News Flash : Inflation at 8.98 per cent, down from 10.72 per cent
Inflation drops to single-digit, touches 8.98 per cent
Strong & Weak futures
This is list of 10 strong futures:
Hind Zinc, TTML, Union Bk, LITL, GTL, HIMI Global, Bhushan Stl, Dabur, Bk India & IDFC.
And this is list of 10 Weak Futures:
Tat Steel, NDTV, Str Tech, Mah life, IVR prime, Amtek Auto, Telco, Suzlon, Purva & Uni Phos.
Nifty is in Down Trend.
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Headlines for the day
Corporate News Headline
Tata Motors would get benefits worth Rs. 95 bn from the Gujarat government for developing infrastructure around the Nano project area. (ET)
Siemens bagged an order worth Rs. 1.75 bn from Steel Authority of India Ltd for power plant related works. (BS)
Maharashtra Seamless bagged an order worth Rs. 7.57 bn from state-run ONGC for supply of seamless pipes. (ET)
Economic and Political Headline
Prime Minister Manmohan Singh ruled out a price cut for petrol and diesel until oil companies stop making losses on fuel sales. (ET)
The Reserve Bank said that the government will pay interest to banks at 364 days Treasury bill rate on the unpaid amount towards Farm Debt Waiver Scheme. (ET)
The UK home sales declined 5.1% in September from a year earlier after a drop of 4.6% in August as lending freeze pushed down prices for a 15th month. (Bloomberg)
FII DATA
FII
11/11: -370.95 Cr. (Prov)
DII
11/11: 229.12 Cr. (Prov)
Strong & Weak futures
10 STRONG Futures
Hind Zinc, LITL, Union Bk, GTL, Can Bk, Indian Bk, Hinduja Ven, Bhushan Stl, APIL & GMR Infra
10 WEAK Futures
NDTV, Unitech, Tisco, Mah Life, Suzlon, Amtek Auto, Telco, Uni Phos, J Stainless & ,Purva
Nifty is in Down Trend
NIFTY FUTURES (F & O)
Below 2897 level, selling may continue up to 2804-2806 zone by non-stop.
Hurdles at 2938 & 2977 levels. Above these levels, expect short covering up to 3068-3070 zone and thereafter expect a jump up to 3159-3161 zone.
Sell if touches 3310-3312 zone. Problem is that, Stop Loss is too far and can be placed at around 3401-3403 zone.
On Negative Side, if breaks & sustains at below 2713-2715 zone then downtrend may continue and have caution.
Short-Term Investors:
Short-Term trend is bearish and target at around 2546 level on down side.
On Positive Side, rallies up to 3085 level can be used to exit. Maintain a Stop Loss at 3265 level for your short positions too.
BSE SENSEX
Technically Selling should continue. If bears reluctant then bulls
will try to rig up and have caution.
Short-Term Investors:
Trend is Bullish & Technical target at around 10898 level on upper side. Corrections up to 8498 level can be used to buy. SL at 7697 level.
Trading Calls 12th Nov 08
+ve sectors & scripts : Binaniind, SunTV, IPCalab, VijayaBank
-ve to Market
1. Global cues 2. Profit Booking 2. Expected Slowdown in GDP growth 3. Expected GM Filing 4. IIP data 5. Continous selling by FII 6. Slowdown in investment by LIC 7. Asian Market
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Arvind Parekh
+ 91 98432 32381
