Support & Resistances for 25-06-2009

Support & Resistances for next trading day (25-06-2009)
		SENSEX	NIFTY	FUTURE (June2009)
				BANKNIFTY	NIFTY
24-06-2009	Open	14376.82	4247.30	7101.25	4280.00
	High	14479.82	4307.00	7161.00	4318.00
	Low	14207.02	4218.25	7000.15	4218.00
	Close	14422.73	4292.95	7129.10	4305.20
	LTP	14410.48	4287.45	7125.00	4305.00
	Range	272.80	88.75	160.85	100.00
25-06-2009	R3	14915.46	4450.23	7418.45	4480.40
	R2	14642.66	4361.48	7257.60	4380.40
	R1	14532.69	4327.22	7193.35	4342.80
	PP	14369.86	4272.73	7096.75	4280.40
	S1	14259.89	4238.47	7032.50	4242.80
	S2	14097.06	4183.98	6935.90	4180.40
	S3	13824.26	4095.23	6775.05	4080.40
R1/R2/R3: Resistance
PP: Pivot Point
S1/S2/S3: Supports

Headlines (24 June 2009)

Date: 24 June 2009

Thought for the day

“Do your best every time … because by doing a thing well you build something valuable into yourself.”

 –Henry Ford

 GENERAL

1)With the delay in monsoon raising concerns over farm output, Prime Minister Manmohan Singh has asked officials to monitor the situation closely on a daily basis. The seasonal rain, which ought to have covered most parts of the country by now, has stopped in its tracks near Mumbai. The Prime Minister has asked the Cabinet Secretary to convene a meeting of a Committee of Secretaries.

Hindu

CORPORATE / INDUSTRY

2)UTILITY vehicles major Mahindra & Mahindra has intensified focus on Africa to compensate the loss of volumes from the US market which is facing recessionary trends. The company is setting up
 small assembly plants in Africa and also exports SKD(semi-knocked down) kits from India. Initially, the tractor and utility vehicle major will focus on some of the main African markets like Mali, Ghana,
 Nigeria and Zambia.

ET

3)KEC International has bagged three orders worth Rs 110 crore for supplying power equipment. It has bagged an order in Peru, South America and two orders in the state of Chhattisgarh, KEC International said in a filing to the BSE.

FE

MONEY & BANKING

 4)Karvy Stock Broking Ltd has tied up with Bank of Rajasthan to provide access to its online investment platform, I-zone, to the bank’s customers.

BL

5)The rupee gained marginally by 6 paise against the dollar on Tuesday, in a volatile market. The domestic currency opened lower at 48.85/86 and weakened to touch an intra-day low of 48.95/96. It recovered to close at 48.56, as against the previous close of 48.60.

BL

6)THE country’s largest bank, State Bank of India, is looking at expanding its international footprint. SBI is looking at buying a mid-sized overseas bank and the deal size could be anywhere between $1.5- 2 billion, according to a bank official. The deal will be in line with the bank’s strategy to expand its global operations.

ET

7)Bank Sarasin & Co Ltd, a leading Swiss private bank head-quartered in Basel, will enter the Indian market and will open offices in Mumbai and Delhi. The Sarasin Group’s first presence in India is incorporated as Sarasin-Alpen(India) Pvt Ltd, which is non fund-based non-banking financial company(NF-NBFC), a company statement released said.

BL

INSURANCE

8)At a time when the life insurance market is contracting, Life Insurance Corporation of India(LIC), the country’s largest insurer, today said that it was expecting a 25 per cent increase in premium income from the sale of new policies this year.

BS

 MARKETS

 9)Aided by short covering ahead of the expiry of June derivative series, the domestic equity bourses staged a smart recovery from its days low to end the day on a flat note. The 30-share Sensex of the Bombay Stock Exchange (BSE) recovered from its intra-day low of 14,016.95 points by over 300 points to finally close the trading session at 14,324.01 points, marginally down by 2.21 points, or
 0.02%. On the other hand, the broader 50-share Nifty of the National Stock Exchange(NSE) closed the day at 4,247 points, up by 0.28% or 11.75 points.

FE

10)AHEAD of the railway budget, to be announced on July 3, portfolio managers are buying shares of wagon makers Texmaco and Titagarh Wagons. Higher investment in rail infrastructure with a plan outlay of Rs 251,000 crore for the 11th five year plan(2007-2012) is what is driving demand for these stocks.

ET

11)IN a move that will provide some relief to portfolio managers, market regulator Sebi on Tuesday allowed them to keep the funds of all clients in a single bank account. “…it is hereby clarified that portfolio managers may keep the funds of all clients in a bank account maintained by the portfolio manager,” the market regulator said in a circular.

FE

12)Market regulator Sebi on Tuesday said firms coming out with debt instruments that will be converted into listed equities will have to provide price sensitive information to stock exchanges. The firms will have to meet disclosure norms as per the listing agreement, like publishing quarterly results.

FE

IPO

 13)The initial public offer(IPO) of Mahindra Holidays & Resorts got subscribed 20 per cent on the first day of its issue on Tuesday with most of the bids coming in from institutional investors.

FE

14)THE Securities and Exchange Board of India is considering a proposal whereby all qualified institutional buyers(QIBs) soon will have to pay an upfront margin of 25% while bidding for initial public offerings, against the current level of 10%.

ET

15)State-owned telecom firm Bharat Sanchar Nigam Ltd(BSNL) said it was waiting for the government’s approval for its initial public offer. BSNL had proposed to dilute 10 per cent of the government’s equity holding through an IPO to raise about $10 billion.

BS

 MUTUAL FUNDS

16)FUND houses may have been able to grow their assets under management(AUMs) significantly over the past few years, but that does not seem to be improving profitability. Industry observers say the key reason for this is debt assets of fund houses, which bring in lower fees, are growing at a much faster pace than equity assets, which offer juicy margins.

ET

COMMODITIES

 17)Gold rallied from a six week low hit earlier in the global session, with currency fundamentals proving the dominant factor as the dollar got stung by concerns over US indebtness. Spot gold stood at $919.05 per ounce by 1005 GMT, having earlier hit a six week low at $912.20 in Asian trade.

BL

18)PEPPER market is seen weak and lacking direction with buyers keeping away from it for the past few days, traders said. Even low supply in India and reports of monsoon damaging the new crop has not given a direction to the market. Buyers are keeping their options open and waiting for the market to ease before covering their short positions in the global market.

FE

19)Prices of gold declined further by Rs 45 per 10 grams to Rs 14,485 on the bullion market in Mumbai on Tuesday in the absence of local demand amid lower global advics. Silver also dropped due to lack of demand from industrial users following weak global cues.

ET

REAL ESTATE

 20)GERMAN retail giant Metro Cash & Carry is floating a real estate joint venture with local developers for its store network across the country. Under this proposal, Metro will transfer its land bank into the JVs and sell a majority stake to realty firms depending on the development potential at each location.

ET

 INFORMATION TECHNOLOGY

21)THE Mahindra Group, the new owner of Satyam Computer Services and the largest shareholder in Tech Mahindra, intends to merge the two companies, giving shape to its ambitions in the IT business. Satyam Computer Services, now branded as Mahindra Satyam, was ranked the country’s fourth largest IT exporter before the scam broke out, and Tech Mahindra is the country’s sixth largest IT exporter.

ET

22)INDIA’S top two software exporters – TCS and Infosys – are seeing the first signs of an economic recovery, as their top customers start discussing outsourcing contracts in order to further reduce their operational expenses. For instance, customers of Infosys, which signed over $100 million contract with Australian phone firm Telstra earlier this month, are now saying that the worst may be behind them.

ET

 INTERNATIONAL

 23)Oil prices slid to near $67 a barrel on Tuesday on expectations of weak demand after the World Bank forecast a deeper global recession this year. Sharp declines in Asian stock markets on Tuesday, coming after a drop on Wall Street on Monday, added to selling pressure.

ET

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

Trading Tips

Previous Close : Sensex 14324 : Nifty 4247

Today’s Levels

Trade long if Sensex sustains above 14276 (Nifty 4226)

[Upper targets/resistances at 14394(4267)/14503(4289) or higher]

Trade short if Sensex fails to sustain above 14394 (Nifty 4267)

[Lower targets/supports at 14276(4226)/14052(4162) or lower]