Market Mantra: Nifty is looking bullish at 5255
Market is getting extremely volatile. A day of rise is followed by another day of fall and vice versa. Inability to cross 5400 and a fall below 5250 is a sign of weakness. Now, Nifty is finding support at 5150-5170 level. Market is giving wild movements.
I think the markets would close above 5250, in the Green as the Nifty (now at 5255) has turned bullish once again.
The UPA government appeared to have staved off a fresh crisis on Thursday after the national auditor played down suggestions of a Rs 10.7-lakh crore revenue loss to the exchequer due to faulty allocation of coal mining blocks. A leaked draft report of the Comptroller and Auditor General (CAG) alleged that by not auctioning mines allotted to private and state-run firms, the government may have engendered revenue losses of truly epic proportions dwarfing all previous scams. But the Prime Minister's Office sprang into action immediately and released a letter from the auditor saying the information was half-baked and misleading. The contents of the draft, which covered allocation of coal blocks between 2004 and 2009, were reported by the leading newspaper in its Thursday edition. The story ignited an uproar in Parliament and hurt market sentiment. The newspapers should therefore exert extreme caution before publishing these kinds of market sensitive news, which has no strong foundation. I think off late the Times of India Group is becoming more sensational.
The UPA government appeared to have staved off a fresh crisis on Thursday after the national auditor played down suggestions of a Rs 10.7-lakh crore revenue loss to the exchequer due to faulty allocation of coal mining blocks. A leaked draft report of the Comptroller and Auditor General (CAG) alleged that by not auctioning mines allotted to private and state-run firms, the government may have engendered revenue losses of truly epic proportions dwarfing all previous scams. But the Prime Minister's Office sprang into action immediately and released a letter from the auditor saying the information was half-baked and misleading. The contents of the draft, which covered allocation of coal blocks between 2004 and 2009, were reported by the leading newspaper in its Thursday edition. The story ignited an uproar in Parliament and hurt market sentiment. The newspapers should therefore exert extreme caution before publishing these kinds of market sensitive news, which has no strong foundation. I think off late the Times of India Group is becoming more sensational.
Foreign institutional investors (FIIs) bought shares worth a net Rs.246.56 crore on Thursday, 22 March 2012, as per provisional data from the stock exchanges. FIIs have made substantial purchases of Indian stocks recently. Their inflow totaled Rs.7296.02 crore in ten trading sessions from 9 to 22 March 2012, as per provisional data from the stock exchanges.
Domestically, the incident in the parliament where the ruling government was made a dummy in terms of Railways fare hike shows evils of coalition politics and which is continually paralyzing the UPA government, spooking our markets from time to time. In such circumstances, the investors/traders are suggested to stress more on short term play.
PLEASE FOCUS ON THE CONSTRUCTION AND BANKING COUNTERS.
Stocks to watch out for in today’s trading session are:
• (+VE) AVIATION: The civil aviation ministry has allowed Indian carriers to increase utilisation of foreign bilateral rights to 40% from April.
• (+VE) HINDUSTAN ZINC: Vedanta Group has offered 170 bln rupees to buy the government's balance stake in the company and Bharat Aluminium Co.
• (-VE) ABAN OFFSHORE: Holders of preference shares have agreed to extend redemption date by three years and increase coupon to 10%. I have seen some brokerages giving a sell on it.
In the morning the following call was already given to the Paid Service members:
Domestically, the incident in the parliament where the ruling government was made a dummy in terms of Railways fare hike shows evils of coalition politics and which is continually paralyzing the UPA government, spooking our markets from time to time. In such circumstances, the investors/traders are suggested to stress more on short term play.
PLEASE FOCUS ON THE CONSTRUCTION AND BANKING COUNTERS.
Stocks to watch out for in today’s trading session are:
• (+VE) AVIATION: The civil aviation ministry has allowed Indian carriers to increase utilisation of foreign bilateral rights to 40% from April.
• (+VE) HINDUSTAN ZINC: Vedanta Group has offered 170 bln rupees to buy the government's balance stake in the company and Bharat Aluminium Co.
• (-VE) ABAN OFFSHORE: Holders of preference shares have agreed to extend redemption date by three years and increase coupon to 10%. I have seen some brokerages giving a sell on it.
In the morning the following call was already given to the Paid Service members:
(i) Buy Jai Corp at Rs.92-93, T--Rs.97--99, SL --Rs.89.
(ii) You can accumulate IFCI Ltd above Rs.42, T--Rs.45, SL--Rs.39. The banking stocks are expected to do well in the coming days, so take positions.
(iii) Intra-day, buy Dish TV Ltd at Rs.56-57, T--Rs.59-62, SL--Rs.55. This is a brokerage call given today.
I think you got the news that Kohinoor Broadcasting Corporation Ltd is getting listed in the NSE shortly. Also, the channels have started, which are available in cable so bad days are over---only that we need to wait till the company comes out positive on the balance sheet.
(iii) Intra-day, buy Dish TV Ltd at Rs.56-57, T--Rs.59-62, SL--Rs.55. This is a brokerage call given today.
I think you got the news that Kohinoor Broadcasting Corporation Ltd is getting listed in the NSE shortly. Also, the channels have started, which are available in cable so bad days are over---only that we need to wait till the company comes out positive on the balance sheet.
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