Tuesday, January 24, 2012

TECHOUTLOOK : Support for Nifty is at 5025 resistance at 5063.

Market Outlook: Markets are expected to open higher tracking positive Asian markets while investors will closely watch the outcome of RBI monetary policy review, due later today. Reserve Bank of India is likely to keep policy rates unchanged, even as inflation and economic growth rate have eased. However, RBI could spring a surprise with a cut in the cash reserve ratio (CRR) to ease liquidity pressure on the system, which may also reduce funding costs for the industry.

Ahead of RBI credit policy, banking stocks are showing strong under current and are bouncing back after every small dip. Bank Nifty is gaining strength since last few weeks and has major resistance at 9950 while a fall below 9000 can reverse the current uptrend.

Results today - Cairn India, Biocon, Nelco, Lupin, Ceat, Yes Bank, Grasim, Indraprastha Gas, MRPL, Arvind, Eclerx, Edelweiss Financial, Indiabulls Power, Indiabulls Real, Nilkamal, 3i Infotech, HMT, Kalindee Rail, Zensar Tech, GIC Housing, Ajanta Pharma, 20 Microns, Everest Industries, Godavari Power and Ispat, Granules, Greaves Cotton, Indian Metal and Ferro, Kirloskar Brothers, Kirloskar Brothers Investment, Maral Overseas, Nocil, Oudh Sugar, Prism Cements

Global events to watch:

 Day One of Two of the of Federal Open Market Committee meeting.

Global indices Update @ 8:

Dow Jones : 12708 (-11.66)
NASDAQ : 2784 (-02.53)
Nikkei 225 : 8798 (+15.70)
Hang Seng : 20110 (+167.4)
SGX CNX Nifty : 5059 (+7.50)
Gold (USD/t oz.) : 1675
Nymex Crude (F) : 99.65
INR / 1 USD : 50.24

TECHOUTLOOK : Support for Nifty is at 5025 resistance at 5063.

Call for the day:

Sell JSW Steel with a stoploss of Rs 641 for targets of 624 & 618.

Stocks in action for the day: Shri Lakshmi Cotsyn, HUL, Exide, Essar Oil.

RBI macro economic report -Domestic growth moderating more than expected -Growth likely to be below potential in FY12 -Domestic growth to recover at a modest pace in FY13 -Inflation has begun to fall in line with projection-Decline in food inflation likely to reverse -Policy to take into account downturn in growth -Inflation, inflationary expectations remain high -India's near-term growth outlook has deteriorated -Current account deficit to widen during the year -Fall in primary food Inflation expected to be short-lived -Core inflation, exchange rate important for future rate actions -Banks high SLR holding give scope for liquidity infusion -Additional liquidity instruments can be considered -Liquidity deficit needs to be addressed in calibrated manner EGoM on Gas to meet on February 18 -EGoM to finalise new gas allocation -EGoM on UMPP's rescheduled to

February 21 Cabinet: -Likely to take up Cairn -Vedanta nod on Tuesday -Likely to take up UIDAI funding proposal on Tuesday

DGH says RIL , BP to start production FM satellite fields in 2015-16 -Bhagyam will be ramped up to 25,000 BPD -Biggest highlight in 2012 will be Bhagyam production

RIL, BP to come up with some solutions for D6 this year

Sterlite Industries says -Aim to start mining at Balco coal block by FY13 end -In talks with govt for buying more stake in Balco

Govt sources say -May soon finalise duty on imported power equipment -Heavy Industries, power ministry consensus on level playing field -Level playing field between domestic manufacturers, importers -Domestic manufacturers like BHEL, L&T, Alstom Projects set to benefit
-Power ministry has moved draft cabinet note for discussion -Decision likely within the next fortnight

HUL puts its prime land in Bangalore on the block

Exide Industries enters into technical collaboration with East Penn USA

Essar Oil announces increase in gas reserves and resources at Raniganj CBM Block

Shri Lakshmi Cotsyn board to consider issue of warrants to promoters, non promoters on Jan 31st

In F&O Ban - ABG Shipyard and Alok Textiles


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