Headlines for the day
Corporate News Headline
BHEL has entered into a joint venture with the Tamil Nadu government for setting up 2x800 MW super-critical units at Udangud. (BS)
Tata Chemicals has entered into definitive agreements for investing USD 25 mn in JOil (Singapore) - a jatropha seeding company based in Singapore. (BS)
Jindal Steel & Power is planning to add hydroelectric, nuclear, wind and solar projects to its larger steel business as demand for power increases. (Bloomberg)
Economic and Political Headline
The deputy chairman of the Planning Commission told that India will add 11,000 MW of power generation capacity in the current fiscal year to March 2009. (ET)
The Finance Minister P Chidambaram said that private sector banks will be forced to cut lending rates sooner due to competition from public sector counterparts. (ET)
The US Federal Reserve took two new steps to unfreeze credit for homebuyers, consumers, and small businesses, committing up to USD 800 bn. (Bloomberg)
NIFTY FUTURES (F & O) Above 2689 level, expect short covering up to 2755-2757 zone and thereafter expect a jump up to 2820-2822 zone. Support at 2640 level. Below this level, selling may continue up to 2624-2626 zone. Below 2558-2560 zone, panic may continue up to 2493-2495 zone by non-stop. On Positive Side, rallies up to 2885-2887 zone can be used to sell. Stop Loss is too far on upper side and can be placed at around 2951-2953 zone. Short-Term Investors: Short-Term trend is bearish and target at around 2392 level on down side. On Positive Side, rallies up to 2982 level can be used to exit. Maintain a Stop Loss at 3178 level for your short positions too. BSE SENSEX Technically recovery should happen. Short-Term Investors: Trend is Bearish & Technical target at around 8183 level on down side. Rallies up to 9974 level can be used to exit. SL at 10571 level. Strong & Weak futures This is list of 10 strong futures :Sterlin Bio, IOC, TTML, Glaxo, Hind Petro, Andhra Bk, BPCL, GTL, NTPC & MTNL .And this is list of 10 Weak Futures :Tech Mahindra, Gitanjali, Jet Airways, Suzlon, HDIL, Matrix Labs, Amtek Auto, Ansal Infra, Purva & Unitech. Nifty is in Down Trend. Trading Calls 26th Nov 08 -ve sectors & scripts : Bank+ve sectors & scripts : Akruti, KSoilBuy HeroHonda-742 for 757 with sl 736 Buy GVKpil-16 for 17.20-18 with sl 15.25 Buy MTNL-71 for 75-76 with sl 69 Buy TITAN-882 for 895-902 with sl 876 Short Indiacem-82 for 78 with sl 85 +ve to Market 1. US Market 2. Expected RBI Move on CRR, Repo & SLR 3. Asian Market [mixed] 4. SGX Nifty 5. FII Buying in F&O -ve to Market 1. Profit booking 2. Expected lower end NP & Growth in Q3 3. Retailers growth forecast 4. Weak sentiment 5. There is no investment buying by small investors and institutions. | ||||||||||||||||||||||||||||||||||||||||||||
| FII DATA FII 25/11: -161.88 Cr. (Prov) DII 25/11: 155.09 Cr. (Prov) | ||||||||||||||||||||||||||||||||||||||||||||
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Arvind Parekh
+ 91 98432 32381
