Tuesday, March 3, 2009

Market Outlook for 3rd March 2009

Headlines : 3 March 2009
 Corporate News Headline
• Reliance Industries has offered one share for every 16 held in Reliance Petroleum as it seeks to merge its refinery subsidiary. (BS)
• Sadbhav Engineering bagged a contract of Rs. 15.71 bn from the Maharashtra State Road Development Corporation for 22 integrated border check-posts in the state on build operate and transfer. (BS)
• BHEL is setting up a manufacturing unit in Tamil Nadu at an investment of Rs. 2.5 bn, which would produce 25,000 MT of boiler components per annum. (BS)
 Economic and Political Headline
• India's exports declined by 15.9% to USD 12.38 bn in January this fiscal, from USD 14.71 bn a year ago in January over the year-ago period, posting contraction for the fourth month. While imports dipped, for the first time this fiscal, by 18.2% to USD 18.45 bn, leaving a monthly trade deficit of about USD 6.07 bn. (BS)
• The US consumer spending rose 0.6% in January for the first time in seven months as Americans took advantage of post-holiday discounts, a gain that's unlikely to last because of the surge in joblessness. (Bloomberg)
• The UK manufacturing shrank 34.7 in February from 35.8 the previous month, for a 10th month and consumer lending rose at the slowest pace since at least 1993, evidence Britain's recession is intensifying. (Bloomberg)
 
NIFTY FUTURES (F & O)
  Expect selling up to 2628 level for time being.
Hurdles at 2649 & 2662 levels. Above these levels, expect short covering up to 2683-2685 zone and thereafter expect a jump up to 2704-2706 zone by non-stop.
Cross above 2780-2782 zone, it can zoom up to 2801-2803 zone and supply expected at around this zone and have caution.
On Negative Side, rebound expected at around 2605-2607 zone. Stop Loss at 2585-2587 zone.
  
Short-Term Investors:  
 Bearish Trend. 3 closes below 2974 level, it can tumble up to 2510 level by non-stop.
 
BSE SENSEX  
  Traders can expect fall further.
  
Short-Term Investors:  
 Short-Term trend is Bearish and target at around 8129 level on down side.
Maintain a Stop Loss at 8998 level for your short positions too.
 
Strong & Weak  futures 
 This is list of 10 strong futures:
Amtek Auto, APIL, Bharat Forg, Ashok Ley, Maruti, TVS Motor, Matrix Labs, M&M, Ultra Cemco & Mphasis.
And this is list of 10  Weak Futures:
Aban, Syndicate Bank, Indian Bank, Pantaloon, Punj Lloyd, Gitanjali, Ranbaxy, Mah Life, ICICI Bank & Wel Guj.
 Nifty is in Down Trend.
 
GLOBAL CUES & RUPEE
The Dow Jones Industrial Average closed at 6,763.29. Down by 299.64 points.
The Broader S&P 500 closed at 700.82. Down by 34.27 points.
The Nasdaq Composite Index closed at 1,322.85. Down by 54.99 points.
The partially convertible rupee <INR=IN> closed at 51.90/92 per dollar on yesterday, down from 51.10/12 on Friday.
BANKEX Stocks May Fall
 
NSE Nifty Index   2674.60 ( -3.22 %) -89.05       
  1 2 3
Resistance 2739.62 2804.63   2844.67  
Support 2634.57 2594.53 2529.52

 

BSE Sensex  8607.08 ( -3.20 %) -284.53     
  1 2 3
Resistance 8725.47 8843.85 8924.83
Support 8526.11 8445.13 8326.75
FII trading activity on NSE and BSE in Capital Market Segment(In Rs. Crores)
Category Date Buy Value Sell Value Net Value
FII 02-Mar-2009 825.22 1405.65 -580.43
DII trading activity on NSE and BSE in Capital Market Segment(In Rs. Crores)
Category Date Buy Value Sell Value Net Value
DII 02-Mar-2009 856.33 522.2 334.13
 
 --
Arvind Parekh
+ 91 98432 32381