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On the downside market finds immediate support at 5125, If this level is broken then we can see more fall and the Nifty could show 5030. Market expected to be range bound between 5050 - 5230, opening could be negative .On the upside market faces an immediate resistance at 5210 - 5230 upon successfully crossing this level and stay above this level can take Nifty straight to 5305
Indian Markets have never witnessed this kind of drag phase in the last 4 years. Not to say there are 3-4 thousand point plunges in the Sensex but the recoveries are smart enough barring this time. It is a million rupees question for Indian investors whether to get out of stocks or stay invested in the market. We believe there is absolutely no point in getting out of the market and we strongly take this as another prolonged bear cycle with in the bull phase. Stay invested but with more patience as things cannot turn overnight.
Technology stocks as expected rejoiced yesterday on weak rupee. Markets are likely to open down a big way but recovery from the lows is a certainity. Sensex is likely to lose somewhere between 200-300 points unless pre-budget rally sets in.
Government in an unprecedented move approved a fresh Rs 500 crore assistance to help exporters after a Rs 300 crores alloted recently. Textiles and farm product related companies are likely to benefit immensely from the forthcoming budget. Infrastructure and logistics are the other sectors to watch for in the budget.
STOCK IN NEWS- Centurion Bank, Jai Corp, Financial Tech, HDIL, Indiabulls Financial Services,Wockhardt, Bharat Forge and many more stocks hit the headlines today.
Bharat Forge is planning to set up a steel unit in West Bengal.
Reports of political uncertainities in Kenya is likely to push Tea prices higher. Keep a watch on Tea stocks like Mcleod Russel and others.
Centurion Bank is likely to merge with HDFC Bank in an all-stock deal. The deal is reported to be worked out at a market price of Rs.57 a share of Centurion Bank. Buy on rumours sell on news.
Wockhardt Ltd after withdrawing its IPO for the hospital venture is looking for funds from PE companies to raise upto Rs.800 crores.
Indiabulls announced that SEBI has approved to set up mutual fund business in the country.
Bajaj Auto is likely to list the de-merged entity(Bajaj Holdings & Investment Ltd)on the stock exchange by the end of April.
RBI has permitted FIIs to pick up stakes in three companies Tourism Finance Corporation of India, Tulip IT Services and Info Edge India under the portfolio investment scheme
Housing Development & Infrastructure Ltd(HDIL) inline with the rumours has sold the Andheri property to a private company for nearly Rs 900 crores.
Jai Corp is likely to launch a mega realty fund to invest in famour "The World islands project", dubai reports ET
The Centre on Thursday cleared a new Rs. 500-crore package in the form of interest subvention for exporters, in addition to Rs. 300-crore package announced recently