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US Market shall be effected by the result of Labor Market report and that shall also effect on Indian Market on Tuesday. Now things are on record for American market are in closed in red. And following the same trend major Asian Markets has opened in red which is going to effect Indian Market too.
If Asian markets continue in red till the opening of Indian markets it is possibility that Indian markets may open with a gap of 200 pts in negative.
For the day best support for the Indian sensitive index is 18434.00 /18202.00. And the best resistance is 19351.00.
Market closing above 5400 giving us a first sign of bullishness.on the down side Nifty first support exist at 5400 followed by 5330 and 5256.If by any chance we happen to break 5256 then a panic will be created which can lead nifty to 5064.
On the upside I see a strong resistance kept around 5560 which even we have mention yesterday and the nifty was unable to cross that.
If we happen to break 5560 and trade successfully there then next super hard resistance kept at 5690.
Trading strategy for today, Our market looks strong but for today every gain in market will be accompanied by profit booking. Market is expected to be range bound
Pick No 1 - Buy Hindustan lever (bse code 500696) cmp 211.9_ - Buy this Stock at the CMP around 210 - 212 with a stoploss below 208.4. Final target and stoploss will be updated to clients through SMS.
Pick No 2 - Buy Pidilite (BSE code 500331). Buy this stock at CMP of 182 with a stop loss below 177 for a good upmove. Final target and stop loss will be updated to clients through SMS
Indian Markets had a dream run in the last two days gaining nearly 1000 points. Reliance Communications lead the rally yesterday on the IPO news of the Tower company. We believe majority of the telecom companies are trying to unlock the share holder value by de-merging their towers business. Infrastructure and realty stocks was clearly yesterday's leaders in the market. We are not bullish on this space except for one or two stocks.
Hyderabad based IT company Prithvi Information solutions bagged a huge order worth Rs 309 crores. The company has tied up with China-based Huwei Technologies, to source the equipment. The stock recently witnessed fund buying.
Steel ministry is reported to be looking into the price hikes by many of the operators. IT Stocks, mentioned in our reviews from the last couple of days logged in good gains. Rolta jumped 23% yesterday on the rumours of a major defense order. We expect the Sensex to trade with in 100 point band on either side today. Midcaps and small caps might continue the upward journey
Stocks in news include Cadila Healthcare, Zylog Systems, SEL Manufacturing, GVK Power and many more
Cadila Healthcare enters into a 3 year deal with Karo Bio, a sweedish drug discovery and development company specializing in nuclear receptors.
State owned Bharat Petroleum Corporation Ltd (BPCL) is pursuing plans to set up a separate bio-diesel company.
Hyderabad based GVK Power & Infrastructure Ltd (GVKPIL) is planning to bid for airport projects in Europe and America. The company currently runs runs Mumbai’s Chhatrapati Shivaji International Airport
Information & Broadcasting (I&B) department has given nod for IPTV to Cable TV players.
Chennai based software solutions provider Zylog Systems has invested around Rs 65 crore to establish two offshore development centres in Chennai.
SEL Manufacturing limited, the buzzing company is planning to set up Rs 650-cr technical textile facility.
Prithvi Information Solutions bagged a Rs 309 cr order from government owned BSNL.
Chennai based Accel Transmatic has created a motion capture facility at Thiruvananthapuram and is now building an animation facility in Chennai, with an estimated cost of Rs 50 crore. The company currently holds orders worth Rs 85 crore and more in its pipeline.
MindTree Consulting Ltd has opened an office in the Dubai Airport Free Zone. This will enable the company to consolidate itself in West Asia.
Bangalore-based Sasken Communication Technologies Ltd, a global provider of software and support services is likely to acquire an R&D unit of Nokia in Germany.
Parsvnath Developers tied up with ITC arm to manage 50 Hotels across the country in next three to five years.
FIIs were net buyers of Rs1.64bn (provisional) in the cash segment on Monday. Domestic Institutions were also net buyers of Rs7.32bn. In the F&O segment, foreign funds were net buyers of Rs20.13bn.
News Snippets:
The decks have finally been cleared for the likes of Bharti Airtel and Reliance Communications to provide IPTV services.
Reliance Industries and GMDC are planning to set up a JV to undertake lignite gasification in Gujarat and Rajasthan.
ICICI Bank will share its home loan business with its 100% subsidiary, ICICI Home Finance Co. The bank plans to finance home loans only up to Rs2mn while home loans above Rs2mn would be provided by IHFC.
ONGC is planning to invite bids for its second wind power project in Karnataka. It will invest nearly Rs6bn in the first phase of its wind energy foray for generating nearly 15,000 mw of power.
Rashtriya Ispat Nigam has sought the acquisition of the Bird Group of companies, including Orissa Mining Development Corporation, to secure iron ore reserves.
Tata Steel has lost its bid to buy the rights to iron ore reserves in Liberia to Johannesburg-based Delta.
The Supreme Court has cancelled Jindal Steel’s proposed JV with the Industrial Development Corporation of Orissa for the exploration of chromium deposits.
GVK Power plans to set up a thermal power plant at Talwandi Sabo (1,800 mw) and another coal-based power plant near Rajpura (1,200 mw).
GVK Power plans to bid for airport projects in Europe and USA.
Hindustan Unilever plans to sell shrimps business in Kerala.
The TDSAT has stayed an order passed by TRAI asking telecom operator Tata Teleservices to refund the excess amount collected from customers.
Tata Teleservices and Virgin Group are aiming to launch Virgin Mobile in the first week of March.
Essar Shipping is raising ~US$1bn through a mix of equity and quasi-equity instruments.
Reliance Communications to offer lifetime connection for Rs199 against current charges of Rs649.
KEC International has formed a 50:50 JV with US-based Power Engineers and floated a new firm called KEC Power.
Voltas is likely to bag a large overseas order worth Rs6-8bn.
MRF’s Tiruvottiyur factory, which has been shut for a month now over a productivity dispute, will be reopened on Tuesday.
SEL Manufacturing Company has decided to foray into technical textiles and plans to invest Rs6.5bn in the project.
Page Industries plans to expand its manufacturing capacity by 30% to produce 74mn pieces per annum vs 57mn pieces.
Hindustan Copper has raised the provisional prices for February by 6.73% with immediate effect.
Lok Housing has proposed to issue 5mn convertible warrants on a preferential basis to three promoter entities at a conversion price of Rs354 per share.
Bank of Rajasthan has hiked interest rate on term deposits of some maturities.
Ceat will finalize its plans on setting up a greenfield truck-bus radial facility this month. The company has also increased prices.
Jindal Saw expects its infrastructure, transportation and fabrication (ITF) subsidiary to contribute around 50% of the company’s top line by 2012.
Koutons Retail India plans to foray into China by the end of this year.
Sasken Communication may buy Nokia’s R&D unit in Germany.
Cambridge Technology Solutions is evaluating two more potential candidates based in the US and expects to close one of them in February.
The Shyam Group of Industries plans to set up an integrated steel and power plant at Jamuria near Asansol in West Bengal for around Rs99bn.
Plethico Pharma is pursuing three acquisitions in the over the-counter and functional food space overseas.
Wanbury has picked up a minority stake in Bravo Healthcare.
Eni UK to make open offer for 20% in HOEC.
Yes Bank is planning to raise up to Rs7bn through issuance of two crore fresh equity shares.
Emaar MGF is planning to spin off its hospitality business.
GM is likely to up its stake in its Chinese venture SAIC-GM-Wuling Automobile Co. to take on Nano.
Price of more than 7,000 drugs classified as ‘essential medicines’ is likely to fall post-Budget .
Budgetary support likely to jump 17%; railways, urban infrastructure and power may see cut in share.
One year extension of credit subvention is likely for leather, textile, marine and handicrafts sector, 2% export sop may stay.
Real estate developers constructing energy efficient buildings may get tax breaks.
Economic Front Page:
Indian tea production is likely to rise by 4.25% to ~980mn kg in 2008.
IRDA has changed the definition of infrastructure sector to align it with that of the RBI. This will lead to insurance funds flowing to the infrastructure space.
The global coffee production in the crop year 2006-07 increased by 14% to 125mn bags.
A decline in acreage and a spurt in global prices have pushed up edible oil rates by 10% in the last one month.
Over 81% of the overall planned private investments of US$104bn by India Inc in Q3 FY08 have gone into core, physical and service infrastructure.
The Government is likely to allow the float of sovereign debt paper to investors in overseas markets.
Japan Bank of International Cooperation (JBIC) has showed interest in giving development assistance loan to hydro-power projects in India.
Preparing for the goods and services tax regime from 2010, the government is likely to leave excise duty rates untouched in the budget.