17 March 2010 Morning Updates

17 March 2010 Morning Updates  08:52
Market will open in positive.Will continue yesterday's rally.Hopefully Nifty will test its previous resistance around 5270 if it sustains above 5170.Last month's long positions in Nifty should be carried with a trailing stop of 5070(closing basis).

Recommendations:
Buy BPCL above 547 sl 540 Target 560
Buy NTPC above 204 sl 202 Target 208
Buy Tulip above 925 sl 911 Target 948
Sell ACC below 962 sl 969 Target 952
Sell Bhel sl 2392 Target 2348
Sell HDFCBank below 1768
Sell Maruti below 1448 sl 1460 Target 1420
Sell SBIN below 2005 sl 2020 Target 1984
Sell Abirlanuvo below 850 sl
Sell Corpbank sl 457 Target 442
Sell Yesbank sl 249 Target 236
Stocks in news:
DoT
DoT (Department of Telecommunication) issues letters to all telcos for CAG audit: sources
CAG audit for Bharti, BSNL, MTNL, Tata Comm, Reliance Comm, Vodafone, Idea, others: srcs
CAG audit to cover 3 financial years beginning 2006-07: srcs
DoT seeks financial records & documents within 15 days: srcs
CAG audit comes after special independent audit of telcos
Bharti-Zain update: Bharti issues term sheet to banks to raise up to USD 8.5 billion
Bharti's 6-year offshore loan facility has four tranches
Bharti opts to drop onshore tranche for Zain funding
Glenmark Generics
FDA orders Glenmark Generics to stop marketing unapproved Nitroglycerin tablets
Marketed in 0.3 mg, 0.4 mg and 0.6 mg
Tablets are placed under the tongue to relieve chest pain or to stop a heart attack
Pfizer markets FDA-approved sublingual nitroglycerin tablets in the same strengths
And according to the FDA is able to supply the market with approved products
Glenmark has 15 days to respond to the FDA with a plan for removing their products from the market
Has 90 days from the date of the warning letters to stop manufacturing new products
And 180 days to stop further shipment of existing products
Market cues:
FIIs were net buyers to the tune of USD 85.6 million in equities on March 12, as per data available on the SEBI website.
FIIs net bought Rs 660 crore while DIIs net sold Rs 128 crore in cash markets on March 15, as per provisional data on the NSE website. FIIs net sold Rs 380 crore in F&Oamp
FIIs were net sellers to the tune of Rs 270 crore in Nifty futures and net sellers of Rs 157 crore in Nifty options, as as per data available on the NSE website.
NSE F&O Open Interest was up by Rs 573 crore at Rs 1,20,026 crore on Monday.
US Markets:
The US markets closed higher after the Federal Reserve held benchmark rates near zero and renewed its pledge to keep them exceptionally low for an extended period.The S&P 500 closed at highest levels since October 2008. The dollar index slipped to a fresh session low also helped sentiment.
In other important economic data, Housing starts for February hit a higher-than-expected rate of 5.75 lakh and building permits for February made a smaller-than-expected dip to an annualized rate of 6.12 lakh
The Dow Jones Industrial Average closed 0.41% or 43.83 points higher at 10,685.98. The Nasdaq Composite ended at 2,378.01, up 15.80 points or 0.67% and the S&P 500 was at 1,159.46, up 8.95 points or 0.78%.The US Federal Reserve renewed its pledge on Tuesday to keep interest rates near zero for an "extended period" even as it sounded more upbeat about jobs. Still, it repeated its view that the economy's recovery would likely be moderate for a time and that inflation was likely to remain subdued.
The US Central Bank said that the Fed's policy continues to anticipate that economic conditions, including low rates of resource utilisation, subdued inflation trends, and stable inflation expectations, are likely to warrant exceptionally low levels of the Federal funds rate for an extended period.
John Kilduff, CIO of Round Earth Capital Co said, "Not only did the Fed do pretty much what people had expected but with the Greece situation seemingly resolving itself that buoys the Euro once again and that feeds right into this fiscal policy that's going to pressure the dollar. And while the dollar has quietly risen and the oil prices have gone along with it because of some fundamental factors, now oil gets another leg higher on a weakening currency."
Discalimer:This document has been prepared by the Research Division of Integrity Financial Consultants Pvt. Ltd.,Pune, India and is meant for use by the recipient only as an informative. This document is not to be reported or copied or made available to others without prior permission of iNTEGRITY. It should not be considered or taken as an offer to Buy or Sell or a solicitation to Buy or Sell any security. The information contained in this report other than recommendations has been obtained from sources that are considered to be reliable. However, iNTEGRITY has not independently verified the accuracy or completeness of the same. Neither iNTEGRITY nor any of its affiliates, business associates, its directors or its employees accept any responsibility of whatsoever nature for the information, statements and opinion given, made available or expressed herein or for any omission therein. Recipients of this report should be aware that past performance is not necessarily a guide to future performance and value of investments can go down as well as the market related investments are subject to market risk and volatility. The suitability or otherwise of any investments will depend upon the recipient's particular circumstances and, in case of doubt, advice should be sought from an independent expert/advisor. Either iNTEGRITY and / or its affiliates and / or its business associates and / or its directors and / or its employees and / or its representatives and / or its clients and / or their relatives may have position(s), make market, act as principal or engage in transactions of securities of companies referred to in this report and they may have used the research material prior and / or after to publication.The information shared in this blog may be and or may not be 100% perfect as it is being shared from many sources. It is recommended for the recipients to take their decisions according to re-verification of the shared information. No arguments and / or claims and / or objections will be entertained.
Contact Details :
Email : info@integrity.org.in
Call : +91 99750 60000
For Abroad Investors : +91 9371031008