Late Market Chart Check
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| Ms.Vanitha Mohan, VC, Pricol Ltd Photo: K Ananthan, The HBL |
Nifty had rallied 1296 points from the low of 5119 and investors are now taking this opportunity to sell ot book profits on their investments. However, it seems the markets could reverse from 6170-6175 levels to 6350 levels once again. The traders are suggested to take small BUY positions in Futures, around the Nifty_Spot_Support_Levels mentioned above.
Support: 6170 / 6160
Resistance: 6255 / 6300
Key US indices ended down Thursday as better-than-expected growth in retail sales in Nov fuelled concerns that the US Fed may start tapering its bond-buying programme soon.
Most Asian indices were down today tracking weakness in the US equities. Fundamentally speaking Indian indices are trading subdued as the November inflation rate based on the Consumer Price Index (combined), and October Index of Industrial Production data were disappointing. Weakness in global markets is also weighing on sentiments. India Nov CPI Combined inflation rate stood at 11.24%, while the IIP growth was at (-) 1.8% vs 8.4% year ago. However, in December, 2013, the inflation is expected to come down and at the same time, IIP figures could show a bit improvement due to seasonal effects. Moreover, FIIs on 12-Dec-2013, bought Indian Equities worth Rs.187.81 Cr.
Todays' Call: Positional Buy: Pricol Ltd (BSE Code: 526109) at around Rs.20-25, for a target of around Rs.60. Pricol Ltd, is a Coimbatore-based auto component manufacturer. It has been trying not only to rationalise its vendor base, but has also taken initiatives to promote vendor development aggressively.
Positives:
Key US indices ended down Thursday as better-than-expected growth in retail sales in Nov fuelled concerns that the US Fed may start tapering its bond-buying programme soon.
Most Asian indices were down today tracking weakness in the US equities. Fundamentally speaking Indian indices are trading subdued as the November inflation rate based on the Consumer Price Index (combined), and October Index of Industrial Production data were disappointing. Weakness in global markets is also weighing on sentiments. India Nov CPI Combined inflation rate stood at 11.24%, while the IIP growth was at (-) 1.8% vs 8.4% year ago. However, in December, 2013, the inflation is expected to come down and at the same time, IIP figures could show a bit improvement due to seasonal effects. Moreover, FIIs on 12-Dec-2013, bought Indian Equities worth Rs.187.81 Cr.
Todays' Call: Positional Buy: Pricol Ltd (BSE Code: 526109) at around Rs.20-25, for a target of around Rs.60. Pricol Ltd, is a Coimbatore-based auto component manufacturer. It has been trying not only to rationalise its vendor base, but has also taken initiatives to promote vendor development aggressively.
Positives:
- BLUE STAR: Plans to set up a 1.5-bln-rupee air conditioner plant in south India.
- CANARA BANK: Has attached all charged assets of DECCAN CHRONICLE HOLDINGS as part of a loan recovery process.
- RELIANCE INDUSTRIES: The oil ministry has allowed firms like the company and GAIL INDIA to fix the marketing margin they want to charge on sale of natural gas to consumers other than urea manufacturing units and liquefied petroleum gas plants.
- STATE BANK OF INDIA: Has approved issue of 11.2 mln shares to the government at 1,782.74 rupees per share. The bank is planning to hire six investment banks for the qualified institutional placement of its shares.
- VIJAYA BANK: Shareholders of the bank have approved the issue of 58.93 mln shares at 42.42 rupees each to the government
