Thursday, January 12, 2012

Technical Outlook: Nifty support seen near 4800 and resistance at 4900

Market Outlook: Indian markets are to expected to open flat and trade with the direction resulting from the key data releasing today. Investors are keenly awaiting IIP data due today which would direct the market trend going forward. Big boy Infosys declares its numbers today. Dollar revenues are expected to come in towards the lower end of the guidance at about 3.37% sequentially. Margins are expected to gain by about 200 basis points. Also, expect Nov IIP near to 1.6% -2.0 vs minus 5.1% in October.

Results Today: Infosys, HDFC, TTK Prestige, DCB, Geojit BNP Paribas, Gruh Finance, Sanghi Industries

Global Markets: The US markets ended near session highs, but still closed narrowly mixed, as worries over the Eurozone and declines in the energy sector limited gains. On economic data front, US economy expanded at a moderate pace in late November and December as consumer spending picked up, according to the Federal Reserve's latest beige book report. Meanwhile, weekly mortgage applications gained in the first week of 2012.

Global events to watch:

ü Weekly jobless claims are expected to come in slightly higher at 375,000.

ü Retail sales may rise to 0.4% for December.

ü Business inventories is expected to come in at 0.5%

ü The ECB will hold a policy meeting today. The committee is expected to keep interest rates on hold at the historic low of 1%, and hold back on further action, despite growing calls for the bank to resort to quantitative easing. The meeting happens as calls for the central bank to take further action to solve the euro zone debt crisis increase.

Global indices Update @ 8:

Dow Jones : 12462 (+69.78)

NASDAQ : 2695 (-06.85)

Nikkei 225 : 8447 (+25.62)

Hang Seng : 19151 (+147.6)

SGX CNX Nifty : 4849 (-24.00)

Gold (USD/t oz.) : 1648

Nymex Crude (F) : 101.48

INR / 1 USD : 52.22

Technical Outlook: Nifty support seen near 4800 and resistance at 4900

Call for the day:

Buy Bajaj Auto SL 1435 Target 1475.

Sell ABG Shipyard SL 393 Target 385.

Stocks in action for the day: Infosys, Thomas Cook, SBI, Titagarh Wagons.

Govt sources say -Decision on ATF direct import to be taken in next 3-4 days-Vijay Mallaya met DFGT officials on ATF Import issue-3 options being considered on direct import of ATF-Oil Ministry not in favor of direct import of ATF-Oil Ministry feels PSU's to be impacted by direct ATF import

FM says-Difficult to meet FY12 fiscal gap target of 4.6%

FM on farm sector-Reforms must in agriculture pricing-Seek rationalization of different subsidies-Seek decentralization of handling of food grains-Tax exemptions to cooperative societies-States remove mandi & purchase tax on dairies

Hilton says -JV's with Oberois and DLF have been a good experience-Economic situation was different when DLF JV was launched-Remain in great terms with DLF-Will be in talks with DLF if it re-enters hospitality-Expect to have 50 hotels in next 5 years-Strategy to work with multiple partners in India-Will grow in India via Management contracts

Thomas Cook puts India arm on the block - ET (Thomas Cool PLC this week pledged its entire holding with RBS)

SBI cuts processing fees for home loan by half to garner a larger market share - ET

Steel, cement and power companies oppose Coal India 's new pricing policy - ET

Reliance Communications in loan talks with China's CDB - reports

Titagarh Wagons plans foray into shipbuilding - DNA

Goldman Sachs says IRB Infra masked aircraft buy, management says there is no reason to disclose, will complain to SEBI - DNA

In F&O Ban: Aban Offshore, ABG Shipyard, Punj Llyod, Ruchi Soya and Gitanjali Gems

Genus Power board approves restructuring proposal


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