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Wednesday, May 27, 2009
Nagarjuna Constructions
We recommend a sell in Nagarjuna Construction Company from a short-term trading perspective. It is apparent from the charts of Nagarjuna Construction that it has been on an intermediate-term uptrend since its one-year low of Rs 34 recorded in early March. The stock’s uptrend accelerated in mid-May and it conclusively penetrated the key resistance at Rs 90, which has now turned in to a key support. However, around Rs 135, the stock met with significant resistance. On May 26, the counter tumbled 6 per cent, forming a bearish engulfing candlestick pattern. A negative divergence in the daily relative strength index triggered this reversal. Both daily and weekly RSI are declining from the overbought territory. Besides, the volumes have gradually dropped over the past six trading session. Our view for the stock is negative from a short-term perspective and we anticipate it to dive further until it hits our price target of Rs 110 in the trading sessions ahead. Traders with a short-term perspective can sell the stock while maintaining a stop-loss at Rs 128
via BL
FII inflow crosses Rs 18000 crore in 2009
Inflow of Rs 3046.10 crore on 25 May 2009
Foreign institutional investors (FIIs) bought shares worth a net Rs 3046.10 crore on Monday, 25 May 2009, as against an outflow of Rs 694.70 crore on Friday, 22 May 2009.
FII inflow of Rs 3046.10 crore on 25 May 2009 was a result of gross purchases Rs 5092.60 crore and gross sales Rs 2046.50 crore. The BSE Sensex rose 26.07 points or 0.19% to 13,913.22 on that day.
FII inflow in May 2009 totaled Rs 17288.50 crore (till 25 May 2009). FII inflow in calendar year 2009 totaled Rs 18001.10 crore (till 25 May 2009).
There are a total of 1657 foreign funds registered with the Securities & Exchange Board of India (Sebi).
Gold finds buying at lower levels
COMEX futures hover around $950
Gold rebounded from lower levels today as some buying emerged in the mid London trades. The continuous fear over hyperinflation in the medium term once the economic recovery gathers steam continued to underpin the commodity after early setbacks. In Asia, Gold drifted sharply lower on COMEX, sliding well below $950 per ounce levels as the commodity market participants eyed the sharp rebound in the US dollar following the weakness in the economic data from the other side of Atlantic.
The First-quarter German real GDP shrank 3.8% from the fourth quarter, data from the Federal Statistics office confirmed Tuesday. The drop was in line with the flash estimate, which was published May 15. It was the sharpest decline since records began in 1970.
The familiar cues of dollar strength swung in the action to keep the yellow metal under check after the data as the US currency continued to extend its gains after hitting two-month low levels of 1.4000+ against the Euro last week. The dollar topped 1.3865 against the Euro in the London trades today. This pulled the crude oil futures down by around 2 dollars and kept the entire commodities complex under check.
COMEX Gold futures for June lost out big time in London to slip to a low of $936.6 per ounce levels. The counter currently trades at $949.80, down $9.10 from the previous close.
MCX Gold futures also slipped sharply in tandem with the global cues and slumped near Rs 14500 in the intraday moves. However, there has been an impressive recovery in the counter thereafter and the contract currently trades at Rs 14627, up Rs 39 per 10 grams.
Turnover surges
Bharati Airtel May 2009 futures at premium
Nifty May 2009 futures were at 4120, at a premium of 3.30 points as compared to the spot closing of 4116.70. Turnover in NSE's futures & options (F&O) segment surged to Rs 77,396.06 crore from Rs 65,141.03 crore on Monday, 25 May 2009.
The near-month May 2009 F&O contracts will expire on Thursday, 28 May 2009.
Bharati Airtel May 2009 futures were at premium at 773.40 compared to the spot closing of 771.20.
State Bank of India May 2009 futures were near spot price at 1,689.50 compared to the spot closing of 1,689.45.
Unitech May 2009 futures were near spot price at 73.10 compared to the spot closing of 72.80.
In the cash market, the S&P CNX Nifty lost 120.85 points or 2.85% at 4,116.70.
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