Wednesday, May 28, 2008

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INDAG RUBBER....................
BSE Code : 509162 (89.30)

Buy around 92.50 to 94

AISHWARYA TELE
BSE Code : 532975 (108.75)

Totally, Manipulated Stock , But Can Give u Good Return in Today's Trade.

Buy Around 108 to 108.50

TULSI EXTRUSION.................

BSE Code : 532948 (64.45)

Buy Around 64 to 64.50

Target for clients only
NIFTY FUTURES (F & O):

Hurdle at 4862 level. If bulls can able to absorb selling at above this level then expect relief rally up to 4899-4901 zone.

Support at 4828 & 4832 levels. Break below this level can create some unwinding up to 4818 level.

Multiple Support Zones at 4780-4782 zone (or) at 4792-4794 zone and these zones should not be allowed to break at any cost.

On Positive Side, rally up to 4935-4937 zone can be used to sell. Stop Loss at 4947-4949 zone.


Bulls and bears are all out to try and checkmate each other. As expected, the bulls failed to sustain the buying momentum and the key indices tumbled from a day's high even as Asian markets closed mostly higher. A similar trading pattern may continue today and perhaps over the following two days.

Thursday's F&O expiry and the release of GDP and inflation data will determine the market's mood. On the global front, US stocks rose and Asian markets are mixed. Oil prices have softened a little and are hovering under $129 per barrel.

On the whole, the bulls still appear to be lacking in conviction in the wake of mounting worries over inflation and its impact on the economy (and even on politics). A weakening rupee coupled with the worsening fiscal situation are also worrisome.

FII inflows are yet to turn positive though domestic funds are providing some support. 'Stay cautious and sell into any rally' should be the ideal strategy. Having said that, select stock-centric buying can be done from a long-term perspective.

Lack of follow-up buying and continued sell-off by the FIIs contributed to the fall on Tuesday. The small-cap and mid-cap indices suffered even more. Market breadth too was highly negative. And, barring few defensive sectors like IT, FMCG and Pharma, other sectoral indices finished in the red. Banking was the biggest loser, followed by Real Estate and Oil & Gas shares.

Key Results Today: Adani Enterprise, Britannia, Emami, Godrej Industries, Harrison Malayalam, Hindustan Dorr Oliver, ICRA, IOC, IVR Prime, IVRCL Infra, JM Financial, M&M, Monsanto, Mundra Port, Pidilite, Tata Motors, Ucal Fuels and Visa Steel.

FIIs were net sellers of Rs4.97bn (provisional) in the cash segment on Tuesday while local institutions were net buyers of Rs5.3bn. Foreign funds were net buyers of Rs1.49bn in the F&O segment yesterday
Corporate News

RIL Australia, a subsidiary of Reliance Industries, pays US$3.45mn in cash to acquire 49% stake in 4 exploration licenses of Uranium Exploration Australia Ltd. (BL)

OVL, subsidiary of ONGC has established commerciality of its Iranian asset, which is estimated to have 22tcf (trillion cu ft) of gas. (ET)

BHEL and Italian company in race for a Rs13bn order for supplying boilers to Neyveli Lignite. (BL)

Tata Steel gets mineral concession approvals from ministry of mines for two large mines in Jharkhand and Manipur. (DNA)

Omaxe is planning to raise Rs15bn in FY09 for various projects; promoters may dilute 5-10% stake via QIP. (DNA)

EKC is planning to invest Rs1.75bn in expanding capacities across plants in US, Dubai, China and India. (DNA)

PNB is keen to take a 51% stake in the proposed JV for setting up a bank in Bhutan. (BL)

SRF to acquire Thailand based tyre cord company for Rs1bn. (DNA)

Gujarat NRE Coke to raise fresh equity to fund its operations and expansion plans in Australia. (DNA)

BK Modi promoter of Spice Tele may sell its stake to AT&T or Etisalat. (ET)

Repro India to invest US$50mn to buyout digital printing solution firms abroad. (DNA)

Tesco in talks with Wadias, Parsvnath and Kalpataru Properties to enter the Indian market. (ET)

IT Department issues notice to Sesa Goa seeking information on the Vedanta deal. (ET)

DE Shaw raises its stake in Orient Express Hotel by ~2% to 7.6%. (ET)

GVK group is looking for opportunities in overseas airport development projects. (ET)

Jindal Drilling Singapore JV may explore opportunities for raising funds and listing. (BS)

Maytas Infrastructure wins contract for washery reject coal based power project. (BS)

Kirloskar Brothers gets order worth ~Rs1bn form Nuclear Power Corporation. (BS)

Elecon Engineering may acquire a European company. (BS)

Godrej Appliances plans to foray into selling chillers, deep freezers and other cold storage appliances. (BS)

Educomp Solution forms a 50:50 JV with Raffles Education. (BS)

Economic News

Fertilizer Ministry expects fertilizer subsidy to double in FY09 to Rs950bn. (ET)

The Government is considering an option of including cess or surcharge on income tax and corporate tax to bailout oil marketing companies. (BL)

The Government has eased the ban on cement export by allowing shipment through ports in Gujarat. (DNA)

India’s crude oil import bill jumps over 40% to US$68bn in FY08. (ET)

Jet Airways, chairman Naresh Goyal expects aviation industry to incur losses in excess of US$2bn