Stock Market & Business News Highlights – 23 July 2009

• On 22nd July 2009, Following all Asian markets, Which were trading higher with a gains of 1-2% , Indian market opened with 200 points gains in Sensex. But after mid session, EU market opened in deep RED which helped indian market to go in RED zone and nifty had tanked 180 points in 30 mins time period. Finally nifty closed below 4400 mark at 4398 and sensex was trading below 15000 mark to close at 14843 with 1.5% losses.
• Due hure supply in US, Crude Oil dropped more than 2% on a single day to trade below $65 at $63.7 per barrel. But after mid session oil managed to gain and was trading only 0.8% low at $64.7 – Bloomerg.com, Yahoo Finance
• Housing Development Finance Corporation Ltd (HDFC) reported 20.68% growth in net profit at Rs 564.92 crore for the first quarter ended June 30, 2009.
• India’s population will rise to a massive 1.53 billion by 2050, overtaking China and making the country the world’s most populous nation. – BS
• India will seek cabinet approval to dilute government stake in State Bank of India from 59.41% to 55% – Finance Secretary Ashok Chawla, IBN
• Housing Development Finance Corporation Ltd (HDFC) will raise up to Rs 4,000 crore through private placement of securities (QIP) – BS
• Net profit of Kalindee Rail Nirman (Engineers) declined 59.02% to Rs 1.68 crore in the quarter ended June 2009 as against Rs 4.10 crore during the previous quarter ended June 2008. – UTVi
• Securities and Exchange Board of India (SEBI) granted exemption to promoters of media company Deccan Chronicle Holdings from making an open offer after their proposed buyback of shares which will increase their holding to 73% – BS
• Financial institution IFCI announced a profit after tax (PAT) of Rs 100.78 crore in the first quarter ended June 30, 2009, down 33.28% over the corresponding period a year ago – BS
• Siemens has been awarded two contracts worth Rs 109 crore by the Power Grid Corporation of India to construct and upgrade its 400 KV Bachau and 400 KV Maithon sub-stations in Gujarat – BS
• A steep decline in metal prices pulled down the net profit of Hindustan Zinc, a Vedanta Resources Group firm, by 15.21 per cent to Rs 718.82 crore in the first quarter of the current fiscal. – BS

Today’s Sensex & Nifty Trading Calls

• Stock Market Pre-opening Outlook: As expected indian market opened exactly with a gains of 200 points and had touched 250 points gains but indian markett was in search for a reason to have selling pressure and EU market helped market to close below 4400 mark. Yesterday EU market were trading flat with positive bias but US markets opened positive but had to visit RED zone after first 3 hours of trading due to uncertainity in growth. Today we may see selling pressure continue but 4390 in nifty will be a major support below that we will have 4260 level as a major support. Any further rise in nifty should be used as a profit booking for short term traders.
• Nifty Levels: Current: 4233 Support Level 4390, 4320, 4260 Resistance Level  4440, 4480, 4515
• Sell Kalindee Rail: CMP 139 Target 133, 128 SL 140
• Buy DCHL: CMP 89.7 Target 94, 96 Short Term Target 100 Stop Loss 87 ( Exit all long position above 99-100)
• Buy Pfizer Ltd: CMP 779.5 Target 765, 756 Stop Loss 783
• Sell IFCI: CMP 48.15 Target 46, 45 Short Term Target 43, 41 Stop Loss 49.5
• Sell Hind Zinc: CMP 651.20 Target 640, 628 Stop Loss 660
• Sell Simplex Infra: CMP 375 Target 364, 354 Stop Loss 382
• Sell JP Assoc: CMP  219 Target 210, 206 Stop Loss 223 ( Buy between 203-205 for short gain)
• Book Profit in Welspun Gujarat for target 178 and TV18 for target 87
• Buy DCB, Crisil, Godrej Consumer and Indian Bank on dips for 10% short term gain
• Past Trading Calls View Here

Mid-Session Updates