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Market likely to show positive movement from now on words. Some positive sign are ---
Market Oversold
FNO Low open interest
Budget around the corner
No more IPO
The market facing good support at 4740. On break of this we can see 4500.
The immediate good resistance market finds between 4930 - 4950..
On successfully crossing this level market should test 5020 and then 5070
Something which I would like to share with you got from... BUT FOR MEMBERS ONLY
Pick No 1 - Buy Unitech (cmp 309.5) - Looks good at this level. can take stop loss at 304. Good for intraday and also good for positional. Final target only to clients. Clients will be informed about the final target and stop loss through SMS only.
PICK NO 2 - BUY HDFC BANK - Clients will be informed about the final target and stop loss through SMS only.
SEBI is reported to be considering to implement circuit filters for the stocks traded in the F&O segment. SEBI should have proactively come up with this solution last Novemeber when we started witnessing 50% gains in stocks traded in F&O in a single day. Better late than never.
Media stocks appear to have bottomed out compared to other sectors looking at the trading patterns yesterday. Likes of Balaji Tele, Sun TV, UTV Software, Zee Enterprises have gained in a choppy trade. Other prominent gainers yesterday include Axis Bank. Nitin Fire, Reliance capital, Educomp solutions.
Markets are expected to open in green today and the trade is likely to be choppy with bouts of volatility. As mentioned number of times long term investors are adviced to pump money into the markets. There will be no better times than these to invest in Indian Equities. Pre-budget rally along with short covering is imminent and likely to emerge in the next 10 days though the magnitude of the upmove might be less.
STOCK IN NEWS
India Infoline, UTV Software, HDFC Bank and other stocks hit the headlines today.
HDFC Bank has signed a $7.4 million deal,spanning three years with Symantec for IT compliance, enterprise security and storage management solutions.
UTV Software as per reports finalized the strategic partner for its broadcasting venture.
India Infoline will be raising Rs 555 crore through allotment of 37 lakh shares on preferential basis to Orient Global Tamarind Fund Pte Ltd, a Singapore-based private investment company
PVR bounced slipped 3.5% to Rs227. The company agrees to entertainment venture with major Cineplex group. The scrip touched an intra-day high of Rs242 and a low of Rs224 and recorded volumes of over 3, 000 shares on BSE.
News Snippets:
Bajaj Auto says the feasibility study on a possible JV for its small car project would be completed by early March.
NTPC is in talks with GE, Kyushu Electric Power Co. of Japan and Brookfield Power Corp of Canada for a JV in renewable power generation.
M&M to sign a pact with Sri Lanka government to set up US$100mn IT SEZ.
TCS plans to reorganise its global operations into integrated, customer-centric units to enhance customer focus, drive operational agility and address growth opportunities.
L&T bags Rs14.4bn order from Netherlands to supply eight lift vessels.
Domestic airlines to increase air fares, in anticipation of a steep 40% rise in airport charges in Bangalore, Hyderabad, Delhi and Mumbai.
IOC will invest Rs35bn to lay 2,080 km crude oil and petroleum product pipeline by 2011-12.
JSW Steel is focusing on improving efficiency and profitability levels of the three companies it acquired recently in Texas, US.
ICICI Bank, HDFC Bank and IDFC in the race to acquire Sabre Capital's stake in Centurion Bank of Punjab.
Indus Tower, a JV between Bharti, Vodafone and Idea to tap capital markets in 3 years.
Thermax is strengthening its presence in the water treatment business; plans to look at opportunities in cities, SEZs and municipal facilities.
Thermax enters into a technical collaboration with Babcock & Wilcox Power Generation Group to foray into utility boilers of up to 800MW.
NMDC is expecting iron ore prices to gain up to 50% by April 2009.
Asset Reconstruction Company (Arcil) has disposed of Rs39.2bn of securitised bad loans portfolio to Deutsche Bank.
Kingfisher may replace Deccan’s peak-hour flights on metro routes as part of the route rationalization program.
Air Deccan and Kingfisher swap deal to be finalized by April.
Indo Tech Transformers has commissioned a plant to manufacture 220Kv and 400Kv class power transformers near Kancheepuram.
McNally Bharat wins an order worth Rs6.9bn from SAIL.
Pipavav Shipyard will deliver its first Panamax vessel to a Greek firm by March 2009
GMDC plans to set up three plants to generate 4,500MW and invest around Rs200bn.
Wockhardt to launch Azithromycin anti infection tablets in US.
Hinduja Group plans to set up 1,600MW power plant in Vishakapatnam.
Vivemed buys UK based company for US$21.1mn.
Pyramid Samaria to acquire a UK theatre chain company.
Economic NEWS:
CBDT has sought an amendment to Section 115 AD of the I-T Act so that all FIIs pay capital gains tax on their profits in India.
The steel ministry’s meeting with major steel producers on price cut ended inconclusively. The two sides are expected to meet again.
The FM has asked PSBs to implement the interest-free loan package for sugar mills in letter and spirit and submit a report by Feb 22.
The government has told TDSAT that it would allot spectrum to all players with LoIs for starting telephone services, but a lot depends on defense services vacating radio frequencies for civilian use.
The FM has asked PSBs to lend more to housing and consumer durables borrowers at affordable cost.
RBI may regulate currency futures trading.
IIFCL may get US$250mn from forex reserve for funding infrastructure.
Government may use forex reserves to create price stabilization fund for petroleum products.
Container freight rates from Indian ports to key European ports will increase by US$100 per TEU from March 1.
The finance ministry has proposed withdrawing direct tax benefits to offshore banking units (OBU) on the profits earned from SEZs.
India’s exports to the US in steel containers fell 5.7% in the first 11 months of 2007 over the same period in 2006.
Finance ministry is considering cutting duty to 8% from 16% on packaging material.