Monday, November 24, 2008

Our call on Nifty going strong at 2724, hodl for target

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Bank Nifty our first target complited at 4350, hold for next target

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Buy and Hold SBI for short term delivery with SL 1177 and target of 1266, 1294 and 1300 plus

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IAG and SBI agree to form insurance JV

Buy and Hold Bank Nifty for short term for good returns..

HOT!
]Buy Bank Nifty at 4300, SL 4207 hold for target of 4350, 4377 and 4400 plus

HRT: Buy and Hold Nifty Nov Fut at 2689.90, SL2607.90 hold for tgt 2724.90 and 2747 plus

HOT!

Subex ..

Subash Menon, Founder Chairman, Managing Director & CEO has purchased 1.1mn equity shares of the company on November 17, 2008.

Nagarjuna Construction ..

Rakesh Jhunjhunwala, Director has sold 250,000 equity shares of the company on November 18, 2008.

Dabur India

Dabur India acquires a 72.2% stake in Fem Care Pharma for
Rs2bn in an all-cash deal.(TOI)

Tata Motors ..


Tata Motors has decided to shut down its Jamshedpur plant from
November 25 to 29.(BL)

Reliance Power

Reliance Power has said it hopes to commission the first phase of
the 600 MW Rosa Power project by September 2009, six months
ahead of schedule.(BL)

Sun Pharma ..

Sun Pharma's US arm, Caraco Pharmaceutical, will file a response
to the US FDA warning on its quality standards.(ET)

US markets will be shut on Thursday due to Thanksgiving Day, and will have only half-day on Friday.

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Asian market update:

Hang Seng index down 149 points, Shanghai Index down 31 points, Taiwan down 71 points and Kospi down 28 points

FIIs were net sellers of Rs7.05bn

FIIs were net sellers of Rs7.05bn (provisional) in the cash segment on Friday while the local institutions pumped in Rs462.2mn. In the F&O segment, foreign funds were net buyers of Rs3.23bn. On Thursday, FIIs were net sellers at Rs6.5bn in the cash segment. Mutual Funds net sold Indian shares worth Rs987mn on the same day.

Pri Market Commentary ...

Today, we see a cautious opening after Friday's big rally. Also, Asian markets are down 1-2% this morning. The Japanese markets are shut today. We expect the market to be more sideways and choppy. The downside may be capped unless the economic reports (global and local) turn out to be really awful. Any other negative news from global markets could add pressure. The crisis of confidence is still in place, as global fund flows are drying up in the face of the massive de-leveraging process.


The bulls may have enjoyed the strong bounce back on Friday after a seven-day rout. Don’t accept it as yet though we could see a few hundred point gains intra-week for the Nifty. This week may be a bit heavy in terms of news flow. Trading may be a lot more volatile given the F&O expiry on Thursday and anxiety over the Q2 GDP data, to be unveiled on Friday.

Though stocks may have fallen to attractive levels, the pain in the real economy could last much longer than one can imagine. Long-term investors can, however can dabble in stocks from time to time (and take home money in the short term too). Opportunities to buy will be many over the next few months.


Event calendar

24-Nov Birla Power Solutions AGM/Dividend
26-Nov Amar Remedies AGM
27-Nov AIA Engineering Interim Dividend
27-Nov Empee Distilleries AGM/Dividend
27-Nov IMP Powers AGM
04-Dec NRC Ltd AGM
11-Dec Gufic Biosciences AGM/Dividend
12-Dec Colgate Palmolive Interim Dividend
12-Dec Garden Silk Mills AGM/Dividend
12-Dec Jyothy Laboratories Split

Positive & Nagative Breakouts

Positive Breakouts
Indian Oil
BPCL
National Alumin
Ambuja Cements
ITC

Negative Breakouts
IDBI Bank
PNB
Bharti Airtel
Infosys Tech
Hero Honda

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Pre Market Ideas !!

Buy IB Real Estate
Sell Jindal Steel
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Pre Market Intraday Ideas !!

Buy L&T
Buy Axis Bank
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Nifty (2693) Sup 2582 Res 2761

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