Market News Highlights

• On friday after heavy volatility Sensex closed 94 points up above 15000 level and nifty closed up by 14 point above 4580 strong resistance level which can help markeet to go above 4640 level in coming days.
• Finance minister Pranab Mukherjee will chalk out an immediate road map for public sector banks (PSBs) on what he expects from them in terms of interest rates, credit offtake, infrastructure lending, bad loans management and financial inclusion – ET
• Suzlon Energy, the wind turbine maker, has completed the acquisition of Portugal-based Martifer Group’s stake in its German subsidiary, REpower Systems after making final payment of Rs 575 crore to martifer for 24% stake. Suzlon now owns 90.72 per cent of REpower. – BS
• Wockhardt in advanced talks with Fortis to sell 2-3 hospitals to repay its debt of 3400 crore – BS
• Sensex rose 88%, Nifty 68%, Midcap rose 88%, Small cap up by 118% in last months with highest gain from Metal and Bank indexes
• Rs 150-crore FMCG company, Jyothy Laboratories, is looking for acquisitions of regional brands worth up to Rs 100 crore – Ullhas Kamath, BS
• Tata Steel has posted an 18% jump in sales to 469,000 tonnes in May 2009, compared with the 397,000 tonnes registered in the same period last year – BS
• The board of Oil and Natural Gas Corporation (ONGC) today approved the revised investment plan submitted by Cairn India for its Rajashtan oilfields which are owned 30 per cent by the public sector unit – BS
• Though new reserve systems to replace the US dollar may not appear in the world in the foreseeable future, China’s yuan could become a reserve currency in about ten years – Russia’s Finance Minister Alexei Kudrin, BS
• Domestic steel giants like JSW Steel and Jindal Steel and Power (JSPL) are considering increasing prices of their products following the firming global cues and the improvement in domestic demand – BS

Today’s Trading Calls

• Nifty closed above 4580 level will drive it to touch 4640 level in coming days. But we need 2 closed above 4580 level to achieve 4640 target in nifty. All US, EU and Asian markets were closed in GREEN with 1 to 2% gain which will help indian market to decide trading direction. We need to watch Asian market opening on monday before putting any trade order.
• Nifty Levels: Support Level 4580, 4568, 4500 Resistance Level 4608 , 4640, 4695
• Buy Fortis: CMP 113.6   Target 119, 123    Short Target 130   Stop Loss 104
• Buy Suzlon Energy: CMP 131  Target 136, 141  Short Target 154  Stop Loss 125
• Buy IDBI: CMP 99.30  Target 103, 107    Short Target 121   Stop Loss 93
• Buy JSW Steel: CMP 585.5  Target 602, 619 Stop Loss 570
• Buy Jindal Steel & Power: CMP 2278.05  Target 2460  Stop Loss 2175
• Buy Bank of Rajasthan: CMP 65.5   Target 68, 71  Stop Loss 62
• Buy ITC: CMP 191.35  Target 198, 204  Stop Loss 185
• Buy Dena Bank: CMP 59.95  Target 62, 65  Stop Loss 56
• Buy KingFisher Airline: CMP 69.5  Target 72, 75 Short Target 79 Stop Loss 65
• Buy MMTC (Only on BSE): CMP 34208  Target  36200  Short Target 39450    Long Target 46000 Stop Loss 29850
• Buy Jyothi Lab: CMP 94.7   Target 98, 102, 106   Stop Loss  89
• Buy Union Bank Of India: Target 5%
• Buy Tata Steel: CMP 463.90  Target 470, 476 Stop Loss 458
• Past Trading Calls View Here

Mid-Session Updates