Corporate News Headline
Tata Motors has approached the British government for a loan to fund the working capital needs of Jaguar Land Rover. (ET)
Reliance Infrastructure bagged orders from the Public Works Department of Haryana for road projects including four-laning of the Gurgaon-Faridabad stretch. (BS)
Wipro agreed to buy Citigroup Inc.'s Citi Technology Services Ltd. for about USD 127 mn in cash. (Bloomberg)
Economic and Political Headline
The government indicated "aggressive" easing of interest rates and "fast-tracking" reforms to offset the impact of global turmoil on the growth which is expected to moderate to around 7% this fiscal besides inflation returning to "normal levels" by March. (BS)
The textile ministry has asked the Prime Minister´s Office and the finance ministry to provide a bailout package for the textile industry which has been severely hurt due to the recent global slowdown. (ET)
The US economy shrank in the third quarter at a 0.5% annual pace as the year-old recession intensified and the sales of existing homes fell 8.6% to a seasonally-adjusted annual rate of 4.49 mn units in November. (Bloomberg)
NIFTY & SENSEX SPOT LEVELS TODAY
 | 2968.65 | ( -2.32 %) | -70.65 |  |
| 1 | 2 | 3 | ||
| Resistance | 3020.08 | 3071.52 | 3103.03 | |
| Support | 2937.13 | 2905.62 | 2854.18 | |
 | 9686.75 | ( -2.43 %) | -241.60 | | |
| 1 | 2 | 3 | |||
| Resistance | 9802.23 | 9917.72 | 9997.05 | ||
| Support | 9607.41 | 9528.08 | 9412.59 | ||
Strong & Weak futures
This is list of 10 strong futures:
Bajaj Hind, Matrix Labs, DLF, Patel eng., HDIL, Balram Chin, GMR Infra, Amtek Auto, Aptech & Biocon.
And this is list of 10 Weak Futures:
Satyam, J Stainless, Bhushan Steel, Redington, Roltas, Jindal Saw, GT Offshore, Nucleus & BRFL.
Nifty is in Up Trend.
NIFTY FUTURES (F & O)
Below 2966-2968 zone, selling may continue up to 2950 level.
Hurdles at 2983 & 2988 levels. Above these levels, expect short covering up to 3015-3017 zone and thereafter expect a jump up to 3042-3044 zone.
Cross above 3087-3089 zone, it can zoom up to 3114-3116 zone and supply expected at around this zone. This supply should get absorbed too.
On Negative Side, rebound expected at around 2922-2924 zone. Stop Loss at 2895-2897 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 downtrend should continue. But there is a chance of false signal and have caution.
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.
| FII trading activity on NSE and BSE in Capital Market Segment(In Rs. Crores) | ||||
| Category | Date | Buy Value | Sell Value | Net Value |
| FII | 23-Dec-2008 | 657.34 | 921.39 | -264.05 |
| DII trading activity on NSE and BSE in Capital Market Segment(In Rs. Crores) | ||||
| Category | Date | Buy Value | Sell Value | Net Value |
| DII | 23-Dec-2008 | 705.49 | 617.31 | 88.18 |
GLOBAL CUES & RUPEE
The Dow Jones Industrial Average closed at 8,419.49. Down by 100.28 points.
The Broader S&P 500 closed at 863.16. Down by 8.47 points.
The Nasdaq Composite Index closed at 1,521.54. Down by 10.81 points.
The partially convertible rupee <INR=IN> ended at 48.78/81 per dollar on yesterday, lower than Monday's close of 48.01/03.
Sell CAPITAL GOODS Stocks.
Trading Calls 24th Dec 08
-ve sectors & scripts : Bank, Ster, Everon,
SELL BHEL-1364 for 1340-1300 with sl 1375 [Trading]
SELL L&T-774 for 724 with sl 784
SELL Bhartiartl-710 below 695 for 660 with sl 710
SELL GAIL-202 for 189 with sl 207
SELL Cipla-182 for 168 with sl 186
--Arvind Parekh
+ 91 98432 32381
