Support & Resistances for 24-06-2009

Support & Resistances for next trading day (24-06-2009)
 
    SENSEX NIFTY FUTURE (June2009)
    BANKNIFTY NIFTY
23-06-2009 Open  14147.87 4223.30 7071.55 4158.40
High 14394.19 4267.45 7134.00 4275.00
Low 14016.95 4143.25 6975.00 4155.00
Close 14324.01 4247.00 7087.15 4247.90
LTP 14276.46 4227.20 7070.00 4230.30
Range 377.24 124.20 159.00 120.00
24-06-2009 R3 14999.53 4467.63 7383.38 4465.97
R2 14622.29 4343.43 7224.38 4345.97
R1 14473.15 4295.22 7155.77 4296.93
PP 14245.05 4219.23 7065.38 4225.97
S1 14095.91 4171.02 6996.77 4176.93
S2 13867.81 4095.03 6906.38 4105.97
S3 13490.57 3970.83 6747.38 3985.97
 
R1/R2/R3: Resistance
PP: Pivot Point
S1/S2/S3: Supports

Headlines (23 June 2009)

Date: 23 June 2009 
Thought for the day

“Progress and growth are impossible if you always do things the way you’ve always done things.”

–Dr Wayne D Dyer

GENERAL

1)The weather office on Monday said the delayed south-west monsoon is expected to revive by Friday. There are some good signs. The monsoon will catch up, India Meteorological Department (IMD) Director-General Ajit Tyagi said.

Indian Express

ECONOMY

2)The World Bank says the reform agenda of the newly-elected Indian Government has already improved investor sentiment and could yield an even stronger recovery in investment. In a Global Development Finance annual report, released on Monday, the Bank said stock markets in India advanced in April and May 2009, with a surge following recent elections that boosted market sentiment and underpinned expectations of an accelerated reform programme and greater openness to foreign investors.

BL

CORPORATE / INDUSTRY

3)GOVERNMENT-owned Oil & Natural Gas Corporation (ONGC) has struck oil and gas in three basins. The country’s largest oil producer has found oil in the Cambay basin, oil and gas in Vadodara district
 (Gujarat) and gas in the Krishna-Godavari (KG) basin.

ET

4)Pipe manufacturer Jindal Saw said it has secured orders worth Rs 1,000 crore for supplying pipes in both domestic as well as international markets. In a filing to the Bombay Stock Exchange, JSL said it has received orders or Letter of Intent (LoI) aggregating to more than Rs 1,000 crore for supply of large diameter iron pipes for domestic and export markets.

BS

5)Bharat Heavy Electricals Ltd(BHEL) on Monday said it has bagged a Rs 105-crore order from Indian Oil Corporation for setting up a captive power plant at the latter’s Barauni Refinery Complex.

BL

MONEY & BANKING

6)The rupee weakened by about 50 paise on global cues and dollar demand by importers. The rupee’s negative trend was a reflection of Asian currencies and other major currencies such as euro which were weak against the dollar, said a forex dealer with a private bank. The fall in the domestic equity market, due to selling by foreign investors, also added to the pressure on the rupee, he said. The rupee
 opened weak at 48.30 and closed weak at 48.60, against Friday’s close of 48.10.

BL

7)State-run Union Bank of India has announced a downward revision in its BPLR by 25 bps to 11.75% from 12% per annum effective 01 July 2009. However, the bank will continue to offering interest at 8% pa on deposits of 1000 days and above.

FE

8)Kolkata-based United Bank of India is looking at raising Rs 300-400 crore through an initial public offering by December this year after it mopped up Rs 400 crore via certificates of deposits (CDs) earlier this month.

FE

9)WITH the stock market once again in the grip of bulls, promotersare finding it easy to raise capital by pledging their shares. The funds, thus raised, could be for meeting working capital requirements,
 capacity expansion, or to raise their own stakes. Industry officials say non-banking finance companies(NBFCs) are now opening up their wallets to second and third tier companies as well.

ET

INSURANCE

10)The Insurance Regulatory and Development Authority(Irda) proposes to make a tie-up between a life insurance and a general or health insurance company mandatory for any policy that combines health insurance and pure term life insurance. The move is aimed at identifying premium for each risk and allowing life insurance companies to underwrite only life risk while health insurance providers will underwrite only the risk of the health portion of the combined products.

BS

11)CORPORATES will have to pay more for buying group health insurance cover for their employees. The finance ministry has asked state-owned non-life firms to cut back on losses in group health insurance – a move that will force insurers to hike premiums.

ET

PENSION

12)THE forthcoming budget is set to make the New Pension System (NPS) tax exempt on contribution and accumulation, as the government looks to bring it closer to other such long-term schemes like
 the public provident scheme and generate interest in this new system which has so far elicited a lukewarm response.

ET

MARKETS

13)Heavy selling in commodities and power – and a more than 4 per cent fall in Reliance Industries – dragged shares lower on Monday.The Sensex lost 1.4 per cent, or 195.67 points, to close at
 14,326.22 after trading between 14,269.77 and 14,668.40 in a volatile session. Market participants said while profit-taking pulled the index lower, the absence of fresh buying denied it a chance to recover significantly from those lower levels. Markets are likely to remain volatile, yet range-bound, in the absence of any positive or negative triggers, they said. On the NSE, the 50-stock S&P CNX Nifty index fell 78.35 points, or 1.8 per cent, to 4,235.25.

BL

14)THE share of proprietary traders in the overall traded turnover on the BSE has been rising in the recent past. Market watchers say increased arbitrage activity – trading on the price differential between the main exchanges(BSE and NSE) or between two segments (cash and derivatives) – is one of the major reasons for this trend.

ET

15)THE securities transaction tax(STT) levied on stock market transactions is likely to be phased out. Finance minister Pranab Mukherjee is expected to announce a road map to phase out the tax in the forth coming Budget, said a government official privy to the development.

IPO

 16)Kishore Biyani-promoted Future Group is considering an initial public offering(IPO) for its venture capital arm, Future Venture  India Ltd, to raise funds for the group’s expansion plans.

BS

MUTUAL FUNDS

 17)After three months of outflows, gold exchange-traded funds(ETFs) saw net inflows in May, primarily due to the decline in gold prices. According to data from the Association of Mutual Funds in India
 (Amfi), gold ETFs witnessed net inflows of Rs 113 crore.

BS

COMMODITIES

18)The commodity futures market, which has a turnover of over Rs 50 lakh crore, will see more changes and a deepening of the market with the entry of two new exchanges in the second half of 2009.
 The International Multi-Commodity Exchange (IMCX) is expected to launch in August and another from Kotak Mahindra Bank is in the process of giving the final shape to its plan to launch countrywide
 exchange in association with Ahmedabad commodity exchange.

BS

19)Gold fell around 0.8 per cent on Monday, heading towards $920 per ounce, with dollar strength against a basket of major currencies sapping the appeal of bullion and other commodities priced in the
 US unit. Spot gold dropped to $925.60 an ounce at 1207 GMT, having earlier hit a intraday low of $921.30. That compared with $933.80 quoted late on Friday in New York. The price was fixed or set in London earlier on Monday at $924.00.

BL

REAL ESTATE

 20)Real Estate major Sobha Developers is in talks with private equity players such as JP Morgan, Actis and IL&FS for a stake sale in some of its projects to raise much-needed money for development.
 The Bangalore-based firm is also planning a QIP to reduce debt burden by almost Rs 800 crore in this fiscal, sources said.

ET

21)DS Kularni Developers Ltd (DSK) is going ahead with its Rs 4,000-crore multi-services SEZ in Pune, despite its overseas partner pulling out of the venture. This will be among the first few multi-service SEZs to take off in the country.

FE

22)FOLLOWING the trend of the retail majors diversifying into low-cost housing sector, Kishore Biyani-led Future Group is venturing into the real estate business through a 50:50 joint venture with Kolkata based developer Sumit Dabriwal for building affordable, branded, ready-to-move-in homes. This is part of the company’s plan for a turnover of Rs 13,000 crore by July 2011, a growth of 35% over last year.

FE

 BUSINESS PROCESS OUTSOURCING

 23)THE BPO arm of Tech Mahindra, the new owner of Satyam Computer Services, is entering the BFSI and utilities space in order to leverage the Hyderabad-based software exporter’s expertise in these two domains. Tech Mahindra BPO, which services telecom service providers, plan to start its services in the two new verticals within next six months, said its head(BPO operations) S V Sriram.

ET

INFORMATION TECHNOLOGY

24)The turmoil in the financial market is likely to spell good news for the Indian outsourcing companies, as the downturn will compel multinationals to seek further economies for sustenance in these
 tough times, Wipro Technologies founder Azim Premji has said.

ET

25)JAPAN’S third biggest automaker Nissan has invited outsourcing companies including TCS, Wipro, IBM and Mahindra Satyam to bid for an application development and maintenance potentially worth up to $250 million.

ET

INTERNATIONAL

26)Oil fell toward $69 a barrel on Monday, extending the previous session’s drop of more than 2 per cent, as bearish sentiment over gasoline markets in the US continued to dominate investor’s concerns.

BS

FOR MORE INFORMATION, PLEASE BROWSE THROUGH THE FOLLOWING SITES.

Karvy Consultants Ltd www.karvy.com
 www.khojhyderabad.com
 www.indiacorporateadvisor.com
 www.karvycomtrade.com (Commodities)
KARVY Global Services Ltd www.KARVYGlobal.com
KARVY Realty (India) Limited www.karvyrealty.com
Economic Times www.economictimes.com
The Financial Express www.financialexpress.com
Business Line www.businessline.in
Business Standard www.business-standard.com
The Times of India www.timesofindia.com
The Hindu www.hindu.com
Deccan Chronicle www.deccan.com
The New Indian Express www.newindpress.com

Pivot Point (23 June 2009)

Pivot Point PRAGMATIC 23 June 2009
SCRIP LTP S2 S1 Pivot Point R1 R2
SENSEX 14326.22 14022.83 14174.53 14421.46 14573.16 14820.09
NIFTY 4235.25 4139.45 4187.35 4269.80 4317.70 4400.15
A.C.C. 740.95 707.98 724.47 748.73 765.22 789.48
ABB LTD. 737.30 711.00 724.15 745.50 758.65 780.00
AMBUJACEM 86.55 81.65 84.10 88.05 90.50 94.45
AXISBANK 765.80 740.60 753.20 767.60 780.20 794.60
BHARAT PETRO 420.15 398.85 409.50 422.75 433.40 446.65
BHARTIARTL 790.70 765.17 777.93 797.87 810.63 830.57
BHEL 2093.80 2034.33 2064.07 2102.03 2131.77 2169.73
CAIRN 227.90 222.43 225.17 228.93 231.67 235.43
CIPLA 261.60 247.53 254.57 262.03 269.07 276.53
DLF 323.05 308.48 315.77 328.38 335.67 348.28
GAIL 281.90 269.70 275.80 284.40 290.50 299.10
GRASIM IND. 2138.65 2016.95 2077.80 2186.35 2247.20 2355.75
HCL TECHNOLO 185.35 172.15 178.75 189.10 195.70 206.05
HDFC BANK 1543.10 1494.17 1518.63 1548.67 1573.13 1603.17
HERO HONDA 1474.50 1432.87 1453.68 1468.32 1489.13 1503.77
HINDALCO 84.25 79.02 81.63 86.12 88.73 93.22
HINDUNILVR 259.25 247.28 253.27 258.38 264.37 269.48
HOUS DEV FIN 2306.30 2222.77 2264.53 2316.77 2358.53 2410.77
ICICI BANK 731.00 699.67 715.33 732.67 748.33 765.67
IDEA 78.80 76.20 77.50 79.45 80.75 82.70
INFOSYS TECH 1766.40 1726.67 1746.53 1767.87 1787.73 1809.07
ITC 203.20 198.07 200.63 203.07 205.63 208.07
LT EQ 1513.15 1461.92 1487.53 1515.77 1541.38 1569.62
MAH & MAH 710.85 665.22 688.03 718.92 741.73 772.62
MARUTI 1066.20 1022.97 1044.58 1059.67 1081.28 1096.37
NATION ALUMI 335.05 309.28 322.17 337.48 350.37 365.68
NTPC EQ 191.05 180.65 185.85 195.40 200.60 210.15
ONGC CORP. 993.85 947.42 970.63 994.32 1017.53 1041.22
PNB 648.70 636.37 642.53 651.17 657.33 665.97
POWERGRID 106.35 102.52 104.43 106.92 108.83 111.32
RANBAXY LAB. 270.65 257.55 264.10 274.70 281.25 291.85
RCOM 296.20 280.70 288.45 302.30 310.05 323.90
REL.CAPITAL 897.30 852.83 875.07 912.23 934.47 971.63
RELIANCE 1952.50 1860.90 1906.70 1978.35 2024.15 2095.80
RELINFRA 1208.35 1090.32 1149.33 1259.02 1318.03 1427.72
RPL 121.10 114.77 117.93 122.97 126.13 131.17
RPOWER 170.25 163.08 166.67 173.08 176.67 183.08
SIEMENS 461.25 441.75 451.50 464.75 474.50 487.75
STATE BANK 1695.40 1639.80 1667.60 1713.80 1741.60 1787.80
STEEL AUTHOR 147.30 139.57 143.43 150.17 154.03 160.77
STER EQ 594.50 562.43 578.47 602.53 618.57 642.63
SUN PHARMA. 1285.50 1225.83 1255.67 1297.83 1327.67 1369.83
SUZLON 108.85 102.82 105.83 110.67 113.68 118.52
TATA POWER 1109.70 1039.63 1074.67 1130.33 1165.37 1221.03
TATACOMM 458.40 441.87 450.13 462.77 471.03 483.67
TATAMOTORSEQ 333.55 317.45 325.50 339.25 347.30 361.05
TATASTEEL 402.75 386.78 394.77 408.33 416.32 429.88
TCS EQ 369.65 355.35 362.50 375.15 382.30 394.95
UNITECH LTD 77.65 73.35 75.50 78.95 81.10 84.55
WIPRO 379.35 365.72 372.53 381.17 387.98 396.62

Trading Tip (23 June 2009)

[trading tip, nifty, sensex]

FOR THE DAY: The indices are expected to open on a negative note following the weak moves in the US markets while, the Asian indices are also trading on a negative note. Trade short in the Nifty below 4200 levels else from higher levels of 4280 levels with a stop loss placed at 4320 levels. Nifty has a crucial support placed at 4050-4100 levels which if held, speculative long positions may be assumed for day trading. High caution is advised at higher levels due to the bearish implications prevailing in the markets.