Corporate News Headline
IOC and Adani Energy may take 50% stake in a Rs. 40 bn liquefied natural gas import terminal planned by Gujarat State Petroleum Corp. (ET)
Unitech is planning to invest Rs. 25 bn to launch 10,000 residential units in the Rs 30-50 lakh category by the next fiscal. (ET)
Jindal Poly decided to invest upto Rs. 6.06 bn in one or more tranches in the form of subscription of equity shares of Hindustan Thermal Power Generation Ltd. (BS)
Economic and Political Headline
Inflation rate for the week ended December 6 dropping to a nine-month low of 6.84%, as against 8% on week-on-week basis. (BS)
India's Home Minister P Chidambaram said that Asia's third-biggest economy will expand by "at least" 7% in the year to March amid the global recession and hoped that the falling inflation rate would result in further lowering of interest rates. (Bloomberg)
The European Central Bank cut the interest rate to 100 bps and lifted its emergency lending rate to 100 bps in an effort to jolt financial companies into lending more to each other. (Bloomberg)
NIFTY & SENSEX SPOT LEVELS TODAY
 | 3060.75 | ( 3.60 %) | 106.40 |  |
| 1 | 2 | 3 | ||
| Resistance | 3114.65 | 3168.55 | 3264.55 | |
| Support | 2964.75 | 2868.75 | 2814.85 | |
 | 10076.43 | ( 3.72 %) | 361.14 | | |
| 1 | 2 | 3 | |||
| Resistance | 10246.83 | 10417.24 | 10724.13 | ||
| Support | 9769.53 | 9462.64 | 9292.23 | ||
Strong & Weak futures
This is list of 10 strong futures:
Bindalagro, HDIL, Bajaj Hind, Pateleng, Ambuja Cem, ICICI Bank, Edu Comp, Neyveli, Indian infoline & Shree Cem..
And this is list of 10 Weak Futures:
J Stainless, Satyam, Birla Jute, Bhushan Steel, Roltas, Jindal Saw, Redington, BRFL, G T Offshore & Voltas.
Nifty is in Up Trend.
NIFTY FUTURES (F & O)
Below 3042 level, expect profit booking up to 2979-2981 zone and thereafter slide may continue up to 2919-2921 zone.
Hurdle at 3086 level. Above this level, buying may continue up to 3102-3104 zone.
Above 3162-3164 zone, it can zoom up to 3222-3224 zone and supply expected at around this zone and have caution.
On Negative Side, rebound expected at around 2859-2861 zone. Stop Loss at 2799-2801 zone.
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 Profit Booking 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 8,604.99. Down by 219.35 points.
The Broader S&P 500 closed at 885.28. Down by 19.14 points.
The Nasdaq Composite Index closed at 1,552.37. Down by 26.94 points.
The partially convertible rupee <INR=IN> ended at 46.95/96 per dollar on yesterday, stronger than Wednesday's close of 47.67/69.
FII DATA 18-Dec-2008
FII -33.17
DII -355.99
Trading Calls 19th Dec 08
Buy AxisBank-537 for 545-555 with sl 530 [Trading]
Buy PNB-503 for 514 with sl 498
Buy BPCL-367 above 370 for 384 with sl 365
--
Arvind Parekh
+ 91 98432 32381
