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OUTLOOK FOR TODAY 1ST OCT 2008
Headlines for the day
Corporate News Headline
BHEL bagged a Rs. 9.9 bn order to set up a 500 MW thermal power plant in Rajasthan. (ET)
Ashok Leyland entered into collaboration with the US based agriculture equipment manufacturer, John Deere for manufacturing and marketing of construction equipment. (ET)
Bharat Electronics bagged a Rs. 1 bn order to supply 1.02 lakh electronic voting machines to the Election Co Commission. (ET)
Economic and Political Headline
The Finance minister Mr. Chidambaram said that market regulations would be tightened if needed to deal with the consequences of a widening global financial crisis. (ET)
The RBI Deputy Governor said that the central bank is planning to facilitate financial inclusion as many SMEs lack accessible, adequate and timely services. (BS)
The House price index in the US cities declined to 16.3% in July, at the fastest pace on record, signalling the worst housing recession in a generation had yet to trough even before this month´s credit crisis. (Bloomberg)
NIFTY FUTURES (F & O)
Above 3942 level, relief rally may continue up to 3995-3997 zone by non-stop.
Support at 3869 & 3917 levels
. Below these levels, expect profit booking up to 3787-3789 zone.Below 3708-3710 zone, expect panic up to 3628-3630 zone by non-stop.
On Positive Side, supply expected at around 4021-4023 zone. This supply should get absorbed too.
Short-Term Investors:
Short-Term Upward Target at 4101-4103 zone.
Short-Term Support at at 3549-3551 zone.
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BANKEX Stocks May Zoom
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The Dow Jones Industrial Average closed at 10,850.66. Up by 485.21 points.
The Broader S&P 500 closed at 1,164.74. Up by 58.32 points.
The Nasdaq Composite Index closed at 2,082.33. Up by 98.60 points.
Indian government debt and foreign exchange markets were shut on Tuesday as banks close their half-yearly accounts.
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Buy Axis-720 for 740 with sl 711 [Trading]
Buy GAIL-408 for 416 with sl 404
Buy BOB-297 above 304 for 311-17 with sl 300
Buy Bhartiartl-784 above 790 for 813 with sl 784
Buy HPCL-242 above 245 for 253 with sl 240
Buy BOI-285 for 300 with sl 282 [Breakout]
Buy BPCL-360 for 374 with sl 355
----------+ve to Market
1. US market 2.Asian Market 3. Technical breakout 4. SGX Nifty 6. Sentiment 7. US Bailout bill passed 8.FII buying 9. Govt. Msgs.
BIJLEE (NSE Cash): Book Profits in this scrip. Technically Profit Booking expected.
Hurdle at 1155 level.
Supply expected at around this level. This supply should get absorbed too.Support at 1036 level. Should not be allowed
to break at any cost.BHEL FUTURES (NSE):
Book Profits in this scrip. Technically Profit Booking expected.Hurdle at 1681 level.
Supply expected at around this level. This supply should get absorbed too.Support at 1558 level.
Should not be allowed to break at any cost.-----------------
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Arvind Parekh
+ 91 98432 32381
