India Equity Analysis, Reports, Recommendations, Stock Tips and more!
Search Now
Recommendations
Thursday, June 10, 2010
Market may continue to gain, Reliance Industries may enter telecom space
The key benchmark indices may extend Wednesday (9 June 2010)'s gains tracking higher Asian stocks. Trading in S&P CNX Nifty index futures on the Singapore stock exchange indicated that the Nifty could rise 3 points at the opening bell. The government will unveil data on some wholesale price indices for the year through 29 May 2010 viz. the food price index, the primary articles index and the fuel price index at about 12:00 IST today.
Bullion metals turn pale
Prices drop as Chinese data show more exports
Bullion metal prices ended lower on Wednesday, 09 June 2010 at Comex. Prices fell following reports that exports from China were much more than expected in May 2010. The stronger euro also took a toll on precious metal's health.
Daily News Roundup - June 10 2010
SBI plans to raise Rs200bn through a rights issue by the end of the fiscal year. (ET)
Reliance Industries is likely to enter the telecom space when the opportunity arises. (ET)
S&P lowers Bharti long-term corporate credit rating to BB+ from BBB-. (BS)
Nifty ends at psychological 5000 mark
It was yet another day where we danced to the global tune. After a two day decline, the Indian markets managed to end with modest gains on Wednesday amid highly volatile trading session. Markets started off with a slight positive bias and went on to surge hitting day’s high. The early upswing was on account of overnight gains in the US and a smart bounce back in the Hang Seng index in Hong Kong.
"Sentiment however took a hit and the benchmark indices tumbled from day’s high in afternoon session as market players reacted sharply to a fall in European shares", says Amar Ambani Vice President Research IIFL.
Gap-up opening seen; Oil & gas stocks eyed
Headlines for the day:
Edelweiss, Lanco lead race for Axis' PE arm
Essar Energy makes it to FTSE 100 Index
HC clears Dabur, Fem Care merger
Annual report - DCB - 2009-2010
DEVELOPMENT CREDIT BANK LIMITED
ANNUAL REPORT 2009-2010
DIRECTOR'S REPORT
The year 2009 was one of the most difficult years in living memory for most
economies of the world. India, however, continued to remain robust
recording the second highest rate of growth after China. Cautious monetary
management in India helped steer the banking system away from the excesses
witnessed elsewhere and though credit off-take weakened, the system
remained in good shape.
Nahar Industrial Enterprises
We recommend a ‘buy' in Nahar Industrial Enterprises from a short-term trading perspective. The stock is in a medium-term downtrend since the January peak of Rs 88.7. As this downtrend is already five months old, it could be close to termination. The stock is currently poised at key support zone between Rs 55 and Rs 60 that occurs close to 38.2 per cent retracement of its up-move from the March 2009 low.
That the stock rebounded 5 per cent from this zone on Wednesday implies a positive short-term bias. The 14-day relative strength index reversed higher on Wednesday and is trying to move away from the bearish zone. The 10-day rate of change oscillator moved above the zero line in the last session.
However, as the medium-term trend continues to be down, this call is meant only for those traders who have a greater penchant for risk. The stock can be bought with the stop-loss at Rs 57. Short-term targets for the stock are Rs 62 and then Rs 65
via BL
Subscribe to:
Posts (Atom)