Daily Market Snippets

US markets were marginally up. Asian markets are trading negative.
The bias for markets is cautious.Strong trading support for nifty at 4240 spot and resistance at 4280.
Levels Nifty : Support 4252 / 4236/ 4222. Resistance 4282/ 4297/ 4314.

News: 1) Glenmark Pharmaceuticals board scheduled on June 11, 2007, to consider a proposal for stock split of the company's equity shares. 2) Tata Tea made an open offer to purchase an additional 20% stake in Mount Everest Mineral Water for Rs 95.19 crore. Tata Tea agreed to buy 25.74% stake in Mount Everest for around Rs 115 crore through subscription of preferential shares from promoters of MEMW 3) Nitin Fire Protection will list on bourses today. 4) Aurobindo Pharma has received the approval from the USFDA for its Cefpodoxime Proxetil suspens

US markets were marginally up. Asian markets are trading negative.
The bias for markets is cautious.Strong trading support for nifty at 4240 spot and resistance at 4280.
Levels Nifty : Support 4252 / 4236/ 4222. Resistance 4282/ 4297/ 4314.

News: 1) Glenmark Pharmaceuticals board scheduled on June 11, 2007, to consider a proposal for stock split of the company's equity shares. 2) Tata Tea made an open offer to purchase an additional 20% stake in Mount Everest Mineral Water for Rs 95.19 crore. Tata Tea agreed to buy 25.74% stake in Mount Everest for around Rs 115 crore through subscription of preferential shares from promoters of MEMW 3) Nitin Fire Protection will list on bourses today. 4) Aurobindo Pharma has received the approval from the USFDA for its Cefpodoxime Proxetil suspens

5) ACC - May sales at mt vs 1.57 mt yoy. 6) Madras Cements, we maintain our Buy recommendation on the stock with a reduced price target of Rs3,500 per share.

Stocks with positive bias are: Sterlite, ITC, Punj Loydd, SBI.
Stocks for short term delivery: S Kumars ( cmp 80) , HCC (cmp 103)
Stocks for Investment are : Genus Overseas, Aurobindo Pharma.

(11) RCOM launches colour FM phone at rs 1888 ; sells 1.5 m handsets under rs 777 plan in May alone (12) Avaya Inc agrees to be acquired by PE firms TPG Capital and Silver Lake for $ 8.2 bn (13) Bombay HC dismisses Rel Energy petition against MSRDC decision to disqualify it from bidding for rs 2600 cr Nhava-Sewri sea link project (14) Tata's, Ruias set sights on Canadian Steel maker Stelco (15) Cabinet okays additional 300 acres land to TELCO at Dharwad for their project (16) NRIs may face 3 year pre-IPO realty lock-in (17) Ex-dividend : Accel frontline 1.50/- (18) board meeting : Mahindra forg on amalgamation of Mahindra Stokes holding co, Mahindra forging overseas & Mahindra forging Mauritius with itself (19) Aristocrat luggage board approves amalgamation with VI

(20) Nagajurna Fert denies the rumour of Rallis,Nagajurna rise on stake buy