Corporate News Headline
Reliance Industries has failed to deliver the second consignment of crude oil from its eastern offshore Krishna-Godavari basin D6 block to Chennai Petroleum Corp Ltd. (ET)
Patel Engineering has bagged an order worth Rs. 38.59 bn for water lift irrigation works from Government of Andhra Pradesh. (ET)
Elecon Engineering bagged an order of Rs. 1.2 bn from Mundra port and Special Economic Zone of Adani Group. (BS)
Economic and Political Headline
The RBI said that India´s inflation ´continues to be above the acceptable level´ and the global financial crisis has become more ´widespread´ in the domestic economy despite global markets showing signs of recovery. (BS)
The Reserve Bank said that the non-performing assets of banks have gone up for the first time in six years in 2007-08 and the bad loans of new generation private banks and foreign lenders are "more noticeable" due to their aggressive lending to real estate and housing segments. (ET)
The US current account deficit decreased to US 174.1 bn during the July through September period, from a downwardly revised USD 180.9 bn in the second quarter, as a broad gain in exports outstripped the rise in imports. (WSJ)
 | 2954.35 | ( -2.87 %) | -87.40 |  |
| 1 | 2 | 3 | ||
| Resistance | 3039.20 | 3124.05 | 3171.90 | |
| Support | 2906.50 | 2858.65 | 2773.80 | |
 | 9715.29 | ( -2.62 %) | -261.69 | | |
| 1 | 2 | 3 | |||
| Resistance | 9964.62 | 10213.96 | 10354.81 | ||
| Support | 9574.43 | 9433.58 | 9184.24 | ||
FII DATA FOR 17TH DEC
FII -188.65
DII -97.82
Strong & Weak futures
This is list of 10 strong futures:
Oswal Chem,HOUSING DEV & IN,Bajaj Hind.,Patel Engineerin,Grasim Inds.,STERLITE TECHNOL,Shr.Cements,Ndtv Ltd,GE Ship, Jindal Steel & Po.
And this is list of 10 Weak Futures:
Bajaj Au.Ltd,Satyam Compu,Bhushan Steel,Rolta,BOMBAY RAYON FAS,Jindal Saw,REDINGTON,Financial Techno,GREAT OFFSHORE and Rel.Capital
Nifty is in Up Trend
NIFTY FUTURES (F & O)
Below 2924-2926 zone, selling may continue up to 2864-2866 zone.
Hurdles at 2959 & 2986 levels. Above these levels, expect short covering up to 3047-3049 zone and thereafter expect a jump up to 3107-3109 zone.
Above 3208-3210 zone, it will zoom up to 3268-3270 zone and supply expected at around this zone.
On Negative Side, 2803-2805 zone should not be allowed to break at any cost.
Short-Term Investors:
Short-Term trend is Bullish and target at around 3202 level on upper side.
On Negative Side, corrections up to 2821 level can be used to buy. Maintain a Stop Loss at 2694 level for your long positions too.
BSE SENSEX
Technically Recovery should happen.
Short-Term Investors:
Trend is Bullish & Technical target at around 10443 level on upper side. Corrections up to 9297 level can be used to buy. SL at 8914 level.
GLOBAL CUES & RUPEE
The Dow Jones Industrial Average closed at 8,824.34. Down by 99.80 points.
The Broader S&P 500 closed at 904.42. Down by 8.76 points.
The Nasdaq Composite Index closed at 1,579.31. Down by 10.58 points.
The partially convertible rupee <INR=IN> closed at 47.67/69 per dollar on yesterday, higher than its previous close of 47.92/93.
Trading Calls 18th Dec 08
+ve sectors & scripts : Escorts, Fortis, Gic housing, Max,Aegischem, Castrol
Buy ICICIBank-431 for 450 with sl 426 [Trading]
Buy CanBank-167 for 174 with sl 165
Buy OBC-142 for 147 with sl 140
Short BHEL-1337 for 1305 with sl 1355
+ve to Market
1. Asian Market 2. Advance tax by PSU Banks 3. Asian Market 4. FII Buying 5.Expected further fall in Inflation.
-ve to Market
1. Small savings collections rise 2. Sharp fall in advance tax paid by manufacturing sectors 3. Expected slow down in Q3 results 4. Redemption pressure in MF 5. Gold Rally 6. Profit booking 7. US Market 8. Morgan Stanley loss.
--
Arvind Parekh
+ 91 98432 32381
