Market Outlook: Indian markets are expected to open flat and trade in the range of 5420-5489. Asia trading mixed; Hang Seng down, Nikkei flat. Nifty likely to witness range of 5525-5375 in short term. Overall outlook for the markets today is that of cautious optimism as the bulls must hold the Nifty above the 5420 levels sustain ably to manage an upmove in the coming session..
Results Today: Tata Steel, Ansal Properties. HMT
Global events to watch
Þ Housing Market Index
Þ Retail Sales
Þ Import and Export Prices
Global indices Update @ 8:
Dow Jones : 12268 (- 05.07)
NASDAQ : 2817 (+07.74)
Nikkei 225 : 10725 (+00.28)
Hang seng : 23095 (- 25.79)
SGX CNX Nifty : 5447 (- 08.00)
INR / 1 USD : 45.50
Technical Outlook : Positive bias continues....
The rally continued into yesterday. Issue was never in doubt since the prices remained strong right after the open and continued higher thru the day, finishing near the top for the day. Good breadth was visible as was good participation from leaders. Thus it seems to have been a good day for both investors and traders and cash volume was seen higher, indicating that portfolio buyers were active. Market has moved into the first level of resistance (5450) and has ended there on a strong note, suggesting that it should continue further into today.
The hourly chart of the NF is shown today with the moving average bands. Recall that the same indicator had been shown on the 5 minute chart in the last week as the bottom formation was getting in place. Prices moved past the bands to flash buy signals. Now we can see that if the index moves beyond yesterday high and holds there then we continue to get fresh buy signals for today also. Nearest retrenchment target would be 5565 (38%) and that is the target that we work with for today. That is also the site of the last minor rally high and hence some renewed supplies can be expected there.
FUTURES XPRESS
NIFTY RECOMMENDATIONS FOR THE DAY
Buy Nifty above 5455 stop 5420 rise to 5560
Buy Nifty dips to near 5365 with stop 5340 for rise to 5435
STOCK FUTURES RECOMMENDATIONS FOR THE DAY
Buy Mphasis around 660-65 stop 659 tgt 672-75
Sell will be intimate during the day, if any
Stocks in action for the day: Jubilant Life Sciences, Satyam Computer, Gitanjali Gems, Rajesh Exports, SAIL, ONGC, HUL, Sun TV, Tata Steel
JPC – Sources -JPC announcement likely before budget session of parliament -JPC modalities & terms of reference being worked on
Govt -Sets up task force for direct transfer of subsidies-Subsidies for kerosene, LPG, fertiliser to individuals/families -Task force to be headed by Nandan Nilekani -Interim report within 4 months -Recommendations to be implemented on pilot basis
Manoj Gaur says -Jaypee Karcham Hydro, Bina Pwer supply to merge -Total hydro power capacity will be 1700 mw -Jaiprakash Power Venture to raise 3500 crore -Jaiprakash Power targetting revenue of Rs 2200 crore in 2011-12 -Jaiprakash Power targetting revenue of Rs 3500 crore in 2012-13 Alert- Jaypee Karcham, Bina power subsideries of Jaiprakash Power
Jubilant Life Sciences’ standalone net profit for the quarter ended December 2010 was at Rs 71.42 crores against Rs 70.57 crores in the same quarter previous fiscal. Net sales grew at Rs 579.57 crores for quarter against Rs 612.49 crores in the same period a year ago.
Satyam Computer Services reported consolidated net profit of Rs 58.90 crores for the quarter ended December 2010 against Rs 23.30 crores in the same quarter a year ago. Net sales grew to Rs 1279.30 crores for the quarter against Rs 1242.40 crore in the corresponding quarter previous year.
Reliance Infrastructure reported consolidated net profit of Rs 405.25 crores for the quarter ended December 2010. Net sales stood at Rs 2571.01 crores during the same period.
Gitanjali Gems reported consolidated net profit of Rs 100.56 crores for the quarter ended DECember against Rs 80.03 crores in the corresponding quarter a year ago. Net sales grew to Rs 2654.17 crores from Rs 2509.71 crores in the same period previous fiscal.
GlaxoSmithKline Pharmaceuticals reported standalone net profit of Rs 115.70 crores for the quarter ended December 2010 against Rs 103.59 crores in the same quarter previous year. Net sales grew to Rs 490.63 crores against Rs 444.40 crores a year ago.
Jyothy Laboratories has launched DEPA based multi insect repellants formulations in the form of 'cream', 'spray' and 'lotion' and 'wipes' under the brand names 'maxo - military' and 'maxo - safe & soft.'
Rajesh Exports reported net profit of Rs 76.12 crores for the quarter ended DECember 2010 against Rs 43.90 crores in the same quarter previous year. Net sales grew to Rs 5175.87 crores for the December quarter against Rs 4532.17 crores in the same quarter a year ago.
Reliance Power’s consolidated net profit for the quarter ended December 2010 was at Rs 143.60 crores against Rs 234.80 crores in the previous quarter. Net sales grew to Rs 251.29 crores as compared to Rs 168.69 crores (QoQ).
Henken to divest Indian Assets, puts Laundry and personal care business on block – Henkel AG holds 50.97% stake and SPIC holds 16% stake – TOI
Govt may allow FDI of upto 74% in broadcasting co – DNA (May also allow FM to air news if they agree to be regulated)
Aircel Owner- Sun TV deal under lens as investigators are examining the transaction of Rs 830 crore pumped in Sun Direct TV (ET)
HUL puts lever house in Mumbai on block again, eyes Rs 500 crore (ET)
RPG Group ties up USD 900 million debt to acquire world’s second largest player Evonik’s carbon black business (BS)
MOEF revokes JSPL’s Orissa project for lack of environmental clearance to its 6 mtpa integrated steel plant & 1000mw captive power plant (FE)
SAIL, ONGC stake sale may be further delayed on account of adverse market conditions (Mint)
Sterling Holiday resorts plans to raise Rs 120 crore through QIP or FCCB or a mix of both in the next 18 months (BL)
Jain Irrigation to enter bio waste energy generation commercially (BL)
GSK Pharma weighing on a two pronged strategy acquisitions & product launches to consolidate its position in India (DNA)
Nestle India is ramping up production facilities to invest Rs 900 cr over the next few months may also hike prices to beat inflation (HT)
Listing of Bil Energy Systems post scheme of arrangement today
Mahindra Composites board approves right issue
Hero Motors has sold its 17.6% stake in its unlisted auto component firm Munjal Kiriu Industries to its Japanese JV partner Kiriu corp (ET)
Environment & Forest minister gives a go ahead to 16 coal projects (FE)
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