Market Outlook For 27th Jan 2010
NIFTY OUTLOOK
Reacting to the global weakness, Nifty opened on a weak note and there after traded in a sideways manner.
Throughout the day, it tried to cross 5000 level but closed below 5000 level. Finally, Nifty closed 28 points down
from previous day's close. Best part of Monday's trading is Nifty has not broken 4950 level. So keep stop loss for
all short term long position at 4950 level. Any violation of 4950 level will certainly required the liquidation of
these long position. On the otherhand, only a close above 5170 will make Nifty bullish, until that happens, use all
rallies to liquidate the long position (short term). Sectorwise, Realty, Infrastructure and Metals stocks are looking
weak whereas Power,FMCG and Telecom stocks are showing some strength. For WEDNESDAY, major support
exists at 4950.On upside, resistance exists at 5040 and then at 5080.
Tech Calls
Scrip LTP Buy Above/Sell Below S.L. Target
BHARTIARTL 330.9 Buy above 333 326 348 3-4 Days
SINTEX (Lot Size - 1400) 252.8 Sell below 251 258 236 2-3 Days
TATASTEEL (Lot Size - 764) 606.2 Sell below 601 614 570 2-3 Days
Corporate Highlights
• Crompton Greaves to mull bonus issue on Jan 28
• Jaiprakash Power Ventures to raise upto Rs 2,500 Cr
• J Kumar Infraprojects Ltd has received work orders worth Rs. 36.00 Crores. As on January 25,
2010 the work order position is Rs. 1311 Crores (Approx.).
• McNally Bharat Engineering has received an order for Supply, Installation, Testing &
Commissioning of Coal Handling, Lime Handling and Gypsum Handling Plant for Bongaigaon
Thermal Power Project (3X 250MW), NTPC for a value of Rs 438 crores. The contractual period of
completion is within 30 months.
• Shree Renuka Sugars board approves 1:1 bonus issue
• JK Paper board approved an estimated investment of Rs 1450-1500 crore for implementing new
project in Orissa. The company will utilise the fund in setting up new pulp mill of 2,00,000 tonnes
per annum and paper capacity of 150,000 tonnes per annum at its Orissa unit. The project is likely to
be commissioned in the second half of 2012.
• Leading auto maker Bajaj Auto said its technology ExhausTEC, which help improve performance of
a two wheeler, has been granted a patent by the Munich-headquartered European Patent Office.