26 March 2010 Morning Market Updates

26 March 2010 Morning Market Updates 08:50
Asian markets are signaling flat opening in our markets.Perhaps yesterday's closing rally will continue upto 5270-5280 levels.These levels will be a crucial resistance.Immediate downside protection will be considered at 5210.
Recommendations :
Follow buy calls in improving market trend.
Buy Corpbank sl 447 462 / 469
Buy Pantaloonr Above 407 sl 402 414
Buy Bhel Above 2395 sl 2380 2417
Buy Jindalswhl above 1730 sl 1682 Target 1798
Stocks in News :
Board meets today
-Pfizer results
-JIK Industries to consider allotment of Fully Convertible Bonds to Promoter / Associates pursuant to BIFR Orders.
-DIC India - proposal to consider the options of divesting its Can Coating business operated through its wholly owned unlisted subsidiary Company, DIC Coatings India Ltd,
-Bharti takes SPV route to safe ride into Africa – ET
-RBI warns on lagged impact of slowdown on bank profits
-Patel Engg bags USD 1 billion project in Mauritius – BS
-Nitin Fire close to acquiring UAE based company – BL
-Essar Oil board seeks shareholder approval to raise USD 1.7 billion
-Essar group buy Indonesian mines for USD 208 million
-Essar Steel in supply pact with UM Steel company to seal supply pact
-ArcelorMittak completes Uttam Galva stake buy-out – BS (buys additional 4.9% stake from promoters)
-GMR Energy to raise Rs 1600 crore from PE players – BS
-Videocon launches mobile services
-SBI to extend teaser loan
-SEBI may withdraw from ULIP turf war – Mint
-Ruchi Soya and IOCL ink LLP Agreement to Produce Biofuels
-Ex-Dividend: Engineers India: Special Int Dividend- Rs 100/share
F&O cues:
Stock Futures added 7 crore shares in March series
Nifty Open Int PCR starts at 1.23 in April versus 1.14 in March
Nifty April 5300 Call adds 11.7 lakh shares in Open Int
Nifty April 5400 Call adds 6.8 lakh shares in Open Int
Nifty April 5200 Put adds 10.3 lakh shares in Open Int
Nifty April 5100 Put adds 9.6 lakh shares in Open Int
FIIs in F&O on March 25
Net buy Rs 239 crore in Nifty Futures
Net buy Rs 654 crore in Nifty Options
Net sell Rs 521 crore in Stock Futures
Market cues:
FIIs were net buyers of USD 106.6 million equities on March 23
Marketwide rollover 75%; Nifty rollovers 66%
April F&O Series starts with Open Int of Rs 79,133
As per provisional data of March 25, FIIs were net buyers of Rs 654 crore, while DIIs were net sellers of Rs 156 crore in cash markets. FIIs were net buyers of Rs 337 crore in F&O.
US Market Updates :
A big rally early in the day turning into a late day sell off after European Central Bank President Jean Claude Trichet said the IMF or any other body for that matter must not assume responsibilities of eurozone’s governments in dealing with economic problem. The Dow picking up 5 points, the S&P down 2 points and the Nasdaq lost one point. The Treasury is seeking to sell its 27% stake in Citi Group reporters say they plan to announce as early as next month. Goldman Sachs, Morgan Stanley and others are already bidding to a handle this massive sale.

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