There is a good support at 3100, on NIfty...

The markets should start in the green today: Good morning to u all.......The markets are expected to open in the Green today, in tune with the global markets. There is a lot of put writing on 3100 which shows that the market has a good support at this level. For the large caps long positions could be build on the following counters: ACC, Bhel, Grasim, Gujarat Ambuja, I-Flex, and Tata Tea. They all outperformed the market last week and registered breakouts. TCS hasn't done much but it could see a volume expansion post-split and that normally leads to some price firming up during the non-delivery period. Keep an eye on HLL, which looks bullish after the Steller results....BHEL also came up with good results for the Q107, net profit jumping more than 85%. Grasim's results were also quite good. Exit both GAIL and NALCO as both look weak on the charts. One could short them. Nalco has seen a huge built up of volume which suggest some bad news is in the offing. There will be optimism in the steel counters after better than expected results both from SAIL, Monnet Ispat and Power Ltd and SAIL. According to the Chairman, Sri Abdul Rahman Omar of Perusahaan Sadur Timah Malaysia Bhd (Perstima--a big steel company in Malaysia): "Steel prices are at the end of the down cycle and that there are signs of recovery this year. Steel price has stabilised and is expected to rise from now onwards. This will prompt buyers to stock up on steel before prices escalate further". Tata Steel and Sterlite offer potential for the reverse arbitrage position. TISCO spot is at 493, while the futures was settled at 496. If you sell the future and buy the stock, you lock-in the differential. Sterlite spot traded at 376 while the future was last settled at 380. Again, this is roughly a 1 per cent differential and it can be exploited by selling the future and buying spot. Today there will be a board meeting of Selan Exploration Technology Ltd and it is expected to come up with good results, according to sources close to me. The results might be published on the www.bseindia.com tomorrow. So keep watch on the counter. Chandra Prabhu International came up with better than expected June quarter results amidst the lean season in the last quarter. As already mentioned the season for the company will start from September. On the real estate space keep an eye on PVR Ltd and Nagarjuna Construction today, as both are expected to come up with results today....and on the Banking space keep an eye on the Union Bank of India. Today I might recommend a stock at around 12 noon after reading the market movements. I have already given some names on a NEW web-site in which I am writing from the last few days, viz: http://www.soulcast.com/suman2006s. Also, Black Bird Money club has come up with a new design for their web-site-->www.bcozindia.com Best wishes, Suman Mukherjee India. http://finance.groups.yahoo.com/group/SumanSpeaks/