Monday, September 26, 2011

TECHOUTLOOK : Support for the Nifty is at 4818 and resistance at 4950.

Market Outlook: Indian markets are expected to open with flat outlook in response to feebling sentiments on the global markets which is yet not out of woods. There can a short covering attempt but will not support the pull back against the fall.

On the global space The Dow Jones industrial average on Friday suffered its worst week since the depths of the financial crisis in 2008, stung by severe anxiety over Europe's spiralling debt crisis and a warning from the Federal Reserved about the US economy. But stocks ended higher after a disastrous four days of selling, which helped push down the S&P 500 index 6.6% for the week. Fears of a Greek default and the Federal Reserve's gloomy prognosis for the US economy spurred heavy selling in equities.

Asian markets are trading weak; Hang Seng, Nikkei down

Back to Indian Markets are following global cues, so we continue to hold a cautious outlook with support 4818 and resistance at 4950.

Q1 results: KS Oils.

Global events to watch for today:

Þ Chicago Fed National Activity Index

Þ New Home Sales

Global indices Update @ 8:

Dow Jones : 10771 (+37.65)

NASDAQ : 2483 (+27.56)

Nikkei 225 : 8419 (+140.9)

Hang seng : 17596 (+72.35)

SGX CNX Nifty : 4860 (-04.00)

Gold (USD/t oz.) : 1643.4 (+03.60)

Nymex Crude (F) : 80.03 (-00.36)

INR / 1 USD : 49.67

TECHOUTLOOK : Support for the Nifty is at 4818 and resistance at 4950.

Call for the day :

BUY HCC Stoploss 27.5 Target 33.20.

BUY Tatapower Stoploss 96.50 Target 105/110.

BUY Innovative Ind Stoploss 84 Target 95

Stocks in action for the day: RCF, JSW Steel, Tech Mah, GAIL, Tata Power, Innoventive.

PG Electroplast will be listing on exchanges today. The company raised Rs 121 crore via the issue with the price fixed at Rs 210.

Key announcement: The market regulator SEBI has notified the new takeover code. Minimum open offer size has been raised to 26% from 20%. While the initial trigger threshold has been hiked to 25% versus the existing 15%, the new norms will come into force in 30 days.

Reports indicate that the government plans to cut its stake in RCF through a follow-on share sale planned in the third or fourth quarter of the next financial year starting April.

The lockout at the India’s largest car manufacturer Maruti Suzuki continues for the third straight week Maruti Suzuki produced 700 swift cars last week together at the Manesar and Gurgaon plants. As the manpower at the Manesar plant is being increased, the company plans to further scale up production in the plant in coming days.

HCC is another stock to watch out for-- the Bombay High Court says the government cannot shirk its responsibility -- gives the government three weeks to pass the final order on Lavasa.

JSW Steel in Bengal faces fresh roadblocks over the land allotment, coal access falling flat.

Swajas Air Charters IPO with a price range of 90-100 opens today

Kirloskar Oil Engines bags an order of Rs 396 crore from Nuclear Power Corp of India

Borosil Glass work board approves buy back of 9.6 lakh shares at Rs 850/sh ((CMP: 818.25))

Innoventive Industries receives sanction for Industrial promotion subsidy claim of Rs 25.46 crore

Board Meet: Cummins India for allotment of bonus shares in 2:5

Ex Bonus: Entegra 4:13

Stock Split: Tata Power 10:1

F&O Ban: ABG Shipyard, Gitanjali gems, IFCI, Ruchi Soya

Blackstone sells USD 1.3 billion India Funds and Asian Tiger Fund to Aberdeen, Punita Kumar Sinha quits, to pursue other opportunities

CBI finding it difficult to meet the deadline of September 30th to file third chargesheet related to 2G spectrum

Wipro looking to sell some non-core assets including US arm; to fetch around USD 400 million - ET

Telenor may rope in new partner if Unitech fails to participate in Rs 8200 crore rights issue

GAIL stalls Rs 3000 crore pipeline projects over land acquisition hurdles, seeks MoEF help- ET

PE player Advent International closes in on BT's stake in Tech Mahindra (BT holds: 23.27% in Tech Mahindra)

NMDC 's steel foray hits mines ministry hurdle - BS

Cairn Energy to shell out USD 1.5 billion as tax for its stake sale deal with Vedanta resources - BL

Eveready to sell land to pay debt, plans to unload 60-70 acres in Delhi, Hyderabad & Bangalore (DNA)

Chhabria-Mallya ties on the rocks again; United Spirits to file a petition to restrain KRC from raising funds (ET)


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