Daily Market Outlook: 15 May 2009
After opening gap down, the Sensex showed some resilience. The Sensex in the second half of the trading session did recover and but soon slipped. However, despite this whats pleasing to see here is that the markets have recovered marginally and finally ended the day at 11872.91 points down by 146.74 points or
1.22 per cent. As far as the sectoral indices are concerned, the only sector that has shown good performance is the realty index, which is up by 2.58 per cent, while other indices such as Auto, Consumer Durables, PSU and FMCG are up only marginally. That apart all the other indices are down in the red. Currently the all European markets are down in the red though not so sharply. This will put downward pressure on the opening of the US markets as well.
We advised to avoid long position and strict on Stoploss till election result not declared as per prediction and technical view we can see 20% to 30% correction in market after election result as per history expect last election result. Overall we can say short-term trend will be negative
BSE Sensex: The support for the Sensex is 11600-11450 and the resistance to the up move is at 12250-12850
Nifty Technical Trend: the support for the Nifty is at 3530 and the resistance to the up move is at 3800. Major support of nifty is 3200 after that intermediate trend will reverse to negative
Buy UNIPHOS above 126
Target 132/??? & Stoploss 121
Buy PATELENG above 215
Target??? & Stoploss????
Last day given Pateleng at 208 Get 218
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Stocks in News
Bajaj Hindusthan
Bajaj Hindusthan has announced that pursuant to the authority granted by the shareholders of the Company and the Board of the Company has approved the issue of 1,45,00,000 Warrants to the promoters, each warrant entitling the warrant-holder to subscribe for and be allotted one equity share of the face value of Re 1/- each at a price of Rs 52.14 per share, being the minimum price computed in accordance with the SEBI Preferential issue Guidelines.
Mahindra & Mahindra
Mahindra & Mahindra has informed BSE that the Nashik Industrial Court, by its order dated May 13, 2009, has declared the tool down strike by workmen at the Nashik Plant of Mahindra & Mahindra Ltd’s Automotive Sector as illegal and unjustified.
Aditya Birla Nuvo
Aditya Birla Nuvo has announced that the Company is forced to shut down Ammonia / Urea plants operation at Jagdishpur, due to sudden breakdown. The Company will be carrying out repair jobs in the fastest possible way and hope to come back on production tentatively in 10 days time.
Grabal Alok
Grabal Alok Impex has announced that a meeting of the Board of Directors of the Company will be held on May 20, 2009, inter alia, to consider, amongst other things, issue of equity / other convertible securities upto an amount of USD 35.00 million.
H S India
The Shareholders at EGM of the Company have passed the resolutions to increased the Authorised Share Capital of the Company from Rs 16 Crores to 17 Crores by creating 10 lakhs new equity shares of Rs 10/- each, approved amendment in Capital Clause V of Memorandum of Association and Article 3 of the Articles of Association of the Company and approved Conversion of 3000 12.5% OFCDs of Rs 1000/- each into 3 lakhs equity shares of the Company payable at par to IFCI Ltd.
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