Stock Market & Business News Highlights – 10 July 2009

• All asian markets were trading mix with positive biased and indian market followed them and opened with 27 point gains. But after 1.5 hours of trading sensex sliped into RED zone with profit booking coming into Consumer Goods, Bankex. Nifty was trading in zigzag pattern through out a day in a range of 4110 on upside and 4063 on down side. After mid session, EU markets were opened with nice gains that supports indian market to trade on positive direction. But after 3:00 pm market witnessed some selling pressure and finally BSE benchmark index closed at 13757 with 11 points losses and nifty closed at 4080 with 2 points loss. But BSE mid-cap index were the outperformer with 0.58% gains.
• UK`s benchmark FTSE 100, French benchmark index CAC and Germany`s benchmark index DAX were opened positive with 2% gains on each but after mid session they have witnessed some selling pressure and they are trading with 0.5-1% gains. U.S. Dow Jones and Nasdaq were also opened in GREEN but after hour trading it was tanked in negative zone but NASDAQ and S&P index were trading with 0.5% gains.
• Crude Oil also opened with 1.5% gains but with U.S. market it hass witnessed selling pressure again and it broke the $60 market to trade at $59.6 with 1% losses- Bloomerg.com, Yahoo Finance
• Hindustan Const. Company (HCC) bags Rs 387.50 Crore order for Dagacchu Hydro Power Plant, Bhutan – BSE
• Praj Industries Ltd has posted a net profit of Rs 253.30 million for the first quarter of 2009-2010 financial year as compared to Rs 247.50 million for the quarter ended June 30, 2008 but total Income has decreased from Rs 1567.90 million to Rs 1380.30 million for the quarter ended June 30, 2009 – BSE
• Indian IT major company Infosys sliped 2% before first quarter declaration. Infosys result may come below expectation with more than 14% less profit- NSE
• Mahindra & Mahindra is stepping up plans to launch diesel-powered pick-up trucks in the US, even as global carmakers such as Honda, Toyota, Nissan and Ford have put similar pick-up launches in the US – ET
• Mahindra Satyam has signed a five-year multi-million dollar deal with UK-based GlaxoSmithKline to provide SAP and other critical systems support – ET, BSE
• Over 39% participants of an exclusive UTVi-CVoter Rural Survey said farmers will stop committing suicide after loan relaxations, and 69% of them were aware of the central government waiver of farmers loans. The survey covered 6,032 participants across 509 villages in 20 states. – UTVi
• Mobile number portability may be delayed – UTVi. Read more

Today’s Sensex & Nifty Trading Calls

• Stock Market Pre-opening Outlook: Yesterday market is trading like ZigZag line visiting Positive zone and negative zone. But it has found very strong resistance at 4110 and strong support at 4080. Today also market may open in negative zone but 4080 will be the level to watch in nifty. If nifty touches 4040 level today on closing basis then we will see 3800 levels in next week. If market is closing above 4110 level then it will keep open both way for next week and if it is finding closing above 4150 level then market may see 4200 or 4250 level again. But market will trade flat with negative biased. 
• Note: Infosys is going to announce results today but expecting 14% drop in profit and major PSU NTPC, BEML found to have overstated their revenue which will drag market into deep negative zone. We may test 3900 level if infosys results will be far below expectations.
  
• Nifty Levels: Current: 4078 Support Level 4040, 3995, 3960 Resistance Level 4080, 4110, 4150
• Government is going to come out with a special scheme for Private sector bank so buy HDFC bank, Yes Bank, Kotak Bank on dips ( Wait for nifty to touch 3700 level before entering in ICICI bank)
• Buy Jai Balaji Industries: Buy Above 202 Target 211, 218 Stop Loss 196 ( Short Term Target 235 )
• Buy BEML: Buy above 1055 Target 1069, 1084, 1095  Stop Loss 1030
• Buy Mahindra Satyam: Target 76, 78 Stop Loss 71
• Buy HCC: Buy Above 102.75 Target 105, 108 Stop Loss 99
• Buy Airline Stocks on Dips. Prices are going hiked by all airlines
• Sell Aban Offshore: Sell Below 697 Target 668, 659 Stop Loss 713 ( 1 month target 565)
• Sell Unitech: Sell below 69, Target 64, 61 Stop Loss 72 ( Short Term Target 56)
• Sell NTPC: Target 188, 185 Stop Loss 198
• Buy ING Vyasa Bank: Buy Above 169.5 Target 175, 179 Stop Loss 166
• Buy GMDC on dips below 64
• Prej industries may open in GREEN but on closing basis it will drop 5%
  
• Sell Welspun Gujarat: Sell below 192 Target 187, 184 Stop Loss 196
• Sell SBI: Target 1550 Short Term Target 1480 (On hikes please exit)
  
• Past Trading Calls View Here

Mid-Session Updates