3rd March 2010 Morning Market Updates

03 March 2010 Morning Market Updates 08:50
Market will open flat but on higher side.Nifty has a resistance around 5070 and 5130.Those who have long positions in Nifty, can book profits around these levels or keep your stops trailing.Nifty immediate support is at 4950.
Recommendations :
Buy Bhartiartl sl 286 Target 300

Hold long Cairn sl 266 Target 274
Buy Dlf above 299 sl 293 Target 306 / 314
Hold long Jindalstel sl 644
Buy Reliance above 993 sl 978 Target 1032
Buy Relinfra above 1019 sl 1003 Target 1052
Buy Rpower sl 139
Buy Tatapower sl 1252 Target 1313 Positional
Buy Cumminsind sl 461 Target 480 Positional
Buy Glenmark sl 253 Target 263
Buy HDIL sl 300 Target 315
Buy OFSS
Buy RNRL sl 62 Target 65
Buy Jindalswhl above 1666 sl 1640 Target 1710
Buy Orbitcorp above 249 sl 239 Target 269 / 277 Positional
Buy Jetairways sl 459 Target 478
Sell Patni sl 476 Target 459
Stocks in News :

Infosys on tax changes in Budget
May be taxed at 25% next year as STPI winds down
Effective tax rate is 21% in current year
Govt sources say
Infosys SEZ unit at Chandigarh under revenue department scanner
Revenue department alleges gross violations of SEZ norms
Revenue department alleges structures in place prior to SEZ approval
Infosys says
Have complied with SEZ regulations, site has been inspected by authorities
Ranbaxy - Pharmasianews Exclusive
Impax launches Tamsulosin in US market
Ranbaxy, Impax had reached settlement for generic Tamsulosin
Ranbaxy, Impax settled with Boehringer Ingelheim
ALERT: Tamsulosin is branded Flomax; market size USD 2.1 billion
Ranbaxy says
Regrets despite best efforts could not get US FDA nod
Not in a position to launch Tamsulosin in US
Cement numbers
AV Birla Group February cement sales up 9.4% at 3.2 MT (YoY)
ACC February cement sales at 3.62 MT versus 3.63 MT (YoY)
Jaiprakash Associates February cement sales up 61% at 1.61 MT (YoY)
DCB update
SEBI passes consent order on DCB's application
DCB to pay Rs 3.5 lakh towards consent charges
Penalty for delay in demat or issue of certificate of secs
Other stocks that are in news today:
Indian ADRs: Tata Motors up 4.8%
New listing: ARSS Infra, issue price: Rs 450, grey market premium: Rs 220
Celebrity Fashions board to take on record scheme regarding separating divisions into different companies
Edserv board to decide QIP price/size today
Singfuel Investment makes open offer for California Software at Rs 45.03/sh ((CMP: 42))
F&O cues:

Futures Open Int up Rs 1,984 crore
Options Open Int up Rs 3,921 crore
Nifty futures add 3 lakh shares in Open Int, at 6-pt premium
Nifty Open Int PCR at 1.24 versus 1.19
Nifty Puts add 42 lakh shares in Open Int
Nifty Calls add 16 lakh shares in Open Int
Nifty 5000 Put adds 18 lakh shares in Open Int
Nifty 5400 Call adds 5.7 lakh shares in Open Int
Stock futures add 2 crore shares in Open Int
FIIs in F&O on March 2
Net buy Rs 1222 crore in Nifty futures
Nifty Futures Open Int down 24,518 contracts
Net buy Rs 655 crore in Nifty options
Nifty Options Open Int up 6,725 contracts
Net buy Rs 539 crore in Stock futures
Stock Futures Open Int up 2025 contracts
Net buy Rs 401 crore in Stock options
Open Int up 10392 contracts


US Markets:
The Dow and S&P both picked up 2 points and the Nasdaq finished up 7 points higher.US auto sales were a mixed bag last month, General Motors (GM) reporting a weaker than expected 12% sales increases. Ford sales meantime soaring more than 43% outselling GM for the first time in over a decade.
All eyes were on Toyota following a period of massive recalls and bad press, sales sinking just under 9% which was last than expected. Toyota and General Motors are now offering zero percent financing in an attempt to lure back buyers.
Merger and acquisition (M&A) activity continuing under Tuesday, fertiliser maker CF industries relaunching its hostile bid for rival Terra after calling a quits mid-January. CF now offering USD 4.7 billion in cash and stock, shares of Terra jumping 11% and private investment firm Bank Capital buying Dow Chemicals plastic’s business for USD 1.6 billion.


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 information and is not for circulation. 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 sell or a solicitation to buy or sell any security. The information contained in this report 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, 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. 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 or its affiliates or its directors or its employees or its representatives or its clients 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 to publication.


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