Corporate News Headline
KEC International has bagged an order worth Rs. 6.36 bn from Egyptian Electricity Transmission Company for the design, supply and construction of circuit lines. (ET)
Jet Airways has raised about Rs. 10 bn from a South-Indian bank and a nationalised bank to meet its working capital requirements. (ET)
Idea Cellular is planning to invest Rs. 3 bn in the next 15 months to grow its business in Karnataka. (ET)
Economic and Political Headline
The Planning Commission Deputy Chairman Montek Singh Ahluwalia said that there is further scope for the RBI to cut lending rates after the inflation rate almost halved from the peak levels. (BS)
The Petroleum Minister Murli Deora said that the government was considering passing on the benefit of the fall in international crude oil prices to consumers. (ET)
General Motors Corp. and Chrysler LLC are due to get USD 4 bn each in the US loans to keep them from running out of cash. (Bloomberg)
NIFTY & SENSEX SPOT LEVELS TODAY
 | 2922.20 | ( 2.27 %) | 64.95 |  |
| 1 | 2 | 3 | ||
| Resistance | 2965.03 | 3007.87 | 3083.93 | |
| Support | 2846.13 | 2770.07 | 2727.23 | |
 | 9533.52 | ( 2.19 %) | 204.60 | | |
| 1 | 2 | 3 | |||
| Resistance | 9668.39 | 9803.27 | 10056.13 | ||
Strong & Weak futures
This is list of 10 strong futures:
Matrix Labs, Bajaj Hind, Jet Airways, Patel Eng, Aptech Training, Hind Petro, Auro Pharma, Renuka, Amtek Auto & Purva.
And this is list of 10 Weak Futures:
Satyam, Jindal Stainless, Roltas, Bhushan Steel, Birla Crop, Hotal Leela, Jindal Saw, Redington, HCL Tech & GT Offshore.
Nifty is in Up Trend.
NIFTY FUTURES (F & O)
Below 2907 level, expect profit booking up to 2855-2857 zone and thereafter slide may continue up to 2805-2807 zone by non-stop.
Hurdle at 2944-2946 zone. Above this zone, buying may continue up to 2961 level and thereafter it can jump up to 2994-2996 zone.
Cross above 3011-3013 zone, it can zoom up to 3061-3063 zone and supply expected at around this zone.
On Negative Side, break below 2788-2790 zone can create panic up to 2738-2740 zone and rebound expected at around this 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 start.
Short-Term Investors:
Trend is Bearish & Technical target at around 8832 level on down side. Rallies up to 9838 level can be used to exit. SL at 10173 level.
GLOBAL CUES & RUPEE >>>>
The Dow Jones Industrial Average closed at 8,483.93. Down by 31.62 points.
The Broader S&P 500 closed at 869.42. Down by 3.38 points.
The Nasdaq Composite Index closed at 1,510.32. Down by 19.92 points.
The partially convertible rupee <INR=IN> closed at 48.41/44 per dollar on yesterday, stronger than Friday's close of 48.44/45.
Trading Calls 30th Dec 08
-ve sectors
& scripts : OIL&RefinBUY CAIRN-172 for 179-184 with sl 169 [Trading]
BUY GRASIM-1248 for 1280 with sl 1235
BUY Colpal-410 for 418 with sl 407
BUY Ranbaxy-232 for 238-241418 with sl 229
--
Arvind Parekh
+ 91 98432 32381
