Stock Market & Business News Highlights – 24 July 2009

• On 23nd 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. It was trading flat till 1 pm and had touched low of 4450 in nifty then it has found recovery and then sensex was trading above 15300 and nifty was above 4520 major resistance level. Nifty is closed above 4520 at 4523 and sensex at 15231 with more than 200 points gain. Rally was due to Reality and Infrastructure stocks.
• 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
• Mahindra Satyam Jorney: From 179 to 11.5 and then again to 104 in last 6 months >> Read more
• With the import of 420 tonnes of uranium, Nuclear power generation may grow 30% in 2009-10: enter for Monitoring Indian Economy (CMIE), Business Standards
• Net profit of Ambuja Cements declined 43.74% to Rs 324.65 crore in the quarter ended June 2009 as against Rs 577.02 crore during the previous quarter ended June 2008. – UTVi
• Net profit of Gujarat State Petronet rose 146.60% to Rs 80.49 crore in the quarter ended June 2009 as against Rs 32.64 crore during the previous quarter ended June 2008. – UTVi
• Net profit of Apollo Tyres rose 94.67% to Rs 94.67 crore in the quarter ended June 2009 as against Rs 48.63 crore during the previous quarter ended June 2008. – UTVi
• Net profit of Nagarjuna Fertilizers & Chemicals rose 227.98% to Rs 23.09 crore in the quarter ended June 2009 as against Rs 7.04 crore during the previous quarter ended June 2008. – UTVi
• ONGC today reported a 27% decline in net profit at Rs 4,847.92 crore for the first quarter ended June 30, 2009 when compared with Rs 6,636.90 crore in Q1FY09. – UTVi
• Mangalore Refinery & Petrochemicals (MRPL), a subsidiary of Oil & Natural Gas Corporation, has posted a decline of 50.31 per cent in its net profit for the quarter ended 30 June at Rs 420.07 crore compared with Rs 845.40 crore in the previous corresponding quarter – Business Standard
• Net profit of Gujarat Sidhee Cement rose 209.16% to Rs 16.88 crore in the quarter ended June 2009 as against Rs 5.46 crore during the previous quarter ended June 2008. – UTVi

Today’s Sensex & Nifty Trading Calls

• Stock Market Pre-opening Outlook: Nifty closed above 4520 level and US markets are trading with a huge positive gap. We may see nifty opening above 4550 level to cross 4600 level intraday. But keep close eye on reliance which can be evil and can drag market down. But nifty is having strong support at 4440 which should not be broken to see 4700 level next week. But i am expecting 4250-4350 on expiry basis. Let’s see what will be the levels.
• Nifty Levels: Current: 4523 Support Level 4520, 4480, 4440 Resistance Level  4550, 4595, 4650
• Sell MRPL: CMP 81.5 , Target 78, 76 Stop Loss 83
• Buy Gujarat Sidhee Cement: CMP 20.05 Target 21 Stop Loss 19.75
• Buy Eveready: CMP 42.10 Target 43.5, 45 SL 41
• Buy Satyam: CMP 104, Target 107, 109 Stop Loss 99
• Buy JP Assoc: CMP 229 Target 235, 238 Stop Loss 226
• Buy Sesa Goa: CMP 234.5 Target 237, 239 Stop Loss 228
• Buy REC Ltd. :  CMP 173 Short Term Target 181, 184 Stop Loss 167 ( Short Term Call)
• Buy GMDC: Target 93, 95 Stop Loss 86
• Buy GNFC and GSFC for 10-15% gain in 3 days
• Buy HT Media, KSK Energy for 8-10% growth but exit on monday.
• Past Trading Calls View Here

Mid-Session Updates

• Buy Amar Raja: Above 112 Short Term Target 120, 124 SL 105
• Buy Jyothi Lab: Above 101.5 Short Term Target 108-111 SL 95
• Buy Torrent Power: Above 198 Short Term Target 209, 214 SL 189
• Buy Karuturi Global: Short Target 16, 17
• I am expecting Nifty Fall after 28th Aug or in mid Sept My Nifty Target for Sept 2009: 3500-3750