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Thursday, May 23, 2013

Market Mantra: Indian Markets Are Still Buy On Dips
[Editor: Today's sharp fall seems to be totally orchestrated, so be careful, with your shorts. There is no reason for panic in the Indian Markets, though small corrections are always welcome, as it helps the entry of fresh funds. Why should REAL ESTATE/ CONSTRUCTION STOCKS CORRECT, when the INTEREST RATES are set to come down? Is there any logic, especially when the FIIs are pouring funds on daily basis....? CLICK HERE. A group of Chartists come on various Financial Channels and starts giving random calls and people starts following them---not to mention most LOSE THEIR DEPOSITS. If only following charts could have made someone RICH, then these marketmen, would not have spoiled their time advising others]
Since the morning trade, Nifty after opening at around 6050 made a high of 6081 and then suddenly a crash came following negative cues from both the Japan and the China, which took it down to 5972. Also, yesterday, the analyst fraternity read Dr.Bernanke's statement in a skewed manner, which led to the confusion in today's market, and subsequent sell off. Chartically speaking as long as 5970 holds, the Bulls can still hope for a recovery, though the ball has now shifted to the court of the bears after both 6100 & 6020 were broken decisively. The traders are suggested not to trade in Nifty_Futures, till it conquers 6020 or at least 6000; though intra-day downside seems to be limited. Instead they can play individual counters. Nifty_Spot is now trading at 5974.
Resistance: 6020 / 6080
Support: 5970 / 5944
Most Asian markets declined tailing the US, Japan's Nikkei suddenly crashed. But what most of  investors do not understand that is that Japanese market has run up more than it should in a given time period and such crash was inevitable on slight pretext. The Nikkei share average plunged 7.3 %  today, its biggest one-day percentage drop in two years after weak Chinese factory data rattled investors, prompting them to take profits from a recent rally buoyed by massive Bank of Japan stimulus measures.
US share indices slipped on Wednesday on worries the US Federal Reserve will start scaling back its bond-buying programme. The US Federal Reserve Chairman Ben Bernanke said that the central bank would consider scaling back its bond purchases in the next few months. Federal Reserve Chairman Ben S. Bernanke and his fellow policy makers, expressing concern that federal budget cuts are blunting the recovery, signaled little appetite for reducing record stimulus without what he called “real and sustainable” progress in reducing unemployment. “What we are looking for is increased confidence that the labor market is improving and that that improvement is sustainable,” Bernanke told lawmakers yesterday. “And as we see that, we will in steps respond to that by reducing the amount of accommodation in a way that’s appropriate.”  Moreover, the US Senate panel has passed the immigration bill, which  in its present form might have a negative impact on the domestic IT cos like Infosys, TCS and Wipro. However much of that could offset by a weak rupee which is seen to aid, IT companies. 
However, to arrest the fall in INR vs USD, the Government has said, it may soon announce slew of measures to boost foreign fund flows. CLICK HERE.
In a significant development, the finance ministry has asked cash-rich PSU companies to consider buying shares in other PSU firms to help meet its Rs.400-bln divestment target in FY14 
Investors are suggested to get out (exit) of SREI Infrastructure Ltd and invest the same in HDIL at Rs.51.05, T--Rs.58, SL < Rs.48. If the scrip of SREI Infrastructure Ltd is still not performing after such scintillating results, then definitely the investors needs to maintain caution, because all that glitters are not gold.  Housing Development and Infrastructure Ltd has earlier informed BSE that a meeting of the Board of Directors of the Company will be held on May 29, 2013, inter alia, to consider and approve the Audited Financial Results of the Company for the quarter as well as year ended on March 31, 2013, as per the Clause 41 of the Listing Agreement. However, those who are not interested in HDIL can try their hands in NCC Ltd (Nagarjuna Construction, BSE Code: 500294; CMP: Rs.32.10) which came out with good set of numbers today. The company has a combined order-book of Rs.18, 500 Cr-plus.
Glodyne Tech Ltd today hit the lower circuit at Rs.11.35, buy the scrip and keep holding till the results. The company's financial problems are now much reduced and it cannot trade at such a ridiculous price.