Stock Market News Highlights – 18 June 2009

• Yesterday, Indian stock market opened with a drop of 75 points but then recovered and was trading with some positive move. Nifty has a  major hurdle in crossing 4520 strong resistance level and as today twas the last to wait for next bear run, We have seen FIIs selling pressure in stock market. Since last 3 to 4 days, DIIs and HNIs were selling but FIIs were buying in indian stock market which helped market to hold 4400-4500 nifty levels but in the end, FIIs have started selling which cause sensex to close at 14522 with 450 point losses and nifty at 4356 with 161 points gains. Reality and Metals were  lost around 6% in a last trading session.
• Rumour about FII: UPA government is about to come with some new FIIs and P-Note policies which are not good for FIIs and market analyst are saying that today’s selling was due to that rumours only.
• ADAG group firm Reliance Natural Resources (RNRL) is about to intervene in another case related to gas supply between Mukesh Ambani-led RIL and state-run power producer NTPC – BS
• Jet airways and Kingfisher airlines have increased fuel surcharge by Rs.400
• In order to make Real Time Gross Settlement (RTGS) more customer friendly, all RTGS participants may explore the possibility of sending SMS/email information to customers when an RTGS debt/credit takes place – RBI said to all banks, BS
• India has banned imports of toys that do not meet international safety standards and norms till January 2010. – BS
• Bajaj Auto was closed up 1% and FIIs buying limits ended in Bajaj Auto – BS

Today’s Trading Calls

• Market Today’s Pre-opening Outlook: All global markets were trading with 2-3% losses. Oil prices are getting coming down to$65. We may see selling pressure in market for this week. But Nifty was closed nearly its strong resistance 4357 which means that we are still in strong bull run mode. We will see Bull run again which will push nifty above 4653 level before expiry day.But that doesn’t mean that you should buy blindly but its an opportunity for who missed 8000 to 15000 bull run. Choose good picks from mid-cap and large cap to get involved in next bull run for 21000. We may see selling pressure till 2 hours initially but then we can see buying interst coming again. Be careful before taking any position
• Nifty Levels: Support Level 4350, 4310, 4280  Resistance Level 4357, 4370, 4430
• Buy Hanung Toys: CMP 75.6 Target 79, 81 Stop Loss 73
• Exit/Book Profit L&T: My Short Target 1340, 1200
• Buy Bharti Airtel
• Buy McLeodruss: CMP 107.20 Target  112, 115 SL 103
• Past Trading Calls View Here

Mid-Session Updates