank of India,
citing its ‘modest’ capital and weakening asset quality. This triggered a panic
sell-off in the stock in particular and the market in general.
The opening is set to be flat at
best. Some buying is likely in counters which were mercilessly hammered in
recent times. But that does not mean the situation has changed for good. Stick
to a very cautious approach for now.
Asian stocks are down following a
downgrade of Italy’s
credit rating. Markets in Hong Kong and mainland China were closed for holidays. Oil
has bounced back after reports of a drop in US stockpiles and hope of an
European recovery. Reports indicate that Europe
will recapitalize its banks to reduce worries of a debt crisis.
Fed chief Bernanke says the
central bank is ready to take more action if necessary to bolster the U.S.
economic recovery. Greece’s
finance minister says the nation can cover pensions, salaries and bondholders
just through the middle of next month.
Corporate Snippets
± Oil & Natural Gas
Corp will fast-track its plans to develop new oil and
gas fields, so as to raise its sagging output and increase crude oil output by
15% in two years. (BS)
± Reliance Infrastructure has commissioned its fourth 400-kV double circuit transmission line of
about 150 km between Parali and Solapur in western Maharashtra.
(BL)
± Ashok Leyland reported a 17.23% decline in sales during the month of September at 8,576
units compared to 10,362 units a year ago. (BS)
± Bharat Sanchar Nigam
Ltd has sweetened its Voluntary Retirement Scheme by
proposing to help set up an outsourcing cooperative for all employees who take
the offer. (BL)
± Daiichi Sankyo will leverage Ranbaxy's distribution strengths and
relationships with pharmacists across Italy, for the distribution of
Daiichi Sankyo products. (FE)
± Nalco signed an agreement for setting up a 0.5 mtpa aluminium smelter and a
1,250-MW coal-based power plant in Indonesia's
East Kalimantan province at an investment of US$4.5bn.
(BL)
± Axis Bank has extended its US$200mn US commercial paper programme by a year. (BS)
± Essar Group is planning to list its infrastructure business in London next year, a move that could raise
about Rs37bn. (ET)
± The finance ministry has decided to go ahead and seek cabinet approval
for converting the dedicated infrastructure financier Ashok Leyland and
Gulf Oil have joined hands to launch a co-branded range of eight lubricants for
the commercial vehicle maker's new range of light vehicles. (BL)
± India Infrastructure
Finance Company Limited into an infrastructure finance
company despite opposition from the Planning Commission. (ET)
Tuesday, October 4, 2011
Cairn (SELL, below Rs270, Target Rs260):
With formation of ‘Head and
shoulder top’ on the daily and close below key support of Rs275 levels, the
short term uptrend is coming to a lull. The amplitude of said pattern is
projecting target of Rs260.The daily RSI also has been trading below the
support of 50 and is on its way heading to 35. The risk reward ratio for
initiating short positions from current levels is remains very supportive. We recommend to short Cairn Oct Fut below
Rs270 with stop loss of Rs275 for Target of Rs260. (Duration 5 days)
Market Commentary
The navratri color for the day is
red and looks like that will be the colour for the market too at least in the
first half. World equities kicked off
October and a new quarter on a sour note with investors rattled by fear of a
Greek default. A new budget by Greece
showed that it would miss deficit targets set by the troika of EU, ECB and IMF
for the much-needed emergency funds. That appears to have spooked global
markets.
Adding to the plethora of problems
were downbeat manufacturing PMI reports, although US data released on Monday wasn’t
that bad. US
indices finished at their lowest level since September 2010. European stocks
dived. Asian benchmarks are faring a tad better.
SGX Nifty in Singapore is pointing to a slightly
lower opening. There is a chance of a technical pullback but don’t bank on it
to sustain unless the Greek mess is resolved. Brent crude is hovering around
$100 per barrel. Other industrial commodities too have softened. However, it
remains to be seen whether the RBI will relent on its hawkish stance.
Corporate Snippets
±
SpiceJet plans to set up five more
regional hubs in an effort to connect all major towns through its 70-seater
Bombardier aircraft. (BS)
±
Bajaj Auto reported an 18% jump in
sales in September to 4,17,686 units. (ET)
±
Reliance Power would
earn Rs20bn by trading carbon credits from its Tilaiya ultra mega power project
during the first 10 years of its operations. (BS)
±
Hero MotoCorp reported sales of
5,49,625 units in September, registering a growth of 26.75%. (FE)
±
Diageo is looking to acquire half the stake of
its Indian partner Radico Khaitan in
its joint venture Diageo Radico Distilleries.(BS)
±
The Asian Development
Bank plans to sell its 5.2% stake in Petronet LNG Ltd, which GAIL
India Ltd is keen to acquire and may have to pay over Rs6bn for it. (FE)
±
The government appointed Sudhir
Vasudeva as the chairman and managing director of Oil and Natural Gas
Corporation. (FE)
±
Pantaloon Retail India plans
to raise up to Rs15bn by issuing equity-linked securities amounting to stake
dilution of not more than 15%. (ET)
±
Axis Bank plans to raise
short-term funds worth US$200mn by issuing commercial paper. (BS)
±
GVK PIL will now expand its coal-fired
power generation capacity to over 7,500 MW over the next five years to take
advantage of the fuel supply arrangements it has secured through Australian
coal mines. (ET)
सेन्सेक्स (16,453.76) -244.31 अंक गिरकर, नीफ़्टी (4,943.25) -72.20 अंक गिरकर, बंद
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Monday, October 3, 2011
European markets update: FTSE Index down 2.8%, CAC Index down 2.9% and DAX Index down 3.5%
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Sector Watch
Sector Watch:
Sugar, Education, Textiles, Auto, Gas Distribution Co.
Stocks Sector Avoid:
Banking, Tea, Capital Goods, Realty, ADAG Stocks
Sugar, Education, Textiles, Auto, Gas Distribution Co.
Stocks Sector Avoid:
Banking, Tea, Capital Goods, Realty, ADAG Stocks
Market Commentary
World markets had
their worst quarter since the height of the 2008 financial meltdown, as a
chronic credit crisis in the eurozone rattled investors. Anemic growth in the US economy is
another factor that dented investor confidence. What’s worse, there are still
no signs of hope as national leaders and
policymakers continue to grapple with evolving macro-economic problems.
The start is
likely to be a bad one due to a steep fall across ‘western’ markets. Asian
markets trading this morning have all taken a beating. A spate of disappointing
domestic economic statistics will only add to the list of global issues. The
Centre’s fiscal situation is in a mess. The current account deficit has swelled
and the external debt is also increasing. Inflation of course is the enemy
no.1.
The near-term
prospects don’t appear bright amid mounting worries that Greece will
default sooner or later. The ECB’s policy meet this week will be keenly
followed. US
jobs data will be another key data to keep a close watch.
Buy Call Daily & Short Term Recommendations
Buy Call
|
Scrip Name
|
F & O Close Rate
|
Target 1
|
Target 2
|
Stoploss
|
|
HUL
|
343.95
|
349
|
352
|
338
|
|
Gail
|
425.65
|
431
|
435
|
419
|
|
ITC
|
202.30
|
205
|
208
|
198
|
|
HDFC
Bank
|
470.50
|
476
|
479
|
463
|
|
Siemens
|
860.30
|
870
|
877
|
849
|
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