Tuesday, November 4, 2008

MARKET OUTLOOK FOR TODAY 4TH NOV 2008

FUNDAMENTAL PICK: Buy IVRCLINFRA (NSE CMP 111.20) and Hold. Stop Loss at 109.20 level.

Headlines for the day
Corporate News Headline
Tata Steel announced setting up of a new blast furnace at its Jamshedpur works unit as part of the Rs. 140 bn brownfield expansion to augment its production capacity to 10 MT in over two years. (BS)
Jindal Drilling bagged an order worth Rs. 8.5 bn from ONGC for hiring a rig for a period of three years. (BS)
KEC International bagged new orders worth Rs. 2.35 bn from Afghanistan Ministry of Energy and Water, Power Grid Corporation of India, and the Chhattisgarh government. (BS)

Economic and Political Headline
The Prime Minister Manmohan Singh emphasized that the government would take "all necessary monetary and fiscal steps to protect growth rate." (BS)
The economic crisis gripping the developed world has cast its shadow on India's merchandise exports growth, bringing it down to 10.4% in September, 2008, to USD 13.75 bn. (ET)
The manufacturing in the US contracted 38.9 in October, at the fastest pace in 26 years, as the credit crisis deepened and companies slashed orders. (Bloomberg)



NSE Nifty Index 3043.85( 5.48 %) 158.25
123
Resistance3108.80 3173.75 3285.45
Support 2932.15 2820.45 2755.50





BSE Nifty Index 10337.68( 5.62 %) 549.62
123
Resistance 10436.35 10535.01 10696.86
Support 10175.84 10013.99 9915.33



FII DATA
FII
03/11: 363.55 Cr. (Prov)
DII
03/11: -97.03 Cr. (Prov)


Strong & Weak futures

This is list of 10 strong futures:
Educomp, Gtl, Divislab, Bhushamsteel, Indian Bk, Idfc, Chamblfert, Lupin, Sterlinbio & Dabur..
And this is list of 10 Weak Futures:
Aurobindo, Amtek auto, Ivr prime urban, Citanjali gems, Unitech, National Alu.,Jindalsteel, United ph & Suzlon.




Nifty is in Down Trend until it has a strong close above 3070



NIFTY FUTURES (F & O)

Below 3027 level, expect profit booking up to 2983-2985 zone and thereafter slide may continue up to 2942-2944 zone by non-stop.

Hurdles at 3055 & 3075 levels. Above these levels, expect a jump up to 3117-3119 zone.

Supply expected at around 3159-3161 zone on upper side. This supply should get absorbed too.

On Negative Side, rebound expected at around 2816-2818 zone. Stop Loss at 2774-2776 zone.

Short-Term Investors:

Short-Term trend is bearish and target at around 2546 level (Already broken) 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.

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BSE SENSEX

Technically buying should continue.

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.

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RELIANCE INDUSTRIAL INFRASTRUCTURE (NSE Cash): Likely to Zoom

. Technically it should go up.

If crosses & sustains at above 454 level then uptrend may continue.

Support at 361 level. Should not be allowed to break at any cost.

PUNJ LLOYD FUTURES (NSE): Likely to Zoom. Technically it should go up.

If crosses & sustains at above 225 level then uptrend may continue.

Support at 176 level. Should not be allowed to break at any cost.

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The Dow Jones Industrial Average closed at 9,319.83. Down by 5.18 points.

The Broader S&P 500 closed at 966.30. Down by 2.45 points.

The Nasdaq Composite Index closed at 1,726.33. Up by 5.38 points.

The partially convertible rupee <INR=IN> ended at 48.64/65 per dollar on yesterday, stronger than Friday's close of 49.44/46 per dollar.

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TRADING CALLS TODAY

Buy Tatacomm-543 above 555 for 585 with sl 547 [Trading]Buy Chambalfert-50.95 above 52 for 58-60 with sl 50
Buy AxisBank-602 for 723 with sl 590 [Breakout]Buy L&T-897 for 930-56 with sl 885
Buy Lupin-715 above 722 for 800 with sl 710 [positional]Buy Divislab-1227 above 1235 for 1270-1345 with sl 1220


+ve to Market
1. Global cues, 2. CRR,Repo,SLR cut by RBI 3. FII buying 4. Asian Market


--
Arvind Parekh
INDIABULLS
+ 91 98432 32381