BUY ACC-806 for a target 817-823+ stop loss 800
Yesterday's BTST
BUY Ashokley-32.3 for a target 34-35+ stop loss 31.25
BUY Adlabs-296 for a target 315-323+ stop loss 31.25
Breakout calls
BUY CAIRN-232 for a target 245+ stop loss 225
RESISTANCE
4263
4316
4367
SUPPORT
4227
4209
4156
4105
4020
3969
Buy TORRENT POWER,PFC
This is list of 10 strong futures:
Nifty is in Up Trend.
Rally may continue up to 4263 level for time being.
Buy if touches 4020-4022 zone. Stop Loss at 3969-3971 zone.
Short-Term Investors:
Bullish Trend. 3 closes above 3906 level, it can zoom up to 4600 level by non-stop.
Higher opening expected. Uptrend should continue.
Short-Term Investors:
Short-Term trend is Bullish and target at around 15379 level on upper side.
Maintain a Stop Loss at 13220 level for your long positions too.
POSTIONAL BUY:
Buy POWER FINANCE CORP (NSE Cash)
Uptrend to continue.
Mild sell-off up to 221 level can be used to buy. If uptrend continues, then it may continue up to 232 level for time being.
If crosses & sustains at above 238 level then uptrend may continue.
Keep a Stop Loss at 215 level for your long positions too.
Buy TORRENT POWER (NSE Cash)
Uptrend to continue.
Mild sell-off up to 194 level can be used to buy. If uptrend continues, then it may continue up to 203 level for time being.
If crosses & sustains at above 210 level then uptrend may continue.
Keep a Stop Loss at 187 level for your long positions too.
Global Cues & Rupee
The Dow Jones Industrial Average closed at 8,616.21. Up by 256.72 points.
The Broader S&P 500 closed at 932.68. Up by 26.84 points.
The Nasdaq Composite Index closed at 1,862.90. Up by 63.17 points.
| FII trading activity on NSE and BSE in Capital Market Segment(In Rs. Crores) | ||||
| Category | Date | Buy Value | Sell Value | Net Value |
| FII | 15-Jul-2009 | 2134.55 | 1879.09 | +255.46 |
| DII trading activity on NSE and BSE in Capital Market Segment(In Rs. Crores) | ||||
| Category | Date | Buy Value | Sell Value | Net Value |
| DII | 15-Jul-2009 | 1261.15 | 988.18 | +272.97 |
SPOT LEVELS TODAY
 | 4233.50 | ( 2.97 %) | 122.10 |  |
| 1 | 2 | 3 | ||
| Resistance | 4282.45 | 4331.40 | 4413.25 | |
| Support | 4151.65 | 4069.80 | 4020.85 | |
 | 14253.24 | ( 2.88 %) | 399.54 | | |
| 1 | 2 | 3 | |||
| Resistance | 14404.84 | 14556.44 | 14813.34 | ||
| Support | 13996.34 | 13739.44 | 13587.84 | ||
Interesting findings on web:
A rally in technology stocks lifted the main Wall Street index to its biggest gain in three months after an upbeat outlook from Intel, which many view as a bellwether for spending on computers and other electronics throughout the economy.
Global stocks and crude oil prices jumped 3.0 percent or more on Wednesday after blockbuster earnings from Intel and a raft of economic news suggested the U.S. economy may be pulling out of a deep recession.
As stocks surged Wednesday, Intel helped the Nasdaq Composite Index mark its highest close in nine months.
The Dow Jones Industrial Average gained 256.72 points, or 3.1%, to 8616.21, as 29 of 30 members rose (McDonald's dropped 38 cents to $57.08).
The Standard & Poor's 500 index gained 26.84 points, or 3%, to 932.68. The Dow and the S&P marked their highest close in more than a month.
The Nasdaq Composite Index jumped 63.17 points, or 3.5%, to 1862.90, its highest close since Oct. 6.
"The Federal Reserve essentially raised its expectations for GDP growth, Intel did very well and credit-card issuers saw delinquencies decline," said Robbert Van Batenburg, head of equity research at Louis Capital Markets. "All of this raises expectations that the economy is starting to get its bearings again."
Intel (Nasdaq) rose 1.22, or 7.2%, to 18.05, its shares' highest close in over nine months. The news helped spark a rally in tech stocks.
Financial stocks rallied broadly, with card companies especially strong after releasing better-than-expected delinquency and charge-off data for June.
Toll Brothers rose 85 cents, or 5.3%, to 16.92 and D.R. Horton gained 49 cents, or 5.5%, to 9.37. Stifel Nicolaus raised its ratings for the home builders to "neutral" from "sell," saying housing prices should deteriorate less this month, and sentiment for builders should turn positive as second-quarter earnings from consumer companies are in line with expectations.
Lubrizol gained 2.88, or 5.9%, to 51.69. The maker of lubricant additives for engine oils projected second-quarter earnings well above analysts' estimates and said it will revise its full-year outlook later this month.
An upbeat forecast from Intel and an improving view of the economy from the Fed were enough to generate big gains in the stock market on Wednesday.
Intel's ( INTC - news - people ) views boosted the tech sector in general, as well, with the Technology SPDR exchange-traded fund, which tracks a basket of tech stocks, up almost 4%.
But outperformance for technology is nothing new this year. Value investors have touted the sector since January, noting strong balance sheets and the potential for increased revenue despite an economic downturn. And even though the bursting of the technology bubble is still fresh in people's minds, the wave of other technology firms poised to report earnings in the next couple days is unlikely to provide a retreat for tech.
"You're afraid to think about this huge growth in technology because you did in 2000 and see where that got you," said Kent Croft, chief investment officer for investment-management firm Croft Funds. "But the multiples and value and are there."
Overall, the Nasdaq is up 17% year-to-date, including a 14% jump in the past three months. Seemingly, Intel's report has signaled what the the market already knew -- technology is going to have a better year than most.
In the next few days, the direction of technology will likely have little to do with technicals. First, there will be earnings reports from International Business Machines and Google on Thursday, then Texas Instruments and Apple early next week.
CIT Group Inc. said late Wednesday that it probably won't get a government bailout anytime soon, increasing the likelihood that the lender may collapse in what could be the fourth-largest bankruptcy in U.S. history.
The U.S. Treasury estimates the government could lose its entire $2.3 billion investment in troubled lender CIT Group Inc. /quotes/comstock/13*!cit/quotes/nls/cit (CIT 1.65, +0.01, +0.61%) , according to a report published late Wednesday.
Among the companies whose shares are expected to see active trade in Thursday's session are Baxter International Inc., Biogen Idec Inc., Cypress Semiconductor Corp., Genuine Parts Co., Google Inc., Harley-Davidson Inc., International Business Machines, JPMorgan Chase & Co. and Marriott International Inc.
A forecast from the Federal Reserve released on Wednesday says the economy will shrink less than the central bank previously thought. Gross domestic product will likely fall by 1% or 1.5% in 2009, compared with a May forecast of 1.3% to 2%. Still, unemployment will likely reach 10%.
Although the economy is certainly better than earlier this year, Federal Reserve officials believe the recovery is going to creep along at a slow rate that won't lower the unemployment rate anytime soon, according to a summary of the central bank's latest meetings last month.
Commodity stocks helped the market rally, as a weak dollar boosted prices of crude oil and industrial metals on the New York Mercantile Exchange.
On economic news, the Fed Bank of New York's July general economic index climbed to minus 0.6, the highest level since April2008, from minus 9.4 in June. The reading was much better than a minus 5 economists had expected and added investors' appetite for industrial shares.
Minutes from last month's Federal Open Market Committee meeting showed central bank policy-makers thought economic growth would resume in the second half of the year.
Treasury debt lost on Wednesday as investors scrambled into riskier stocks.
Crude oil futures rose for the first session in four, climbing above $US61 a barrel as government data showed bigger than expected drop in crude inventories last week.
Refiners have ramped up production to the highest level in nearly a year while inventories rose for a 16th week to the highest level in 11 years.
August crude futures gained $US2.08, or 3.5%, to $US61.60 a barrel in New York.
Gold futures rallied as the US dollar sank and corporate results and economic data had participants buying the metal as an inflation hedge.
August gold rose $US16.60 to settle at $US939.40 an ounce in New York.
The dollar is substantially lower against all of its major rivals except the yen as an intensified appetite for risk remains dominant in markets.
The yen shifted lower against the dollar and the euro, with the dollar breaking above the ¥94 mark for the first since it tumbled sharply lower against the yen on July 8.
Most major currencies remained within their recent broad trading ranges.
The dollar was up at ¥94.04 and the euro was up at $US1.4116, after peaking briefly at $US1.4103 and up at ¥132.77.
The UK pound soared to $US1.6450 from $US1.6270.
The Canadian dollar has extended its rally from earlier in the week as it continued to benefit from the more robust appetite for risk.
The US dollar is trading at $C1.1186 after trading at $C1.1178, its lowest level since June 12.
Is Goldman new king of the Street?
Goldman Sachs is emerging as the king of post-meltdown Wall Street.
Already the most powerful US financial company before the credit crisis, the bank profited handsomely from Wall Street's rally and the recovering credit markets during the second quarter and distanced itself from the few competitors still standing.
The result was a stunning profit of $2.7 billion - even as the bank repaid $10 billion in federal bailout money. The total blew past what Wall Street analysts were expecting.
Goldman pulled off a remarkably speedy recovery from last year, when it lost $3.3 billion in four months during the worst of the financial crisis. And it had its best quarter since the end of 2007, when the recession was just beginning.
The results also confirm that despite controversy over everything from its role in the meltdown and the bonuses it pays executives and even the power of its alumni who sit at the highest levels of government, one thing remains constant: Goldman knows how to make money better than anybody else on Wall Street.
While other firms have curtailed risk and preserved cash to protect against further losses, Goldman has returned to what made it so profitable in the past - high-risk trading and investing in everything from mortgages to commodities and underwriting of stock and debt offers.
"Goldman really is in a class by themselves," said Phillip Silitschanu, a senior analyst with Aite Group. "They've always been the golden child of the market."
Of course, Goldman also benefited because there are fewer competitors on Wall Street following the demise of Bear Stearns Cos and Lehman Brothers Holdings Inc in 2008. Both companies were felled by their investments in risky, and ultimately failed, mortgage-backed securities.
Changing mood
And in a sign that the mood in Washington may be shifting, there was little outrage directed at Goldman from officials who have criticized the firm in recent months. Goldman took the bailout cash under pressure from the government at a time when faith in its financial institutions was shaken to its core.
While Goldman is making money in its core businesses, it's also gotten some hard cash into its corporate treasury that has also strengthened the company. Warren Buffett made a well-publicized investment of $5 billion in the bank in September. Goldman also benefited from the government's bailout money to insurer American International Group Inc, which paid Goldman $12.9 billion during the first quarter. AIG was forced by contracts it had signed to compensate banks like Goldman for losses they suffered from complex mortgage investments.
Asia:
Asian stock markets were higher Thursday, lifted by solid gains on Wall Street. In Japan, Toyota Motor and Mazda Motor surged on a report they planned a tie-up in the hybrid car segment.
The DJIA's 3.1% surge Wednesday was its biggest one-day gain in four months, but regional markets were not matching the Dow's rise. That wasbecause most Asian markets already gained Wednesday, in anticipation of Wall Street strength because of better-than-expected results from Intel.
Japanese shares rallied into a third straight session Thursday on hefty overnight gains on Wall Street and a weakened yen. Exporters such as Nikon Corp. /quotes/comstock/!7731 (JP:7731 1,533, +26.00, +1.73%) led the advance. Energy producers and commodity traders also jumped on an increase in oil and metal prices. The Nikkei 225 Average rose 2.2% to 9,470.03, while the broader Topix index also added 2.2% to 885.29.
The Japanese stock market opened with a strong positive gap on Thursday as stocks across the board rose sharply following the overnight surge on Wall Street and on the back of a stronger dollar. Non-ferrous metals, banking and auto stocks are among the among the top gainers in morning trades.
Hong Kong stocks took early gains Thursday, with mainland Chinese metal companies up sharply after data showing China's economy grew by a better-than-expected margin in the second quarter. Shares of Aluminum Corp. of China Ltd., also known as Chalco /quotes/comstock/22h!e:2600 (HK:2600 7.52, +0.27, +3.72%) was up 3.7% in early action, while Jiangxi Copper Co. /quotes/comstock/22h!e:358 (HK:358 13.88, +0.56, +4.21%) rose 4.7% and Angang Steel Co. /quotes/comstock/22h!e:347 (HK:347 13.48, +0.38, +2.90%) was 2.6% higher. The benchmark Hang Seng Index gained 2%, while the Hang Seng China Enterprises Index rose 2.1%.
The mainland stocks advanced, driving the Shanghai Composite Index to a 13-month high, as rating upgrades at Shenyin & Wanguo Securities Co spurred gains by shipping companies and metals producers climbed on higher prices.
"Strong domestic demand for commodities and expectations about a pick up in exports in the second half have prompted investors to believe shipping lines will benefit," said Wang Zheng, a fund manager at Jingxi Investment Management Co in Shanghai.
The Shanghai Composite rose 43.39, or 1.4 percent, to 3188.55 at the close, the highest close since June 2008.
China's gross domestic product expanded by 7.9% in the three months ended June 30 from the year-ago period, driven by domestic consumption and a strong increase in industrial activity, Chinese government data showed Thursday. The growth rate was higher than the 7.7% expansion anticipated by economists polled by Dow Jones Newswires and marked a sharp acceleration from the 6.1% growth recorded in the first quarter. The expansion came in spite of a decline in Chinese consumer and wholesale prices in June. Official data showed the mainland's consumer price index fell 1.7% in June from the year-earlier period, while the monthly producer price index shrank 7.8%. In May, China's CPI fell 1.4% while the PPI declined 7.2%.
Chinese economy expanded 7.9 percent year on year in the second quarter, as massive pump-priming and record lending pushed for a rebound from the worst growth in a decade, official data showed Thursday.
The gross domestic product (GDP) grew 7.1 percent from the same period a year ago to 13.99 trillion yuan (2.06 trillion U.S. dollars) in the first half, said the National Bureau of Statistics (NBS).
The world's third largest economy tumbled to 6.1 percent in the first quarter as exports shrank to a decade low.
China's producer price index (PPI),a major measurement of inflation at the wholesale level, fell 7.8 percent year on year in June, the National Bureau of Statistics announced Thursday.
The decline compared with a 7.2-percent drop in May from the same period last year.
China's industrial output expanded 10.7 percent in June from a year earlier, faster than the 8.9 percent rate in May, the National Bureau of Statistics (NBS) said Thursday.
It makes the industrial output growth rise to 7 percent for the first half.
China's retail sales in the first half year rose 15.0 percent from a year earlier, the National Bureau of Statistics announced Thursday.
China's urban fixed-asset investment in the first half year rose 33.5 percent from a year earlier, the National Bureau of Statistics announced Thursday.
The figure is 7.2 percentage points higher than the same period of last year.
China's consumer price index (CPI),a main gauge of inflation, declined 1.7 percent in June from a year earlier, the National Bureau of Statistics said here Thursday.
This marks the fifth consecutive month of decline since the index dropped 1.6 percent in February, the first fall since October 2002.
INVESTMENT VIEW
Electrosteel Castings-Value Buy
Electrosteel is a leading Ductile Iron pipes and cast iron pipe manufacturing company. It also offers turnkey solutions in water transport and sewage management. The demand for ductile pipes comes from Govt/ Govt sponsered projects for transportation of potable water and for cast iron pipes - from irrigation / sewage disposal projects. Demand for ductile pipes is growing very fast looking to growing focus of the Govt to provide potable water not only in India but also across Asia and other developing countries.
Electrosteel is fully integrated backward, with pig iron plant, sinter plant and captive power plant, as also iron ore & coal mining rights. This kind of integration leads to superior margins for company. It is thus very cost efficient and large player earning attractive margins.
Business is mostly dependent on municipal/Govt orders and is thus immune to economic/business cycle. Under - Accelerated Rural Water Supply Program and Pradhan Mantri Gramodaya Yojana - Rural Drinking Water; significant annual demand for projects and products [pipes] is generated on sustained basis.
Through an SPV wherein company holds 40% stake] it is also setting up a 2.2 million integrated steel plant, fully backed by required iron ore & coal mines. Of this 1.3 million capacity will come on stream by the end of '09 and rest will come on stream by the end of 2010. Captive mining of Ore and coal will also be operational by the same time or slightly latter, so cost of production will be always under tight control.Company's current working is good and its likely to perform much better in coming years.
(Some forward looking statements on projections, estimates, expectations & outlook are included to enable a better comprehension of the Company prospects. Actual results may, however, differ materially from those stated on account of factors such as changes in government regulations, tax regimes, economic developments within India and the countries within which the Company conducts its business, exchange rate and interest rate movements, impact of competing products and their pricing, product demand and supply constraints.)
--
Arvind Parekh
+ 91 98432 32381
