Today’s Stock Tips, Market News Updates – May 22
Posted by Stock Market Guru on 21 May, 2009
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News Updates
- On global cue, Indian Market opened negative and was trading with negative bias only. In noon, Sensex was traded in positive zone for couple of minutes and touched high of 14090. As i have mentioned yesterday, though we have closed in RED on 19 May, market breadth was positive and that will be major issue in may expiry time. Yesterday also market was ended 370 point down below 14000 level but market breadth was very positive which will help market to see more negative levels in coming days. L&T, Maruti Suzuki, ICICI Bank, HDFC, Hindalco, India Infoline, Hindustan Construction Company, Lanco Infratech were the major loosers.
- Results Today: NTPC, ITC, Federal Bank, Cinemax India, Sanghvi Movers, CESC, Redigton india, Edelweiss Capital
- Newly formed UPA governement may cut 50% subsidies on Fertilizers to compensate fiscal deficits.
- Indian steel demand to grow at 6-7% in FY10: Tata Steel, ET
- ONGC confident of oil reforms with new political Congress-led United Progressive Alliance without the baggage of the Left setup – ET
- Indian software firm Infosys will hire 1000 people in the US in the next 12 to 18 months – ET
- ADAG Group Reliance Power will invest Rs 12000 crore for 2520-MW hydro power projects in Arunachal Pradesh – Anil Ambani
- Motilal Oswal Financial Services is planning to launch its first scheme by the next quarter of this fiscal through its mutual fund arm Passionate Investment Management Ltd. – BS
- Yesterday market was trading with negative bias only due to global negative clues. We have seen heavy profit booking in sectors like Bank, Power, Infrastrucure, Construction, Engineering, Financial services stocks. But Mid-Cap and Small-Cap index was trading very high at 3% as they have missed rally on monday. It was only a catching up rally in mid and small caps. But in the end we have seen heavy selling pressure in all stocks even mid and small caps.
- As yesterday, i have mentioned that Nifty has started its journey towards 4100 level. Market analysts and FIIs are assuming that marekt to stay in 4000 to 4500 range but i am sure that in may end or june start we will going to touch 3800 level again as global cues are still bad. So don’t go long in any stock blindly except some good news are coming for the company. Recession wont get over before 2010 year end.
- Nifty closed near to support level 4200. Now next support for nifty will be 4140 and 4095. Below that we may see 4000 level before expiry.
- Today we may see heavy profit booking below 4210 as indexes are going to open with RED start and we may see some recovery in mid session but in end they will go to touch 4100. Hope that it wont touch 4000 level today otherwise all those who have taken long above 4200 position will cry.
- Sell Aban Offshore: Target 835, 825, 819 Stop Loss 875
- Buy Ansal Proper: Target 56, 58 Stop Loss 51
- Buy Harrison Malayalam: Target 81, 83 Short Target 89, Stop Loss 73
- Buy GNFC: Short Term Target: 89, 92 Stop Loss 81
- Buy Cadila Healthcare: Target 335, 341 Stop Loss 315
- Sell IDFC: Target 115, 112 Stop Loss 125
- Sell CESC Ltd: Target 329, 318 Stop Loss 344
- Buy PVR: Target 115, 118 Stop Loss 104
- Sell IRB: Target 128, 124 Stop Loss 135
- Sell Deepak Ferti: Target 83, 81 Stop Loss 89
- Past Trading Calls View Here
Mid-Session Updates
- Market is opened in GREEN zone and now trading flat with positive bias.
- ITC is about to announce its result which is believed to come good. But it for 5% profit.
- Buy and hold Bajaj Auto: Target 1030
- LIC is earning money by selling indian stocks: http://www.business-standard.com/india/news/lic-makes-rs-2600-cr-in-bear-mkt/358815/
- Opto Circuits India increased 6% after its marketing arm Mediaid Inc has received the approval from the Brazilian FDA agency – BS
- Book Profit in Rajesh Export, Videocon Industries, BATA
- Buy Cadila between 325 to 328
- Tata Power is raising a forex loan of $1.8 billion through the external commercial borrowing (ECB) route to finance its Rs 19,000-crore, 4,000 Mw ultra-mega power project at Mundra in Gujarat – BS
- Below 4150, anyone can exit intraday long position as we may see 4095 level below that. You may go short with 4200 as stop loss.
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