Market News Highlights

• After gaining 461 points on 9th June, Indian Stock Market followed previous day gains and opened up with minor gains. All asian markets were trading highers and EU markets opened very positive which forced or helped indian market to touch intraday high of 15581 with 454 points up gain. But in last trading session, Market witnessed some profit booking especaily in reality stocks as reality index was trunk by 2% in last session. Market Breadth was positive in mid trading session but in last profit booking session, Market breadth turned negative.Finally sensex closed with 340 points gain below 15500 level at 15467 and nifty closed above 4650 level at 4655. Mid cap and small cap indexes were trading with selling biased environment and closed with 1% gain only.
• Crude oil price closed above $72 per barrel which is a 9 months high in asian trading system due to weak dollar and recovery hopes in world economy
• Jet Airways and Spice Jet have cut airfare rates by 48% to tackle low domestic pessangers
• The Delhi Metro Rail Corporation (DMRC) has proposed the “company formation” method for the upcoming Rs 17,935 crore metro rail project in Pune, ruling out the possibility of the public private partnership (PPP) or the build-operate-transfer (BOT) models for implementation. The deadline to complete the first route is prescribed as year 2014 – BS
• Japanese car giant Honda launched Jazz a small segment car in India priced between Rs 6.98 lakh and Rs 7.33 lakh. – BS
• The income tax department has decided to use a new computer-assisted tool, named Computer Assisted Investigation Tool (CAIT), for detecting suspicious entries in the accounts of taxpayers
• Electronics major Samsung on Wednesday launched the world’s first solar-powered mobile phone, called Solar Guru and priced at Rs 2,799 in the Indian Telecom Handset market – ET
• Chrysler and Fiat announced on Wednesday they have finalized a global strategic alliance, forming a new Chrysler Group that will begin operations immediately. – ET
• State Bank of India is looking to grow through acquisitions and will start by taking over its associate banks – ET
• “State-run banks should look at consolidation as a serious option in order to reduce risk to financial stability and to face competition,” Mukherjee said in a statement after meeting bankers.
• Larsen & Toubro plans to sell 10.3 million shares of Ultratech Cement for up to $160 million and deal is 4 to 5% down then yesterday’s ultratech price – BS
• State-owned mining giant NMDC is set to pick up majority stake in Kudremukh Iron Ore Company (KIOCL
  ), the plan for which figures prominently in the 100-day agenda of the Steel Ministry – BS

Today’s Trading Calls

• In 3 months, Rs 100 could grow to Rs 1.9 crore in Indian market. Read more
• Market Today’s Pre-opening Outlook: EU markets were closed with nice gains but DOW Jones and NYSE were trading flat with minor losses in opening bell. After 2 days heavy rally, today market will open with some positive gap of 50 to 60 points but today we can’t get more buying interest and market may see negative or flat move in whole day trading. 4650 and 4680 levels are the next level to watch in nifty. Small cap and mid cap stocks can gain today as they were not participated in rally infact we have seen some stock specific profit booking in that segment.
• Government is thinking to take many action especially in Infrastructure, Bank, Small business, Education and Power sector with rural area taking into considerations. This all news are helping market to reach 17000 level but we have seen 6% rally in short amount of days which will force us to go in RED zone for atleasst one day but sentiments are still looking very positive and we are bullish till we have some negative news from new government upcomng budget.
• Nifty Levels: Support Level 4640, 4610, 4550 Resistance Level 4664, 4680, 4710
• If market is trading below 4640 level then exit in Reality and Metal Stocks (Intraday Traders only)
• Buy First Source: CMP 30 Target 31, 31.5  Stop Loss 27
• Buy Infosys: CMP 1802 Target 1835, 1860 Stop Loss 1785
• Sell Ultratech Cement: CMP 762.3 Target 735, 710 Stop Loss 785
• Sell Tata Tea: CMP 815 Target 785, 750 Stop Loss 825
• Buy NMDC: CMP 417.1 Target 430, 455 Stop Loss 398
• Sell Aban Offshore: CMP 1084 Target 1045, 1010 Short Target 870 Stop Loss 1110
• Sell HCC: CMP 116 Target 109, 106 Stop Loss 119
• Buy Essar Oil: CMP 175 Target 181, 184 Stop Loss 168
• Keep watching Kalindee Rail, Titagruh and Kernex – Buy them if we have more than 10% drop from current level.
• Buy REdington for intraday target 265
• Past Trading Calls View Here

Mid-Session Updates

• As expected, Market opened very negative then recover to come in 1 point positive but bears again won the race and trading with 100 point negative.
• Titagruh, Kalindee, MIC and Texmacho should touch their Lower Ckt today in closing session.
• Satyam hit upper ckt on 3rd day
• My yesterday call to Buy HOEC: Trading 7% high
• What a come back from Bulls!! Market turned positive and trading with 48 point gains.