Monday, November 28, 2011

TECHOUTLOOK : Support for Nifty is at 4680 and resistance at 4800.

Market Outlook: Indian markets are expected to open on a positive note taking cues from the Asian recovery seen in the morning. We see no near-term positive trigger in sight, amid weak rupee and investor concerns over slow growth of the global economy we feel we are still not out of woods. The near-term outlook remains gloomy as FIIs, the main market movers, have pulled out Rs 6,200.90 crore during nine straight trading days since November 15.

Global Markets: Wall St suffers worst week in 2 months on Europe woes while Asian markets trading firm; Hang Seng, Nikkei up.

Global events to watch:

  • New home sales are expected to decline to 310,000 in October versus 313,000 the prior month.

Global indices Update @ 8:

Dow Jones : 11231 (-25.77)

NASDAQ : 2441 (-18.57)

Nikkei 225 : 8305 (+145.0)

Hang Seng : 17966 (+277.4)

SGX CNX Nifty : 4772 (+64.00)

Gold (USD/t oz.) : 1708

Nymex Crude (F) : 98.35

INR / 1 USD : 52.25

TECHOUTLOOK : Support for Nifty is at 4680 and resistance at 4800.

Call for the day:

Buy GAIL SL 375 Target 390-400.

Buy AXIS Bank SL 955 Target 995.

Sell Tatasteel near 380-385 Target 365-360.

Stocks in action for the day: Carmakers, Ranbaxy, Fertiliser companies, GAIL, Colgate, Bharati Ship, M&M, Piramal.

GAIL to replace Jaiprakash Associates in Sensex from January 9. -NALCO, Tata Communications to be excluded from BSE-100 Index from January 9 -Colgate, Hindustan Zinc to be included in BSE-100 Index from January 9.

Car companies viz., Maruti, Toyota, GM & Honda may hike prices by up to Rs 25,000 on expensive imports: Carmakers plan to increase prices by up to Rs 10,000 for small cars and up to Rs 25,000 for sedans to offset the impact of weakening rupee on import costs despite the recent slump in sales. Maruti Suzuki, Toyota, General Motors, Honda and Skoda Auto all plan to increase prices within days as the weakening rupee has pushed up costs of their imported components significantly. The rupee has weakened about 17% against the US dollar since January, hitting an all-time low Rs 52.73 last week, forcing carmakers-that import between 10% and 40% of components for different models - to consider price increases.

Ranbaxy Laboratories and the American authorities are inching toward a settlement over the Indian drug maker's regulatory troubles in the world's largest drug market, brightening its prospects of launching the low-cost version Lipitor - the blockbuster cholesterol lowering drug - on schedule in the US next week.

In a bid to mobilize additional resources, the Department of Disinvestment has floated a cabinet note on alternate strategies to disinvestment. Reeling under fiscal strain, the note proposes the use of surplus cash on PSU's balance sheets to meet the fiscal deficit target.

AXA, Bharti and Reliance Industries have mutually agreed to terminate their negotiations on the proposed acquisition by RIL of Bharti's shareholding of 74% in Bharti AXA Life Insurance and Bharti AXA General Insurance.

FDI in retail MM Joshi says -BJP will oppose FDI in retail clearance-Will bring adjournment motion against move if required -Many states slam FDI, no FDI in 25 out of 53 cities?

FIPB rejects Bharati Shipyard 's FDI proposal for defence operations

FIPB -Sends Unitech Wireless FDI proposal to cabinet panel -Okays NDTV proposal for up to 100% foreign equity-Oks Dish TV plan to up telecom equipment operations' foreign equity

Aviation Ministry sources - Kingfisher Airlines halts ATF buys from PSU companies -Kingfisher owes PSU companies Rs 540 crore for ATF-Regulator holding financial audit of Kingfisher Airlines -Kingfisher Airlines grounded 12 of 27 turboprop plane -Kingfisher Airlines buying jet fuel from RIL

Petrol prices may fall by Re 1/litre this week – BS

M&M to mull new merger plan of arm's automotive operations on Tuesday

Piramal Healthcare gets HC nod for scheme of arrangement for demerger of NCE research unit of Piramal Life Sciences into Piramal Healthcare Ltd.

Kanimozhi Bail hearing to continue on Monday

Govt okays 18 FDI proposals worth Rs 2,126 crore

Finance Ministry says PPF investment limit to go up to Rs 1 lakh from this fiscal

Airlines stocks will be in focus today after Friday’s stellar performance. The prime minister met the airline chiefs on Saturday. Sources indicate that four issues were discussed at meet. The issues include high tax on ATF, new ground handling policy, unutilised bilaterals and high airport taxes

Fertiliser companies gained momentum after reports that the government has sought parliamentary approval to allocate additional subsidy of Rs 137.8 billion for fertiliser sales in the current financial year.

Shares of Jet Airways, Kingfisher Airlines and Spicejet surged after reports that the Prime Minister Manmohan Singh has called the heads of all Indian airlines for a meeting on Saturday to discuss ways to help the cash-strapped carriers and to resolve other industry issues.

Subex plans to raise $135 million via qualified institutional placement, preferential issue and or private placement

Godrej Properties is seeking shareholder nod to raise upto Rs 750 crore via for QIP/rights issue.


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