HINDALCO Ltd recommended around Rs.103-103.50, touched Rs.104. Fundamentally speaking, the shares of copper refiners are expected to trade firm in the coming days, on expectations of better realizations. The continuance of the economic stimulus in the US and the moves by the RBI raised investor confidence over growth of industrial metals demand.
Yesterday, an intraday profit booking dragged down Nifty to 6025 but it soon recovered and moved to 6086 to close at 6069 with a gain of 26 points. It was a dull trading session and last hour of trade saw increased activities. Outlook for the future remains positive backed by strong global cues--overcoming the resistance of Nifty_Spot placed at 6000 with ease after a small correction itself shows the underlying strength of the market. Nifty has again resumed an upward journey, after taking double intraday support at 5930. Thus, long positions now should be kept with a trailing stop of 5900 (Nifty_Spot)..
Resistance: 6110 / 6150 (Nifty_Spot)
Support: 6025 / 6000 (Nifty_Spot)
ASIA: Indices rallied for the fourth session tracking firm US markets and on strong earnings from index heavyweights Toyota Motor Corp and Mitsui & Co.
US: S&P 500 index ended at a record high for the fifth straight session on the back of strong Jan-Mar earnings from companies.
Fundamentally speaking the stock indices are seen extending gains in line with global equities, but profit booking may set in as Nifty inches closer to XXXX (this portion is for the Paid Service Members). Nifty_Spot is now trading at 6043, however it is expected move up in the next few trading sessions.
My recommended Jai Corp Ltd touched Rs.68.70 intra-day, on the back of strong Q4FY13 earnings. The net profit of the company jumped 80.3% to Rs.18.30 crore on 10.8% decline in net sales to Rs.161.71 crore in Q4 March 2013 over Q4 March 2012. The stock had outperformed the market over the past one month till 8 May 2013, jumping 15.1% compared with the Sensex's 8.42% surge. Jai Corp's board of directors at a meeting held on Wednesday, 8 May 2013, recommended dividend of 50 paise per share for FY 2013. Jai Corp was incorporated in 1985. It has traditionally been into manufacturing businesses like steel, plastic processing and spinning yarn. Apart from expansion of its plastic processing business, it is now focusing and investing in emerging opportunities like developing SEZs, infrastructure, venture capital and real estate. CMP: Rs.66.90.