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Monday, December 09, 2013

AFTER MARKET OPENING CHART CHECK
The Friday was more or less a range bound session. Nifty traded between 6240-6250 almost for entire day, while the last hour of buying made it close with a 19 points. The markets opened with a huge gap up in the early hours of trade, amid BJP's thumping victory in four state assembly elections.
At the moment the BULLS have managed to pull it back to 6300 mark once again from 5972 within 10 trading sessions. This is a sign of strength and shows that the BULLS are in full control of the things. Nifty_Spot is now at 6352, just above psychological level of 6350. The longs can be held with a SL of Rs.6250. 
Resistance6360 / 6450
Support: 6250 / 6230
The US indices ended in the GREEN on Friday as better-than-expected jobs data raised hope the economy could be strong enough to withstand a potential reduction in Federal Reserve's bond purchase programme.
Asia indices are up on account of a slew of better-than-expected economic data. Japan's Nikkei got an additional boost as the yen weakened against the dollar.
Domestic indices are expected to remain buoyant due to a strong showing by the BJP in the state assembly elections and also due to continuous FII inflow. The Bharatiya Janata Party’s (BJP’s) showing in the state elections strengthens the hope in the markets that a Narendra Modi-led government will take office after the general election next year. This increased confidence should result in a boost to equity markets in the run-up to the general election, as investors position themselves for what they consider a more market-friendly government at the centre. The overwhelming majority in the markets want a Modi-led government to take power next year. They are fed up with the growth slowdown, the targeting of businessmen and foreign investors, the lack of direction in policymaking and the clout wielded by the left-wing of the Congress party. Modi, on the other hand, is viewed by market participants not just as business-friendly, but also as a leader who is able to get things done. Many domestic as well as foreign brokerages have said that a Modi victory will be positive for the markets and the exit poll predictions had buoyed the Indian equity market last week. Citi Research says that regional funds that were underweight India are trying to go neutral to prevent taking a call on the general election. That trend should now be reinforced, with more foreign institutional investor (FII) funds flowing in.
Today's call (to Premium Members): Buy Hindustan  Construction Company Ltd at Rs.13.70-13.80, for an immediate target of Rs.16.20-20. The company came out with good set of numbers for the September, 2013 quarter. 
Positive News:
  • AVIATION: GVK Group plans to sell part of its 43% stake in Bangalore airport to reduce debt. 
  • ECONOMY: India's foreign exchange reserves rose sharply by $5.04 bln to $291.30 bln in the week ended Nov 29, the fourth consecutive weekly rise. 
  • JSW STEEL: Has decided to bid on its own for Stemcor assets in India. 
  • POWER GRID CORP OF INDIA: The 787-mln-share follow-on public issue of company has been subscribed 6.72 times on the last day of the offer. The Empowered Group of Ministers on disinvestment will fix the issue price of company's follow-on public offer on Tuesday. 
  • RELIANCE INDUSTRIES: The law ministry and the planning commission have backed an oil ministry proposal to allow the company to almost double the price of gas from April in return for a $90 mln bank guarantee every quarter. 
  • TATA MOTORSPlans to hike prices of its passenger vehicles by about 1% from January.