Our Trading Call of SAURASHTRA CEMENT, Flared and Hit 20% UPPER-FILTER
Our Trading Call of Ranbaxy, Also Flared Almost 11% , and Complete's IT'S Days Target
Nifty (4040) Sup 3920 Res 4100
Sell HDFC (1934) SL 1960
Target 1885, 1875
Ranbaxy may see some recovery after the company clarified that its deal with Daiichi is on track. Earlier reports stated production at three facilities of Ranbaxy Laboratories could be banned if charges of fraud, forging of documents and manufacturing from unapproved locations leveled by USFDA are proved
Some buying may be seen in mid cap counters. HUL could be among the safer stocks for the time being.
Steel companies could see some action on reports that they are considering 15% hike in prices to offset rising raw material costs. Meanwhile, the railways has reportedly decided to give a 25% discount on domestic iron ore freight booked to ports in a bid to help steel companies.
Among the major bulk deals, Merrill Lynch sold 200,000 shares of Selan Exploration at an average price of Rs217.
Insider trades:
Sakthi Sugars: M.Manickam, Vice Chairman & Managing Director of the company from the market has purchased 10,499 equity shares on 10th July 2008.
Gateway Distriparks: Kirpa Ram Vij, Director of the company has purchased 15,000 shares from the open market on 9th July 2008.