Sell Rcom,reliance,sterlite as much as u can in truck loads n timely book profit
Today, Nifty has support at 3,848 and resistance at 4,096 and BSE Sensex has support at 13,072 and resistance at 13,764
The Left parties are likely to announce withdrawal of their support today. While this may be factored in, future events on the political front need to be watched.
IT sector may hog the limelight as Infosys will declare its results on Friday and others will follow suit next week
Banks may be in focus today amid reports of SBI suffering big MTM loss. Reliance counters of course may continue to attract attention amid the ongoing row over MTN deal.
SpiceJet will be in action again amid reports that it has apparently spurned Vijay Mallya's buyout offer and will instead go for private placement with billionaire US investor Wilbur Ross
Shares of First Winner Industries Ltd. will be listed today.
Today's Pick - Sterlite Industries
We recommend a sell in Sterlite Industries India from a short-term perspective. It is evident from the charts of Sterlite Industries India that it has been on a long-term downtrend from its all-time high of Rs 1,140 (recorded in early December 2007). In early June 2008, the stock declined breaching the 50 and 200-day moving averages. Moreover, in the recent times, the stock tested the key support level Rs 700 and broke out by tumbling almost 8 per cent on July 3 with good volume. The daily and weekly relative strength indices are featuring in the bearish zone. In line with the stock price, the moving average convergence and divergence (MACD) is also declining in the negative territory. The medium-term down trend of the stock that commenced from Rs 950 level is intact. We are bearish on the stock in the short-term. We expect the stock’s decline to continue until it hits our price target of Rs 565 in the approaching trading sessions. Traders with short-term perspective can sell the stock while maintaining stop-loss at Rs 653.
Economic Front Page
Pharma companies have approached government seeking a review of prices control on key brand. (ET)
Shipping Industry has asked the finance ministry to reduce service tax and FBT. (ET)
New Port SEZ norms to be floated soon. (ET)
The Government plans regulator for tea industry. (FE)
The textile ministry plans not to impose ban on cotton export.(FE)
The Government to curb export of fertiliser raw materials like sulphuric acid, phosphoric acid, rubber and cotton. (BS)
Cotton import duty to be cut from 14% to nil. (BS)
The Government has approved allocation of 23 coking and non-coking coal blocks to leading steel, cement and power producers.