Indian bk
NationalAlumini
Glaxo
Powergrid&
Sterlingbiotech
And this is the list of 10 Weak Futures:
Ivr prime
Sobha
3IInfotech
Niit
Aban
Skumar
Nifty is in Down Trend
NIFTY FUTURES (F & O)
Below 3527-3529 zone, selling may continue up to 3502 level and thereafter it can slide up to 3447-3449 zone.
Hurdles at 3546 & 3576 levels. Above these levels, expect Short Covering up to 3603-3605 zone and thereafter it can jump up to 3656-3658 zone.
Above 3683-3685 zone, it can zoom up to 3736-3738 zone and those oppurtunities can be used to sell. Stop Loss at 3763-3765 zone.
On Negative Side, below 3447-3449 zone
it can tumble up to 3367-3369 zone and if breaks and sustains at below this zone then downtrend may continue and have caution.Short-Term Investors:
Reversal (Negative) is seen. Exit on Rallies.
Short-Term Upward Target at 3843-3845 zone.
Short-Term Support at at 3286-3288 zone (or) at 3340-3342 zone.
FII DATAFII
08/10: -1055.51 Cr. (Prov)
DII
RANBAXY LABS (NSE Cash):
Book Profits in this scrip. Technically Profit Booking should happen.If breaks & sustains at below 236 level then downtrend may start and have caution.
Hurdle at 313 level.
Supply expected at around this level. This supply should get absorbed too.TATA POWER FUTURES (NSE):
Book Profits in this scrip. Technically Profit Booking should happen.If breaks & sustains at below 768 level then downtrend may start and have caution.
Hurdle at 855 level. Supply expected at around this level. This supply should get absorbed too.
Headlines for the day
Corporate News Headline
JSW Steel reiterated the commitment to increase its capacity to 32 mn tonnes by 2020. (ET)
TCS has concluded a deal to acquire Citigroup Global Services, Citigroup's captive BPO centre in India, for USD 505 mn in an all-cash deal. (BS)
A motion against Ranbaxy was withdrawn by the US Department of Justice after the Company submitted a comprehensive set of audit documents to the authorities. (BS)Economic and Political Headline
The centre decided to extend the time limit to implement the Rs. 16,978 cr rehabilitation package for suicide-prone districts of Karnataka, Maharashtra, Kerala and Andhra Pradesh till September 2011. (ET)
Ministry of Home Affairs will now be the approving authority for all telecom sector proposals in which all details including the passport numbers of the company directors, both Indian and foreign, need to be provided. (BS)
The Federal Reserve, ECB, Bank of England, Bank of Canada and Sweden´s Riksbank each reduced their benchmark rates by half a percentage point, while China´s central bank separately cut its key rate by 27 bps in an unprecedented coordinated effort to ease the economic effects of the worst financial crisis. (Bloomberg)
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The Dow Jones Industrial Average closed at 8,579.19. Down by 678.91 points.
The Broader S&P 500 closed at 909.92. Down by 75.02 points.
The Nasdaq Composite Index closed at 1,645.12. Down by 95.21 points.
Indian currency markets were closed on Thursday for a local holiday.
-ve to Market
1. US market tumbled 2.Asian Market plunged 3. Sentiment 4. FII continous selling 5. Second package not +vely discounted 6. Investors will offload below 3800 7. Fresh Short positions were built-up 8. Expected financial crisis in UK 9. Rumours in the market 10. Technical weakness 11. Reimbursement pressure in MF.
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Arvind Parekh
+ 91 98432 32381
