Tuesday, January 6, 2009

Market watch: choppy markets: Decline in Dec earnings lower than expected

The short term as well as the medium term trend remains "Down" with reversal at 3180. Resistance is at 3180 and intra day resistance for Nifty is at 3150. The intra day support for Nifty is at 3080 and short term support will be at 2980. The short term trend for Nifty has turned "Down"

On the daily charts, triangle pattern has formed and has also given a breakout up side. Support is seen at 3000 and strong resistance at 3240. On hourly charts, Nifty is trading the channel with support around 3080 and resistance around 3200. We expect momentum to be volatile for the day. Support at 3080 and strong resistance at 3160 on hourly charts.

Cement maker Prism Cement announced a substantial drop in standalone net profit for the quarter ended December 2008. During the quarter, the profit of the company declined 51.85% to Rs 310.30 million from Rs 644.50 million in the same quarter previous year.

Net sales declined marginally 5.60% to Rs 2,153 million, while total income for the quarter fell 6.25% to Rs 2,176.80 million, when compared with the prior year period.

The company reported earnings of Rs 1.04 a share during the quarter, registering 51.85% decline over prior year period.


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