Daily calls- 29-6-2009

RESEARCH -Nifty (FUT) R- 4435/4480/4620 S- 4295/4200/4065; Sensex
(CASH) R- 14905/15050/15455 S- 14500/14230/13825; MARKET OUTLOOK:
POSITIVE BIAS (09.39A)

6/29 RESEARCH:MONEY MORNING FUNDAMENTAL CALLOWER GRID TARGET ACHIEVED
11:03 AM 6/29 RESEARCH: INTRADAY CALL (CASH) : BUY PETRONET ABOVE 74.50 TGT 78 SL 73
12:34 PM 6/29 RESEARCH: EUROPEAN MARKET UPDATE : FTSE(-0.1%), DAX (-0.2%), CAC (-0.1)
1:49 PM 6/29 RESEARCH: INTRADAY CALL (FUTURES): NIFTY BROKEN OUR FIRST TARGET 4430.
2:48 PM 6/29 RESEARCH : VALUATION PLAY: BOOK PROFIT IN BANK OF BARODA

Research-Calls of the days

(6/26/2009 9:47:38 AM): RESEARCH: MARKET OUTLOOK: MARKET MAY OPEN FLAT NOTE AND IT CAN BE EXPECTED TO TRADE SIDEWAYS. THE NIFTY HAS RESISTANCE AT 4260 AND 4318. IF IT BREAKS 4337 LEVEL, IT COULD TEST AT 4375. FRESH BUYING WILL EMERGE ONLY ABOVE 4375 LEVELS. ON THE DOWNSIDE, THE SUPPORT WILL BE AT 4221 AND 4194. BELOW THIS LEVEL, IT MAY TEST AT 4143.

Research-Calls of the days

RESEARCH -Nifty (FUT) R- 4340/4380/4480 S- 4240/4180/4080; Sensex
(CASH) R- 14530/14640/14915 S- 14260/14095/13825; MARKET OUTLOOK:
VOLATILE WITH POSITIVE BIAS 9.00A

(6/25/2009 9:48:52 AM): RESEARCH: MARKET OUTLOOK: OVERALL SHORT - TERM MARKET TREND IS LIKELY TO REMAIN IN UPTREND AND FRESH BUYING WILL EMERGE ONLY ABOVE 4375 LEVELS. AS FAR AS INTRADAY'S TRADE, MARKET MAY OPEN WITH AN UPSIDE GAP ON THE BACK OF STRONG ASIAN MARKETS AND VOLATILITY CAN RULE THE DAY DUE TO F&O EXPIRY. THE NIFTY HAS RESISTANCE AT 4307 AND 4352 LEVELS. IF NIFTY MOVES ABOVE 4375 LEVELS, THEN IT CAN MOVE TOWARDS 4440 LEVELS. ON THE DOWNSIDE, THE SUPPORT FOR NIFTY IS SEEN AT 4258 AND 4218 LEVELS. BELOW THIS LEVEL, IT COULD TEST 4143 LEVELS. SHORT COVERING CAN BE EXPECTED BY NOON.

(6/25/2009 9:50:45 AM): RESEARCH-Global Market (in %): DOW JONES (-0.28%), S&P 500 (+0.65%), NASDAQ (+1.55%), FTSE (+1.18%), DAX (+2.74%), NIKKEI (+2.59%), HANG SENG (+2.42%) & SGX NIFTY ( +63 POINTS)

(6/25/2009 9:52:56 AM): RESEARCH : VALUATION PLAY -WEEKLY (TGT) : BUY RENUKA CMP 138.50 TGT 145 SL 135

(6/25/2009 11:29:57 AM): RESEARCH: INTRADAY CALL (FUTURES): NIFTY NOT ENTERED

(6/25/2009 11:49:21 AM): RESEARCH: INTRADAY CALL (CASH): BUY IVRCLINFRA ABOVE 346.25 TGT 356 TGT 341

(6/25/2009 12:34:59 PM): RESEARCH: EUROPEAN MARKET UPDATE : FTSE(-0.3%), DAX (-0.6%), CAC (-0.6%)

(6/25/2009 1:24:43 PM): RESEARCH- INTRADAY CALL (CASH) : BUY TITAN ABOVE 1165 TGT 1199 SL 1145

(6/25/2009 2:12:02 PM): RESEARCH:INVESTMENT STRATEGY BARTRONICS GAVE A RETURN OF 12% IN JUST TWO TRADING SESSIONS

-------------------------------------------------

Hot picks for delivery Calls

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INVESTMENT STRATEGY

The Sensex having corrected close to 9% in the recent past (closing price from June 11th to
June 22 nd) shows that much of the negative news is already factored in.
Some of the key factors that investors must look at this point of time are:

The World Bank on Monday (22nd June 09) predicted that India's growth forecast for
2009 is 5.1% from earlier projection of 4%. It has projected an 8% growth for India in
2010, which will make it the fastest growing economy in the world in 2010, overtaking
China.

The U.S Fed Chief, Bernanke has predicted that the US recession will end later this
year. Some analysts say the economy will start growing in the July-September quarter
on the back of tax cuts and increased government spending. Further, U.S fed meet is
ending on 24th June 09. The interest rates are expected to be unchanged. But the
policymaker’s assessment of the economic situation will give a better direction to the
US stock market and the global markets as well.

There have been signs of some improvements in U.S: home sales have firmed:
construction activity has picked up – although from record-low levels; consumer
spending has stabilized following a massive cutback at the end of last year; layoffs are
slowing and some credit stresses have eased.

Further, the Indian Government is looking for disinvestments of the public sector units.
The amount raised through disinvestments would help the government to reduce the
fiscal deficit and also increase its infrastructure spending.

Also, the Union Budget on 6th July 09 is expected to be a pro reform budget with its
focus on infrastructure.

Considering the above factors, it is prudent to build a portfolio at lower levels.
We have listed below few stocks, which can be seen for Medium-term
investment perspective.

Scrip: ABB Ltd
Industry: Electric Equipment
CMP: Rs.737.40
52-W Range: Rs.944.40-343.35
Trailing PE: 30.2x
Target: Rs.780
Rationale: The company’s stand alone net sales increased by 15.3% (YoY) to
RS.6837.03 crores for CY08 and net profit increased by 11.30% (YoY) to Rs.547.41
crores. The company has bagged 425 crores order from power grid Corporation of
India and has also received an order worth Rs 550 million to provide the electrical
infrastructure for modernization of Kolkata airport.

Scrip: LIC Housing Finance Ltd
Industry: Finance- Housing
CMP: Rs. 647.70
52-W Range: Rs. 621-150.10
Trailing PE: 9.5x
Target: Rs.700
Rationale: The Company’s stand alone net sales increased by 31.8% (YoY) to
RS.754.43 crores for Q4FY09 and net profit increased by 33.40% (YoY) to Rs.157.56
crores. The company is targeting loan disbursement of up to Rs 13,000 crore in the
current financial year. The disbursements for the last fiscal stood at Rs 8,764 crores.
It has seen a 100% growth in loan approvals and sanctions so far this fiscal, and a
40% rise in the number of loan applications.

Scrip: CORPORATION BANK
Industry: Banking
CMP : Rs. 337
52-W Range: Rs.345-155
Trailing PE: 5.4x
Target: Rs. 370
Rationale: The Company has posted 39% increase in its standalone Net sales to
Rs.1706.39 crs for 4Q FY09 and 26.7% growth in its Net profit to Rs.260.49 crs
(YoY). The branch network of the Bank as on 31st Mar 2009 stood at 1054 as against
981 branches YoY. Further the Bank has plans to open 700 branches in the next five
years, which will increase its top line in the long run.

Scrip: BARTRONICS
Industry: Trading
CMP : Rs. 151.35
52-W Range: Rs. 202 - 47.40
Trailing PE: 5.6x
Target: Rs. 170
Rationale: For the full year FY09 the Company has reported 115% increase in its
topline to Rs.583.29 crs and 58% growth in its bottomline to Rs.75.11 crs (YoY) on
consolidated basis. The company had recently bagged a build-operate-transfer order
from the Municipal Corporation of Delhi for setting up 2,000 G2C kiosks. The
company is expecting Rs 5,000 crore through this project over the next nine years.
Further For FY10, the Company has guided for revenues at Rs 1000 crore with Net
Profit margins at about 15-18% i.e. Rs 150-180 crore.

Scrip REC LTD
Industry: Finance
CMP : Rs. 159.05
52-W Range: Rs.165-53
Trailing PE: 10.6x
Target: Rs.180
Rationale: REC reported 38% rise in its standalone net sales to Rs.1337 Crores and
65% jump in its net profit to Rs.388.04 crores for Q4 FY09.The Company is planning
to raise around Rs. 3000 crore by selling 20% equity stake either to QIP or through
follow on public issue for funding power projects.

Scrip BALRAMPUR CHINI
Industry: Sugar - integrated
CMP : Rs. 104
52-W Range: Rs. 110.45-29.30
Trailing PE: 17.13x
Target: Rs.115
Rationale: The company has recorded 15% growth in its standalone net sales to
Rs.355.06 crores for quarter ended Mar 09 on the back of higher sugar realization
though sales volumes were lower. The net profit of the company increased
marginally by 0.8% to Rs.66.19 crores(YoY). With sugar production is estimated to
be lower, we expect sugar prices to remain firm in the coming days, which in turn will
boost the revenues of the company.

Scrip: YES BANK
Industry: Banking
CMP: Rs.139.90
52-W Range: Rs.149-40.60
Trailing PE: 13.67x
Target: Rs.155
Rationale: The company’s interest income for the Q4FY09 is increased by 46.40%
(YoY) to RS.566.31 crores and net profit is increased by 24.20% (YoY) to Rs.80.11
crores. It has plans to enter into retail brokerage business, which would widen its feebased
income and mobilise low-cost deposits. Further it is it will raise USD 400 million
by means of equity through a follow-on public offer and debt.

Scrip: CANARA BANK
Industry: Banking
CMP: Rs. 255
52-W Range: Rs.298-136.45
Trailing PE: 5.21x
Target: Rs.293
Rationale: The company’s interest income for the Q4FY09 is increased by 22.90%
(YoY) to RS.4653.88 crores and net profit increased by 54.90% (YoY) to Rs.718.81
crores. Canara Bank is expecting a 21-22 % growth in advances this fiscal as against
29% in FY09 and hopes to maintain net interest margin of 2.8 % in 2009-10. Further
it is willing to acquire a bank in India to increase its size and presence.

Scrip: POLARIS SOFTWARE
Industry: Software
CMP: Rs.105.50
52-W Range: Rs.115.40-25.20
Trailing PE: 6.17x
Target: Rs.120
Rationale: The Company’s stand alone net sales increased by 18% (YoY) to
RS.337.25 crores for Q4FY09 and net profit increased by 156% (YoY) to Rs.48.81
crores. It is setting up a centre of excellence for insurance near Chennai with an
investment of around Rs 100 crore. The centre would help the company strengthen
the insurance business, which contributed Rs 95 crore to the turnover last year. The
company has set a target of Rs 250 crore over the next three years from this
segment.

Scrip: PUNJAB NATIONAL BANK
Industry: Banking
CMP: Rs.625
52W Range:Rs.425-286
Trailing PE: 6.6x
Target: Rs.670
Rationale: The Company’s interest income for the Q4FY09 is increased by 35.10%
(YoY) to RS.5242.57 crores and net profit is increased by 59.20% (YoY) to Rs.865.57
crores. It is collaborating with the US-based $1.3-billion MoneyGram International to
increase its business through remittance services. This will be offered from the bank’s
4,600 branches in the country and through partners such as UAE Exchange and
Financial Services and Thomas Cook India.


Strategy to be followed:
 Buy on every decline and sell on every rally.
 However, given the current high volatility of the markets, investors are
advised to take a long-term investment perspective.
 Investors are advised to book profit even when the stock reaches 60-70% of
the target
 Diversify your portfolio as it reduces the risk

Research - calls of the day

RESEARCH -Nifty (FUT) R- 4295/4345/4465 S- 4175/4105/3985; Sensex
(CASH) R- 14475/14620/15000 S- 14095/13870/13490; MARKET OUTLOOK:
RANGE BOUND (09.03A)

RESEARCH: MARKET OUTLOOK: Markets to remain rang bound between 4140 – 4350 levels. The NIFTY has resistance at 4265 and 4300. Above this level, it could test at 4352. On the downside, the support will be at 4175 and 4143. Below this level, it may test at 4115. Trade cautiously as volatility may remain high. Short covering can be expected in the later part of the day.

11:38 AM 6/24 RESEARCH: SHORT-TERM FUNDAMENTAL CALL : BUY ORCHID CHEM CMP 102 TGT 107 SL 99.50

12:24 PM 6/24 RESEARCH: INTRADAY CALL (CASH): REENTER APTECHT BUY ABOVE 155 TGT 161 SL 151

1:28 PM 6/24 RESEARCH: INTRADAY CALL (CASH): BUY TATA COMM ABOVE 460 TGT 474 SL 453

2:48 PM 6/24 RESEARCH: INTRADAY CALL (CASH): APTECHT TGT ACHIEVED

Reliance has resistance at Rs 2080-2100: Mohindar

Rahul Mohindar of viratechindia.com is of the view that Reliance Industries has resistance at Rs 2080-2100.

Mohindar told , "I think Reliance, I probably feel Rs 2,080-2,100 and if we get to that spot we will see a good bit of resistance. Reliance could be in a more trouble in the short-term and could even inch down to something like Rs 1,900-1,950 is what I would estimate."

Disclosure: It is safe to assume that analyst and his clients may have an investment interest in the stocks/sectors discussed.

Share Price Movement During The Last 12 Months
Period Price Latest Price Gain/Loss (Rs.) % Gain/Loss
3-Days 2024.95 2016.05 -8.90 -0.44
5-Days 2141.60 2016.05 -125.55 -5.86
7-Days 2180.45 2016.05 -164.40 -7.54
15-Days 2188.90 2016.05 -172.85 -7.90
1-Month 2183.10 2016.05 -167.05 -7.65
3-Month 1439.80 2016.05 576.25 40.02
6-Month 1284.70 2016.05 731.35 56.93
9-Month 2037.15 2016.05 -21.10 -1.04
1-Year 2022.20 2016.05 -6.15 -0.30

Fibonacci Support and Resistance_24062009

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Buy Suzlon Energy on dips: Bose

Technical Analyst, Rajat K Bose is of the view that one can buy Suzlon Energy on dips.

Bose told , "Suzlon Energy long term looks pretty bullish technically. If there is a dip then that would be a good buying opportunity because medium term target would be Rs 135-140 for a minimum. I do not expect it to really go below Rs 93-91 kind of range and if we get a dip further towards say double digit levels of Rs 99-98 that would be a good buying opportunity because you are actually placing a stop below Rs 90 and keeping a target of Rs 135-140. So maybe it is not a buy right now but somewhat at lower levels definitely I would like to consider buying it."

Disclosure: It is safe to assume that analyst and his clients may have an investment interest in the above stock/sector.

Nifty may test but won't breach 4,000: CLSA

Laurence Balanco of CLSA said support for the Nifty stood between the 4,000 and 4,100 level. “That level is a key support that dates back to the lows we saw in 2007-08,” Balanco said. “It’s also the breakaway gap that we saw post the elections. I think we will see a pullback and a test of that level. However, I would expect that level to hold in the short term.”

Here is a verbatim transcript of Laurence Balanco’s exclusive interview

Q: What’s your short-term outlook on what’s happening with the Sensex and the Nifty?
A: Looking at the Nifty, there is more risk towards the 4,090 level — that’s a key support level that dates back to the lows we saw in 2007-08. It’s also the breakaway gap that we saw post the elections, so the 4,000 level is an important psychological number. I think we will see a pullback and a test of that level. However, I would expect that level to hold in the short term.
Q: What about the global indices, the S&P closed below 900 yesterday after quite a while, any signs of a breakdown or you are reading it just as a re-tracement?
A: I am looking at a re-tracement at this level, the key technical level sits at 875 and that level dates back to the January and February peaks and also the lows that we saw in May. So that’s quite a significant level to look at. As long as S&P holds that level, I would still look for a move up to the 1,000 mark before we see the risk of a pullback towards 800. As long as 875 holds, the potential up-move to 1,000 is still valid.
Q: Corresponding with that, you think the Nifty might find support at 4,000-4,100 and pull back to take out its recent high of 4,600-ish, or is that being too optimistic?
A: The roadmap which we are looking towards the Nifty is the 4,200-4,100 area and the support level to hold and look for a retest of the peak — if not a move towards 5,000-5,500. India is one of the markets within Asia that we think has potential to at least take out new highs for the March lows. We have seen markets with similar structure like Taiwan, we have also seen that come back and follow up with a breakaway gap and we would look for those two markets to lead the recovery towards a new half or the March low. The key is that the S&P can hold 875, so those two markets look likely to retest the peaks at least.
Q: The doomsday scenario in the market’s mind is if the S&P were to go back to 666, even on a medium-term basis, how probable or improbable does that seem to you?
A: If you look at the longer-term structures, particularly for the US markets, I would still classify them as a secular bear market and if we go back to the basis of technical analysis, which started with the Dow theory, the sell signal that was in place from November 2007 is still in place. The recent rally that we have seen in the US had the Dow Jones Industrial making a high towards a January peak but the transports failed to confirm. I would still classify the US markets in a secular bear market. The other simple theory one can throw into the US is that talks about holding above the 200-day moving average (DMA) and the simple 200 DMA hasn’t changed direction to up. The 200 exponential moving average (EMA) has been a strong resistance with the S&P at 940. So the longer-term structure for the US markets is still bearish and the retest of those lows are probably but I think that happens in the next six months, probably not, but I think but what lies ahead for that market is the large sideways trading range that eventually lands up retesting those lows.
Q: Your thoughts on what’s been happening with crude and what kind of targets you see over there?
A: if we go back to December 2008 on the chart, the basic pattern developed below USD 50 per barrel and we broke above that in May and the minimum upside target that we are looking for that base break was between USD 71-76 per barrel. We think the biggest part of that move is now done and any rebound back towards USD 72-73 per barrel would be an opportunity to reduce exposure. The upside is quite limited at the levels we are looking at — above USD 70 per barrel.
Q: So net-net you are saying that this is not the big sell-off which people have been fearing after this massive rally, you are saying there is one more leg-up before any kind of a bigger correction seeps in globally and in India?
A: 875 is the key level we are watching on the S&P: if it holds, we would expect one more leg-up to mark the peak of this move for the Asian markets. For the October lows and for the developed markets are off the March lows would look at a seasonal weak pattern coming through into August-September. If that happens, then the pullback happens on lower volumes, one could start to get more interested in the market for another rally attempt but if we see a volume turnaround, I think the higher probable pattern over a six month period is a large trading range.
Q: What are you seeing on the charts of influential markets like Shanghai and Hang Seng as well which we take cues from?
A: The Hang Seng is testing quite a key support level at 17,500, if we do close below that level, this will trigger a minor double top pattern and that would suggest weakness down to 16,100. As far as the Shanghai market goes, that is still in an uptrend, the concern is that momentum continues to dissipate so each new high made by the Shanghai Composite is not being confirmed by those momentum indicators. We think that trend is quite mature and we would recommend taking some profits on the Shanghai Composite there.

ABG Shipyard makes counter offer for Great Offshore

ABG Shipyard has made a counter offer for Great Offshore at Rs 375 per share.

reported on June 1 that ABG Shipyard had intentions to acquire a significant stake in Great Offshore. Back then, it appeared difficult for a player with about 2% stake in the company to challenge a player that has about 15% stake in the company (Bharati Shipyard) but it has released its business offer in a leading business daily. ABG Shipyard says it wants to acquire a 32.1% stake in Great Offshore at a price of about Rs 335 price — this is at a discount of the current market price.
How does it affect involve the three entities: for Great Offshore, the news is positive because the asset is being seen as a premium asset by many shipyard players.
For Bharti Shipyard, life gets a bit difficult because it has already made an offer at Rs 344 per share compared to ABG Shipyard’s Rs 375.
ABG Shipyard’s CFO, on the other hand, went on record to state that the company had no intention to acquire Great Offshore.
ABG Shipyard has a debt position of about Rs 1,600 crore of which about Rs 900 crore is capex and about Rs 600 crore is working capital. So a Rs 471 crore offer definitely stretches its balance sheet, its debt to equity is about 1.85. It has indicated that it will be raising about Rs 450 crore via a QIP.
So even as ABG Shipyard looks to acquire 32.1% in Great Offshore, it remains to be seen how things pan out for Bharti Shipyard.

Daily View

RESEARCH -Nifty (FUT) R- 4270/4320/4400 S- 4190/4140/4010; Sensex
(CASH) R- 14420/14575/14820 S- 14175/14025/13625; MARKET OUTLOOK:
NEGATIVE BIAS (9:00A)

(6/23/2009 9:46:24 AM): RESEARCH: MARKET OUTLOOK: Overall market trend is likely to remain uptrend. If NIFTY breaks the key support level of 4092 on daily closing basis, then the downtrend decider can be expected to capture the market. As for intraday’s trade, the support zone for NIFTY is seen at 4206 and 4189. Below 4115 levels, then it could test at 4092. On the higher side, the resistance will be at 4266 and 4300. Banking stocks are looking more demand and investors are advised to buy on every dip.volatility may remain high ahead of F&O expiry.

6/23/2009 9:47:45 AM): RESEARCH-Global Market (in %): DOW JONES (-2.35%), S&P 500 (-3.06%), NASDAQ (-3.35%), FTSE (-2.57%), DAX (-3.02%), NIKKEI (-2.9%), HANG SENG (-3.18%) & SGX NIFTY (-80 POINTS)

(6/23/2009 12:05:32 PM): RESEARCH- INTRADAY CALL (CASH) : BUY RPOWER ABOVE 170 TGT 175 SL 167.50

(6/23/2009 1:32:17 PM): RESEARCH - INTRADAY CALL ( CASH ) : SHORT SELL IVRCLINFRA BELOW 288 TGT 275 SL 294

Reliance has support at Rs 1850: Gujral

Technical Analyst, Ashwani Gujral is of the view that Reliance Industries has support at Rs 1850.

Gujral told , "Rs 1,970-1,980 is sort of the place from where that big gap happened on that post election results day, it is right there at that point, it's filled up its gap. Now it is at a clear support, if it holds up and Reliance comes back, the market will come back. But chances are once something fills a gap, it tends to go down bit further and the next support could be Rs 1,850. And with so close to a key market support 4,100 that if something goes wrong, the market could try to fill up its gap and that becomes a very clear possibility so people should keep 4,100 stop on all positions."

Disclosure: It is safe to assume that analyst and his clients may have an investment interest in the stocks/sectors discussed.


Hold Reliance Industries, says Choksey

Deven Choksey of KR Choksey Securities is of the view that one can hold Reliance Industries.

Choksey told , "In Reliance the news flow is negative and it is going to continue for some more time till Supreme Court (SC) judgement is out. If one wants to pick up the momentum this is not the right time. Probably one will have to wait for better news flows to come in and then start buying this particular counter. If you are an investor, already invested in this particular company, one shouldn’t be unduly worried about this particular company’s business future etc."

He further added, "My own take is that SC judgement would probably give lot of clarity on whatever the issues are. High Court (HC) judgement also is largely to do with the family settlement of this particular dispute. So maybe economic interest on this particular subject would be an area where SC is going to be throwing more light on. So I would stay invested with my long-term investment portfolio and for momentum to build up, I think I will wait for some better news flows to come in and then probably buy. As of now I think hold as far as buying decision is concerned."

Disclosure: It is safe to assume that analyst and his clients may have an investment interest in the above stock/sector.

Fibonacci Support and Resistance_23062009

Fibonacci Support and Resistance_23062009

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http://www.4shared.com/file/113398383/237af38b/Fibonacci_Support_and_Resistance_23062009.html

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Decision on Future Ventures' IPO in 30 days: Kishore Biyani

Kishore Biyani, Managing Director of Pantaloon Retail (India) Limited, said the company was mulling an initial public offer for Future Ventures, and that a decison on the same would be taken in 30 days.
Biyani said he was looking to raise Rs 2,000 crore through the IPO and added he would put the money to use for new ideas.
“We are looking at reorganising the group business and consolidate retail under the financial business,” Biyani said, adding that the company would unfold plans to realign businesses in the next few weeks.

Q: Are you going to go ahead with the IPO and what is the exact quantum that you seek to raise?
A: I think we have started working on drawing board of how we can look at IPO of Future Ventures. So definitely something is on the cards but we will take a decision in the next 30 days and the original quantum will get reduced. We are still working on the final numbers. But we are looking at some form of IPO for Future Ventures because that is one of our largest dreams. Lot of people can participate in the growth of the consumption story. We have some big plans on Future Ventures but we will unfold it in the next few days.
Q: We hear that even if the trim down version of the IPO should be Rs 2,000 crore plus, what would you need to raise that kind of money for and will any of that money come into any of your group companies?
A: No, that is not the idea. The idea is to fund or be a mentor capitalist to a lot of consumption stories in the country. The idea is also to look at partnering with various partners in building up the consumption theme in India and also building up new projects. Maybe we might look at entry into our own brand of airtime along with somebody and they might be funded by this. So, we are looking at some big ideas to be funded out of this Future Ventures.

Nifty to reach 6000 if it crosses 4650: Rakesh Jhunjhunwala

n a candid interview with A news Channel, Rakesh Jhunjhunwala, one of India’s most respected equity investors, said the Sensex could go up to 20,000 and then slip into a trading range between 15,000 and 16,000. The benchmark index won’t hit 21,000 in a straight run though, the Big Bull said.
“If the Nifty breaks 4650 decisively and holds for a week or so, it could hit 5900-6000,” Jhunjhunwala said. The markets would consolidate between 4,000-5,000 for three-four years, he added.
The correction seen in the latter part of 2008, he said, was a part of a major bull run that continues and which started in September 2001. “The bull market started in September 2001. We had the first leg up to September 2002 after which there was a correction. Then it started from April 2003, that leg lasted till 21,000,” the ace investor said. “That gets corrected back now to 7,500-8,000 and now we have resumed that bull market. So we can go to 20,000 and again come back to 16,000-15,000, make a range and then make a move which goes above 21,000.”

FIBONACCI LEVELS for 22-06-2009

ABOUT FIBONACCI LEVELS:
Fibonacci levels are basically Support and Resistance levels generated using 5-day’s chart (i.e) 5 day’s High, Low and Close. Hence they are more accurate than Pivot levels which are generated using previous day’s High, Low and Close.
Generally stocks look bullish above the previous day’s High and bearish below previous day’s Low. So Previous Day’s high is the minor resistance (MIR) for the scrip and the Previous Day’s low is the minor support (MIS) for the scrip.
Stocks look strong above the 5-day’s High and weak below 5-day’s Low. So Previous 5-day’s high is the major resistance (MR) for the scrip and the 5-day’s low is the major support (MS) for the scrip.
So,
MR INDICATES MAJOR RESISTANCE- 5 DAY’S HIGH
MS INDICATES MAJOR SUPPORT- 5 DAY’S LOW
MIR INDICATES MINOR RESISTANCE- PREVIOUS DAY’S HIGH
MIS INDICATES MINOR SUPPORT- PREVIOUS DAY’S LOW
SCRIP LOOKS BULLISH ABOVE PREVIOUS DAY’S HIGH
SCRIP LOOKS STRONG ABOVE 5 DAY’S HIGH
SCRIP LOOKS BEARISH BELOW PREVIOUS DAY’S LOW
SCRIP LOOKS WEAK BELOW 5 DAY’S LOW
LTP is the Last Traded Price for the scrip

HOW TO USE IT:
For e.g. For Aban Offshore June Futures LTP is 3480 .MS is 3235 which is the major support below which the stock is extremely weak and MR is 3579 which is the major resistance above which the stock is extremely strong.
Suppose the stock currently trades at 3510, above 3512 long position can be built for the first target of 3579 and if it cuts 3579 it can go up to the second target of 3645 and the stop loss can be placed at 3473. Since the trend is sideways it becomes bullish after it cuts 3505(MIR) and becomes extremely strong after it cuts 3579(MR) levels.




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Mahindra Holidays & Resorts India Ltd- IPO (Subscribe)

Company Profile
Mahindra Holidays & Resorts India Ltd (MHRIL) is incorporaed in 1996. MHRIL is an
established player in the leisure hospitality segment, and provides holidays through
vacation ownership memberships. The members enrolled for the company’s
offerings can reside at resorts in a range of locations, for a pre-determined number
of days for a fixed period.
MHRIL’s flagship brand is Club Mahindra Holidays, which has been selected as
Superbrand 2009. MHRIL has also introduced new vacation ownership offerings such
as Zest and Club Mahindra Fundays, Mahindra Homestays, travel and holiday related
services through club mahindra.
The cumulative member base increased to 92,825 in fiscal 2009 from 38,691 in
fiscal 2006. As of May 31, 2009, MHRIL has 96,067 members and 27 resorts across
India and Thailand, of which it own 11 properties and others are leased. About
35.18% of new member additions in FY09 came from referrals by existing members.

Objects Of The Issue

Investment Rationale

Market leader: It is one of the leading leisure hospitality providers in
India. The Club Mahindra vacation ownership members increased to 96067
members in May 2009 from 38,691 members in 2006.

Domestic expansion: The Company is expanding its network by launching
seven new projects at Pondicherry, Kumbhalgarh (Rajasthan),
Kodambakkam (Tamil Nadu), Binsar (Uttaranchal), Theog (Himachal
Pradesh) and Tungi (Maharashtra), which will increase its top line in the
long run.

Expanding internationally: It is in the process of evaluating markets such
as South Africa and China, and it has also plans for investment in Austria.
This will increase its member base and resort inventory thus resulting in
increased revenues.
Investment Concern

The company’s revenues are highly dependent on the travel industry and
declines in or disruptions to the travel industry, such as those caused by
terrorism, natural disasters, financial instability or a downturn in economic
growth, may adversely affect its financial condition and results of
operation.

Industry Profile

The domestic trips are expected to grow at a CAGR of 11.7% over 2007-
2012, to reach approximately 871 million trips in 2012 from 527 million
domestic tourists in the year 2007.Further the domestic tourism
expenditure is expected to rise to Rs 2,621.1 billion, growing at a CAGR of
13.6% over 2007-2012.


Valuation
The company has priced its issue at 29.02x of its FY09 earnings. The issue seems to
be normally priced compared with its peer. Further its consistence financial
performance, growing Indian economy and increase in consumer spending looks
attractive for the company. So we recommend to “SUBSCRIBE” the issue for long
term perspective and listing gains.

WEEKLY MARKET OUTLOOK-19062009

NIFTY remains in bull mood.!!! Considering the bull has a lot of force …
In the previous weekly market outlook letter, as we mentioned that NIFTY may
continue its bullish trend, but it has to grab relax point…!!! Of course…NIFTY
exactly grabbed it.
Going on to the GLOBAL face, the Asian equity indices NIKKEI & HANG SENG are
drastically down by more than 3% against previous week, after having failed to produce
a meaningful rebound on Wall Street due to profit booking. The weekly chart of most
global equity indices are signaling that an uptrend can continue for few more weeks.
On the domestic wall, as of last week, the market shadow climate was characterized by
heavy selling by foreign institutional investors and profit booking by domestic investors.
Overall NIFTY is likely to remain in BULL mood and the short-term bull mood will face
resistance at 4601 and then 4693 levels. NIFTY technically created lower top lower
bottom formation over the last five trading sessions, which suggests pessimistic signal.
At the same time, the bull has a lot of force behind the bear when market is in uptrend.
So one can go fresh long if NIFTY trades above 4375 levels on expectations of short
covering. Above 4494 levels, NIFTY can move towards 4537 and 4601 levels. Looking
at the downside, the support zone for NIFTY is seen at 4206 and 4092 levels. If NIFTY
crosses this level, then the downtrend decider can be expected to capture the market.
What about Futures & Options market…!!! The fall in Nifty open interest put call ratio to
below one against last week denotes reduction in short positions in the market.
Generally if PC Ratio is below one, it indicates market is in oversold zone. Hence an
upside bounce back can be expected at any time on NIFTY due to short covering. The
INDEX open interest increased by 14.70% (WoW) while the June contract price was
down by roughly 5.73%, suggesting that short positions has build up in the NIFTY JUNE
contract. The weekly average cost of carry was positive and NIFTY June futures trading
at premium against spot market, suggest positive signs. The weekly average Implied
Volatility (IV) of all INDEX call and put options increased by 6.15% and 5.46%
respectively. This could be due to the expectations about a limited upside and downside
movement in the INDEX. Considering the above said F&O factors, investors are
advised to go fresh long if NIFTY trades above 4375, until then trade cautiously.







MARKET ANALYSIS

The investors seem to have booked profits after the recent solid surge in the stock
prices. The domestic stock market closed on a weak note for the week on back of
heavy selling pressures across the sectors. Weak global cues and Foreign Institutional
selling during the week weighed on the markets, bringing them down by about 5%.

Result

We advised few delivery trades on tuesday, when market was at 4500 abt levels..

Today market touched a low of 4200 Currently at 4300.. 7%+ decline in markets..

OUR STOCKs... LOOK AT THEM.. ALLL UP FROM COST...

SUNPHARMA

AXISBANK

BHARTIARTL

GVKPIL

Intraday Call

Buy HDFC Above- 1553 TGT- 1560/1570/1585
SL- 1543 (CAsh- 14:06)

Stay Short on PANTALOON @ Rs.309.0, Stop Loss :Rs.338.57

Stay LONG on L&T @ Rs.1448.90; Stop Loss : Rs.1347.23

Stay LONG on DRREDDY @ Rs.737.00; Stop Loss : Rs.677.78

RESEARCH- INTRADAY CALL (CASH) : IVRCLINFRA TGT OF 288 ACHIEVED.GIVEN AN INTRADAY RETURN OF 7%.

RESEARCH: INTRADAY CALL (CASH): SHORT SELL LITL BELOW 330 TGT 313 SL 335

2:51 PM 6/19 RESEARCH: INTRADAY CALL ( CASH ): BUY WIPRO ABOVE 380.50 TGT 403 SL 376


2:55 PM 6/19 buy ofss for btst @ 1220-1223

Delivery call- Short term

Buy BankofIndia @ 337 SL-328 TGT-347 (2 Days hold) Cash (14:11)

Reserch -Today view-19th june

RESEARCH: MARKET OUTLOOK: On the F&O front, an increased in open interest along with negative price movements suggests that short positions build up in the June NIFTY contract. The NIFTY PUT – CALL ratio of open interest is in OVERSOLD zone indicating an upside bounce back can be expected on NIFTY at any time.Technically, overall market trend is likely to remain uptrend. As for intraday’s trade, market may open flat topositive and it can be expected to trade higher levels. The NIFTY has resistance at 4355 and 4375. If it breaks this level, itcould test at 4464. On the downside, the NIFTY is likely to test support at 4222 and 4189. Below this level, then Nifty maydrag to 4115. Short covering can be expected above 4375 levels.

10:18 AM 6/19 RESEARCH- INTRADAY CALL (CASH) : BUY SBIN ABOVE 1741 TGT 1793 SL 1710

11:47 AM 6/19 RESEARCH: INTRADAY MARKET OUTLOOK: THE NIFTY IS LOOKING RANGEBOUND BETWEEN 4250 - 4310 LEVELS. IF NIFTY MOVES BELOW 4250 THEN IT MAY TEST AT 4220 AND 4180. ON THE OTHER HAND, IF NIFTY TRADES ABOVE 4310 THEN IT CAN MOVE TOWARDS 4375 AND 4420. SHORT COVERING CAN BE EXPECTED IN THE LATER PART OF THE DAY.

12:16 PM 6/19 RESEARCH: INTRADAY CALL (CASH): BUY MARUTI ABOVE 1057 TGT 1090 SL 1040

1:23 PM 6/19 RESEARCH : INTRADAY CALL ( CASH ) : SHORT SELL DLF BELOW 320 TGT 304 SL 325

CALL FOR THE DAY-19th June

CALL FOR THE DAY
BUY SBI IN CASH IN NSE ABOVE 1731,
WITH SL OF 1699, TGTS 1749/1765/1800

BUY COPPER MCX
ABOVE 242.60 SL
239.45 TGT
244.20/246.40.

IMPORTANT LEVELS ( BULLIONS)
GOLD :
GOLD RESISTANCE AT 14650, SUPPORT AT 14500.
SILVER:
SILVER RESISTANCE AT 22950, SUPPORT AT
22400.
COPPER:
COPPER RESISTANCE AT 242.60, SUPPORT AT
236.70.

Shanghai weekly inventory: Copper +7889, Zinc+3543 and Aluminium +11873.

FIBONACCI LEVELS- 19-06-2009

ABOUT FIBONACCI LEVELS:
Fibonacci levels are basically Support and Resistance levels generated using 5-day’s chart (i.e) 5 day’s High, Low and Close. Hence they are more accurate than Pivot levels which are generated using previous day’s High, Low and Close.
Generally stocks look bullish above the previous day’s High and bearish below previous day’s Low. So Previous Day’s high is the minor resistance (MIR) for the scrip and the Previous Day’s low is the minor support (MIS) for the scrip.
Stocks look strong above the 5-day’s High and weak below 5-day’s Low. So Previous 5-day’s high is the major resistance (MR) for the scrip and the 5-day’s low is the major support (MS) for the scrip.
So,
MR INDICATES MAJOR RESISTANCE- 5 DAY’S HIGH
MS INDICATES MAJOR SUPPORT- 5 DAY’S LOW
MIR INDICATES MINOR RESISTANCE- PREVIOUS DAY’S HIGH
MIS INDICATES MINOR SUPPORT- PREVIOUS DAY’S LOW
SCRIP LOOKS BULLISH ABOVE PREVIOUS DAY’S HIGH
SCRIP LOOKS STRONG ABOVE 5 DAY’S HIGH
SCRIP LOOKS BEARISH BELOW PREVIOUS DAY’S LOW
SCRIP LOOKS WEAK BELOW 5 DAY’S LOW
LTP is the Last Traded Price for the scrip

Mkts to see 10-15% consolidation before Budget: Anand Rathi

Speaking on the FII selling that’s taking place, Ratnesh Kumar of Anand Rathi Securities said that after the run in the markets in the last few months some amount of profit-booking was inevitable.
With regard to the expectations from the Budget and markets’ performance, Kumar said that some amount of cut in the rally is expected. He feels the market may see a 10%–15% consolidation prior to the Budget.

Mkt may correct further; buy at 4100 Nifty: Emkay

The Indian markets have been in a consolidation phase for a while. Krishna Kumar Karwa, MD, Emkay Global Financial Services, said that the Nifty would find strong support at 4,100 for the next 10-15 days, adding that he did not see any aggressive positive news flows in the near term. Karwa said valuations were currently rich and the consolidation and price correction were justified.
Karwa recommended entering the market once it fell to 4,100 as the outlook for the market in the long term was positive given that the Indian economy would grow 6-7% and corporate earnings were likely to jump around 15% higher. He added that he saw no upside beyond 4,500 in the Nifty now.

CALL FOR THE DAY-18th june

SHORT ITC IN CASH IN NSE BELOW 191.90
WITH SL OF 196, TGTS 188.50/187/184.50

June USDOLLAR Buy @ 48.2700 SL 48.00 trg 48.50/48.65/48.75.

Money Morning 18-06-2009

MONEY MORNING
18 JUNE 2009


Following two days of steep losses, U.S stocks saw a lackluster outing
on Wednesday, with the major averages finishing on opposite sides of
the unchanged line as mixed trader sentiment regarding near-term
economic prospects and proposed financial system reforms from the
Obama administration weighted on the markets. While Dow Jones
dropped marginally by 0.09%, NASDAQ gained marginally by 0.66%.
Asian bourses are trading mixed with Nikkei down by 1.80%, Hang
Seng down by 1.23% and Singapore Nifty up by 20 points.

With mixed global cues, the domestic bourses might trade range bound
for the day. Technically spot nifty may take resistance at
4470/4585/4770 levels and support at 4285/4215/4035 levels.
POST-MARKET ANALYSIS:

Weak global cues and selling by foreign funds in last two days weighed
on investor sentiment, as the key benchmark indices tumbled recording
their steepest drop in seven weeks. While Sensex dropped 2.91%, Nifty
plunged 3.58%.

FIIs’ were net sellers both in equity and derivatives.

ADRs: Satyam Computers. (-8.16%), Tata Motors (-3.88%), Sterlite Ind.
(-2.74%) and Dr. Reddy’s Lab (+3.59%)

NEWS TO USE:
POSITIVE


FORTIS HEALTHCARE has emerged as the lead bidder to acquire a
part of Wockhardt Hospitals.

TATA ELXSI will aggressively pursue projects in the automotive and
aerospace sectors into fiscal 2010.

YES BANK would soon enter into retail brokerage business, which
would widen its fee-based income and mobilise low-cost deposits.

OMAXE has bagged a contract worth Rs 128.34 crore from UP Projects
Corporation Ltd for various construction related works.

BPCL has entered into an agreement with Engineers India Ltd for
commercializing the in-house technology developed by BPCL- Kochi
Refinery for removing hydrogen sulphide gas produced when crude oil
is heated to high temperature.

NEUTRAL
WOCKHARDT has sold its German subsidiary Esparma to another German company, Lindopharm
GmbH, a move that is in line with its plan to divest non-core businesses.

JET AIRWAYS and Kingfisher Airlines, have increased their fuel surcharge by Rs 400, as a result of
successive increases in the prices of Aviation Turbine Fuel (ATF).

M&M is betting its diesel pickup trucks can beat the Chinese to the US market.

The Ministry of Petroleum and Natural Gas has gone ahead and directed RIL to make additional
allocation of natural gas from its K-G basin find to nine power companies from the surplus available
because of no or low offtake by fertiliser units.

Daiichi Sankyo, the majority shareholder in Indian pharma major RANBAXY LABORATORIES, plans
to raise 100 billion yen through public issue of bonds.

SAIL has sought an increase in import duty on steel to discourage cheaper arrival of the commodity,
which has seen a surge in recent times, from countries like China and Ukraine.

JINDAL POWER is planning to launch an initial public offer (IPO) this financial year to part finance the
expansion programme of the parent firm.

Steel czar Lakhsmi N Mittal and partners OIL AND NATURAL GAS CORP (ONGC) and Total SA of
France will invest $150 million in exploration of oil in Nigeria.

MAN INDUSTRIES India is shelving its plan to build a $100-million plant in Arkansas, a year after
announcing the project that would have created over 250 jobs.

Textiles Minister Dayanidhi Maran pitched for a stimulus package for the textiles sector, which has
witnessed several job losses and negative growth owing to the slowdown in the major markets of the
US and EU.

SYNDICATE BANK has raised Rs 200 crore through issue of unsecured non-convertible sub-ordinated
debt (eligible for lower Tier-II capital).

HDFC and HDFC BANK are set to reduce interest rates on term deposits by up to 25 basis points

SBI is readying merger plans for two of its little-known subsidiaries, restarting a slow-moving and
controversial effort to consolidate its operations.

RCOM is in advanced with Franco American Alcatel-Lucent for a $500 million outsourcing deal to
manage its 70,000 – 80,000 kms of fibre optic cables across the country.

NALCO will take up after September the process of preparing a detailed project report for its proposed
2.5-lakh-tonne smelter unit in Indonesia, estimated to cost Rs 3,000 crore.

Reserch -Today view-18th june

9:48 AM 6/18 RESEARCH -Nifty (FUT) R-4475/4600/4795 S-4275/4200/4005 ; Sensex (CASH) R-14865/15205/15750 S-14315/14110/13560 ; MARKET OUTLOOK: RANGE BOUND

11:28 AM 6/18 RESEARCH: INTRADAY CALL(CASH): SHORT SELL PRISMCEM BELOW 36.90 TGT 35.70 SL 37.50

12:00 PM 6/18 RESEARCH - INTRADAY CALL (CASH) : SHORT SELL PUNJLLOYD BELOW 191.30 TGT 182 SL 195

in dips buy PTC,HDIL..........nifty fut looks bullish above 4365 below 4325 break

End of Phase 1- Bear Market

End of 1st phase of Bear Cycle

We look to come to an end of the 1st phase of Bear cycle. A correction of 20% starting anytime cannot be ruled out. And for the next 3months, equities will be allowed to take some rest to prepare for the next phase.

In the mean time, where will the capital go?? The answer is commodities. Crude, the premier target. $91 soon. If breaks 92-95 then we are going in for some major downturn. Expect 140 soon. Mostly, looks like upside capped at 91 but IF crosses 95 and rallies then this time, crude may goto 140-155 and we may head lower than March lows(equities).

Stocks that are good: Let the market correct and stocks which are into mining, oil exploration and Importers of goods and services(Dollar index looks to be a great shorting oppurtunity)

All the things have happened in a series, first Large cap gave their bit, then midcaps and then small caps. Seeing that people have been motivated by the exposure in the markets.

This phenomenan is not only common in bear markets but also in bull markets. Its a cycle that goes on in every market of the world.

There is a second thoughts to this study as we have elections round the corner. Exhaustion patterns are visible like the ones when nifty was at 5700. Exhaustion looked but we ran upto 6300 only to correct at higher levels. Or we can go down from here also.

Comments and views welcome

Possibile Directions to the Market after Elections

Possible Directions to the market after Elections

If we dont consider fundamental news and purely on technicals. (Things have been divided on positive movement and negative movement)

Positive:
Probability 1
If nifty opens below 3695 and goes on to cross 3730 then we can see something 3770 3830. Crossing 3830 is very difficult. this would open a target of 4000 4500 on nifty.

Possibility 2
We open gap up above 3730. Then we may have a rally for 3770 3830 but a drastic fall to 3400 would not be ruled out.

Negative
Possibility 1
We open gap down till 3630 and continue our slide downwards. Breaking of 3529 will give us a target of 3328 and 3000.

Possibility 2
We open gap down below 3598 and continue our slide downwards. breaking of 3529 will give us a target of 3476 3328. But most probably we would recover from 3476 and would give a very strong pullback to 3630 levels.

Reserch- Stocks For delivery

Buy Recomaddation for the Delivery-
GVKPIL
Axis BANK
Sun Pharma
Bharti

Fibonacci supports and resistance For 18-06-2009

FIBONACCI LEVELS
18 JUNE 2009

ABOUT FIBONACCI LEVELS:
Fibonacci levels are basically Support and Resistance levels generated using 5-day’s chart (i.e) 5 day’s High, Low and Close. Hence they are more accurate than Pivot levels which are generated using previous day’s High, Low and Close.
Generally stocks look bullish above the previous day’s High and bearish below previous day’s Low. So Previous Day’s high is the minor resistance (MIR) for the scrip and the Previous Day’s low is the minor support (MIS) for the scrip.
Stocks look strong above the 5-day’s High and weak below 5-day’s Low. So Previous 5-day’s high is the major resistance (MR) for the scrip and the 5-day’s low is the major support (MS) for the scrip.
So,
MR INDICATES MAJOR RESISTANCE- 5 DAY’S HIGH
MS INDICATES MAJOR SUPPORT- 5 DAY’S LOW
MIR INDICATES MINOR RESISTANCE- PREVIOUS DAY’S HIGH
MIS INDICATES MINOR SUPPORT- PREVIOUS DAY’S LOW
SCRIP LOOKS BULLISH ABOVE PREVIOUS DAY’S HIGH
SCRIP LOOKS STRONG ABOVE 5 DAY’S HIGH
SCRIP LOOKS BEARISH BELOW PREVIOUS DAY’S LOW
SCRIP LOOKS WEAK BELOW 5 DAY’S LOW
LTP is the Last Traded Price for the scrip
HOW TO USE IT:
For e.g. For Aban Offshore June Futures LTP is 3480 .MS is 3235 which is the major support below which the stock is extremely weak and MR is 3579 which is the major resistance above which the stock is extremely strong.
Suppose the stock currently trades at 3510, above 3512 long position can be built for the first target of 3579 and if it cuts 3579 it can go up to the second target of 3645 and the stop loss can be placed at 3473. Since the trend is sideways it becomes bullish after it cuts 3505(MIR) and becomes extremely strong after it cuts 3579(MR) levels










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Research- Today view

FII's are continuous sellers for the past 3 days because there is a PROPOSAL to bring lock in period for FII investments in INDIA

9:46 AM 6/15 RESEARCH -Nifty (FUT) R-4625/4675/4755 S-4535/4485/4355 ; Sensex (CASH) R-15340/15500/15765 S-15075/14910/14485 ; MARKET OUTLOOK: RANGE BOUND
9:47 AM 6/15 RESEARCH-Global Market (in %): DOW JONES (+0.32%), S&P 500 (+0.14%), NASDAQ (-0.19%), FTSE (-0.45%), DAX (-0.74%), NIKKEI (-0.94%), HANG SENG (-1.57%) & SGX NIFTY (-56 POINTS)
9:47 AM 6/15 RESEARCH -ADRs: ADRs: Satyam Computers (-14.65%), MTNL (-7.54%), Wipro (-4.88%) and Tata Comm. (-4.04%)
10:39 AM 6/15 RESEARCH: SHORT-TERM FUNDAMENTAL CALL : JKLAKSHMI CMP 109.65 TGT 116 SL 107
10:46 AM 6/15 RESEARCH : INTRADAY CALL (CASH): BUY DLF ABOVE 371 TGT 385 SL 365
10:46 AM 6/15 RESEARCH : INTRADAY CALL ( CASH ) : BUY JSW STEEL ABOVE 694 TGT 718 SL 683
10:47 AM 6/15 RESEARCH: SHORT-TERM FUNDAMENTAL CALL : BUY RANBAXY CMP 291.5 TGT 308 SL 283
10:49 AM 6/15 RESEARCH : INTRADAY CALL ( CASH ) : BUY HDIL ABOVE 260 TGT 270 SL 255
10:54 AM 6/15 RESEARCH : INTRADAY CALL ( CASH ) : BUY LITL ABOVE 390 TGT 405 SL 382
10:56 AM 6/15 FUNDAMENTAL CALLUY JP ASSOCIATE CMP 215.60 TARGET 225 SL 205
10:57 AM 6/15 RESEARCH: SHORT-TERM FUNDAMENTAL CALL : BUY DEEPAK FERT ABOVE 95 TGT 99.75 SL 92.45
11:00 AM 6/15 RESEARCH : INTRADAY CALL (CASH): BUY ABAN ABOVE 1027 TGT 1058 SL 1011
11:03 AM 6/15 RESEARCH: SHORT-TERM FUNDAMENTAL CALL : BUY IOB CMP 84.20 TGT 89.4 SL 81.5
11:22 AM 6/15 RESEARCH : INTRADAY CALL (CASH): BUY RCOM ABOVE 339 TGT 354 SL 334

Money Morning 17-06-2009

Wall Street extended the pullback on Tuesday after news of a seventh
straight monthly drop in industrial production overshadowed better-thanexpected
reports on home construction, building permits and inflation.
While Dow Jones fell 1.25%, NASDAQ plunged by 1.11%. Asian
bourses are trading in the mixed with Nikkei up by 0.40%, Hang Seng
down by 1.39% and Singapore Nifty down by 27 points.

Though global cues point to possible negativeness, considering
technical aspects the domestic bourses might trade range bound for the
day. Technically spot nifty may take resistance at 4570/4620/4750
levels and support at 4435/4355/4225 levels.

POST-MARKET ANALYSIS:


Though, following negative global cues markets opened gapped down,
they soon recovered with buying seen in banking, PSU, power and
metal stocks. The key benchmark indices Sensex and Nifty gained
marginally by 0.55% and 0.75% respectively.

FIIs’ were net sellers both in equity and derivatives.

ADRs: Satyam Computers. (+13.95%), Patni Computers (-4.31%),
Sterlite Ind. (-3.63%) and Wipro (-3.51%)

NEWS TO USE:

Positive



POWER GRID standalone net profit increased by 16.72% (YoY) to
Rs.1690.61 crore for FY09. Net sales rose by 44.66% (YoY) to
Rs.6675.85 crore.

IVRCL INFRA’s buildings, power and roads divisions has bagged
several orders valued at Rs 432.36 crore, including structural works
from the Uranium Corporation of India Ltd (UCIL) for their upcoming
project in Andhra Pradesh.

TITAN INDUSTRIES has set a goal of crossing the USD 1-billion
turnover in the current fiscal.

DR REDDY’S (DRL) has announced a partnership with
GLAXOSMITHKLINE (GSK) Plc to develop and market select products
across emerging markets outside India. Under the terms of the
agreement GSK will gain exclusive access to more than 100 branded
pharmaceuticals of DRL.

The merger of Catholic Syrian Bank with FEDERAL BANK is expected to be through in a month.

NEUTRAL


After the Nano and the World Truck, TATA MOTORS is readying for yet another big-ticket launch. This
time, it will be on a ‘crossover’ sports utility vehicle (SUV) platform.

The Ministry of Petroleum and Natural Gas issued orders directing Reliance to sell 3.75 metric million
standard cubic metres per day (mmscmd) of gas to ESSAR STEEL, ISPAT STEEL AND VIKRAM
ISPAT.

RELIANCE NATURAL RESOURCES LTD (RNRL) has joined the race to hire the LNG terminal
adjacent to the Dabhol power plant to import liquefied natural gas (LNG) cargoes.

OPTO CIRCUITS INDIA LTD is planning to develop a single-product special economic zone (SEZ) at
Hassan at an investment of close to Rs 150 crore.

The construction work for the proposed 15 million tonne per annum (mtpa) refinery of the INDIAN OIL
CORPORATION LTD (IOCL) at Paradeep is expected to start in the first quarter of 2010-11.

CENTRAL BANK OF INDIA and ASHOK LEYLAND signed an agreement to provide loans for
commercial vehicles. Under the tie-up, Central Bank of India will provide loans for Ashok Leyland’s
customers at 100 basis points below its benchmark prime lending rate till March 31, 2010.

SESA GOA is looking to raise about Rs 583 crore through issue of shares to the firm's promoters and
its associates.

JUBILANT ORGANOSYS LTD is looking at selling off its non-core business of industrial performance
polymers.

TradeDaily Currency Reports 17-06-2009

Global Markets:

The U.S. dollar fell across the board on Tuesday, pressured by
Russian angling for a new global reserve currency, while stocks
fell on renewed worries whether the ailing world economy was
on the path to recovery. Oil gave back early gains as the dollar
strengthened while U.S. Treasury bond prices rose after the
Federal Reserve bought a surprisingly large $6.5 billion in government
debt.
Concerns that the pace of economic recovery may be more
tepid than initially thought, forced a retreat in a broad equity
advance in Europe and the United States.
While U.S. housing starts in May rebounded and producer prices
rose less than expected, suggesting inflation pressures were
muted, another report showed industrial production logged a
steeper-than-expected slide last month. A Federal Reserve report
also said the capacity utilization rate in May for total industry,
a measure of slack in the U.S. economy, slumped to its lowest
on records dating back to 1967.
Other markets also flipped around midday as the perceived outlook
for the U.S. economy turned darker. The Dow average
closed down 107.46 points, or 1.25 percent, at 8,504.67.The
mixed bag of data was seen as positive for bonds, a traditional
safe haven, as it suggested there are ample hurdles the economy
must overcome before the recession can end.
The dollar fell on comments by Russian President Dmitry Medvedev
suggesting a need for a global reserve currency other than
the greenback. Gold rose in Europe, benefiting from its appeal as
a hedge against potential inflation on the upturn in crude prices.
Copper ended down as investors worried that a recent sharp
run-up in commodity prices might have exceeded fundamentals
in the face of the mixed economic data.


The INR: View Point

The Indian rupee recovered some of its early losses on
Tuesday, helped by fall in the dollar versus major currencies
and a rise in the domestic share market which raised
hopes for more foreign fund inflows. The dollar index, a
gauge of the U.S. unit's performance versus majors, was
down 0.9%, after what was seen as dollar-negative comments
from Russia again. One-month offshore nondeliverable
forward contracts were quoting at 47.91/48.01,
weaker than the onshore spot rate, indicating a slightly
bearish outlook in the near term.
However if the “correlation” of the Rupee with the USDX
is “true”- and as we see clear evidence that the USDX is
set to strengthen, then we may expect the Rupee to
weaken too in the interim. Therefore we need to see how
the resistance at 47.90-48.05 holds up. Over this mark, the
move could extend to at least 48.40-50.
We have shown below, how the inverted H&S formation
has been possibly triggered and now it is likely to be in a
trending mode higher. Therefore we may expect the 47.50
support to hold and become the base for a higher Dollar.