Markets Today

It was a good close for markets with Nifty closing on a new high. The global cues were extremely positive as Asia ended higher and Europe opened in green. The markets were trading higher for better most of the day with a bit of volatility due to F&O settlement. Buying was seen in scrips across sectors. Auto, bank and FMCG stocks were among the top gainers. IT opened strong but was off day's high. Frontline stocks outperformed the broader markets.
Among the frontliners Zee Ent, Maruti Udyog, HDFC, HDFC Bank, Hero Honda and Bajaj Auto were among the top gainers.
Deccan Aviation was up over 6.5% on market reports that Deccan and Kingfisher will come together.
Tata Tea was among the gainer up over 5% on reports that it will acquire majority stake in Mount Everest Mineral Water.
Power stocks NTPC, Suzlon and Reliance Energy were trading weak.
Sugar stocks were in green with goverment likely to increase the buffer stocks. Sugar stocks like Triveni Engineering, Balrampur Chini and Bajaj Hindustan are trading in green.
Among the midcaps Shasun Chemicals was up 20%, Punj Loyd and GE Shipping up 6%, Rolta was up 4%.
On the macroeconomic front, Q4 GDP number were at 9.1% slightly lower than market estimates at 9.4%. But the full year numbers came in high at 9.4%.
Sensex was up 133.08 points or 0.92% at 14544.46, and the Nifty up 46.15 points or 1.09% at 4295.8.
About 1300 shares have advanced, 1140 shares declined, and 75 shares are unchanged.
The BSE Midcap Index ended at 6,222.40 up 31 points or 1.01%.
The BSE Smallcap Index ended at 7,413.03 up 87 points or 0.9%.
The BSE Bankex was up 1.4% at 7,607.35. HDFC Bank, UTI Bank, PNB, SBI, Bank of Baroda moved upwards.
The BSE Capital Goods Index was up 0.7% at 11,153.99. Crompton Greave, Aban Offshore, Greaves Cotton, Thermax, Alfa Laval closed higher.
The BSE Health Care Index was up 0.4% at 3,841.84. Glenmark, Panacea Biotech, Cadila Health, Pfizer, Sterling Bio closed higher.
The BSE Auto Index closed at 5,012.28 up 1.3%. Hero Honda, Bharat Forge, Tube Investment, Maruti Udyog surged.
The BSE Metal Index closed at 10,405.999 up 0.6%. Welspun Guj, Guj NRE Coke, Sterlite Ind, Jindal Saw, Mah Seamless advanced higher.
The BSE FMCG Index gained 1.4% at 1,907.38. Tata Tea, United Spirits, HLL, Colgate, Dabur India closed higher.
BSE Oil and Gas Index closed higher at 7,795.67 up 0.5%. HPCL, BPCL, GAIL, Reliance Natura, Reliance ended in green.
The BSE IT Index gained 0.8% at 4,851.43. HCL Info, Patni Computer, Wipro, I-Flex Solution, Satyam closed higher.
The NSE cash turnover was at Rs 11895.49 crore and the NSE F&O turnover was at Rs 52950.89 crore. The BSE cash turnover was Rs 4511.34 crore. Total market wide turnover was at Rs 69357.72 crore.

Source: moneycontrol.com

Intraday Calls for 31st may

Markets are likely to be volatile on expiry day. Nifty supports are 4245, 4230 and resistance are 4275, 4300. Sensex Supports are 14400, 14350 and resistance are 14475, 14500.
Dollar going strong so its a good news for IT sector.

Buy Infosys Tech above 1905/- Target Rs. 1930-1945/- SL Rs. 1900/- (Strong Support @ Rs. 1900/-)
Buy Wipro @ Rs. 536/- Target Rs. 545/- SL Rs. 530/-
Buy KPIT Cummins @ 139-140/- Target Rs. 145-150/- SL Rs. 136/-
Buy Himadri Chemical @ Rs. 382/- Target Rs. 400+ SL Rs. 375/-
Buy IDBI @ Rs. 90-92/- Target Rs. 95/- SL Rs. 88/-
Buy JP Hydro @ Rs. 36/- Target Rs. 39-40/- SL Rs. 34/-

Others buys are Indiainfo (Above 628), RCOM(501), Global Vectra (252), PatelEngineering (409), Alstom Projects(566).

Good Luck

Research Report

For download report about Hindalco: Click Here

Different Views about Different Stocks

Anil Manghnani of Modern Shares & Stock Brokers is of the view that Hindalco maybe a good long-term investment play.
He further added, "The one I probably take a punt on is Hindalco but not from a trading point of view. I am just using the same reasoning when Suzlon and Tata Steel announced their takeover bids abroad, the stock was beaten down quite badly but once the deal was done, the stock rebounded quite sharply. So maybe something like that eventually might happen in this also. I think, it has good support level in the Rs 120-130 range now it’s consolidating in a narrow range. So, Hindalco maybe a good long-term investment play."

Anil Manghnani of Modern Shares & Stock Brokers is of the view that Infosys Technologies has major support at Rs 1900.
Manghnani told CNBC-TV18, "Rs 1,900 is a major support for Infosys; the reason I say this because in the last three-four months it bounced back from Rs 1,908-1910 levels. I still probably go on a hunch and try to play more in the rupee front and till the rupee doesn’t break Rs 40 I will hold on to these stocks. But as a day trader, it gets a little tricky to how long one can wait so Rs 1,900 if Infosys breaks that could be some problem for it."
He further added, "I think TCS support will be Rs 1,210-1,200."

Ranjit Kapadia of Prabhudas Lilladher is of the view that Phillips Carbon Black has target of Rs 250.
Kapadia told CNBC-TV18, "Phillips Carbon Black is going in for power plant expansion, which is likely to come in FY09 and this plant will contribute for the entire year of ’09 which will be commissioned at Durgapur facility and the company is likely to rich benefit in FY09 and plus their expansion is going in middle of ’09 which contribute for atleast 1-2 quarters. Our price target on this is Rs 250."

Broking house, FinQuest Securities is bullish on Cinemax India and has recommended buy rating on the stock with a target of Rs 210.
FinQuest Securities report on Cinemax India:
Cinemax India (CIL) is an emerging entertainment company primarily focused on the exhibition business with limited interests in gaming and mall development. The company is on an expansion spree and is likely to establish a pan India presence in years to come.
Investment Argument
Factors like rising consumerism, increase in disposable income, favourable demographics, lower penetration of multiplexes within the country and boom in retail sector throw up excellent opportunities for the multiplex sector in India .
Mumbai accounts for 15% of all India box office collections. With 8 out of CIL's 9 current properties owned and located at prime locations in Mumbai, CIL is well poised to ride the multiplex boom in the west.
On the back of the real estate expertise of its promoter group, CIL has undertaken an ambitious expansion plan of establishing a pan India presence by geographically diversifying its properties by FY2009E. Lease model based expansion plan would enable CIL to achieve break-even at lower occupancy rates and avoid huge capital expenditure.
Healthy growth of revenues accompanied by E-Tax exemption benefits will push down CIL's cost structure thereby resulting in impressive growth in Revenues at a CAGR of 57%, EBIDTA at a CAGR of 61% and Net profit at CAGR of 78% over FY2007-09E
Valuations
At CMP of Rs 160, the stock trades at a P/E of 20.1x FY2008E EPS of Rs 8 and 11.5x FY2009E EPS of Rs 13.9, and EV/EBIDTA of 12.3x FY2008E and 7.7x FY2009E. Considering the positive outlook for the multiplex industry and CIL's expansion plans we Initiate Coverage on the stock with a 'Buy' recommendation and a target price of Rs 210.

Mehraboon Irani of Darashaw & Company is of the view that Shivalik Global has target of Rs 48-52.
Irani told CNBC-TV18, "Shivalik Global is a textile company; entire textile value chain that is from yarn to garments manufacturing it is into. As per the unaudited results the company’s EPS for 2006-2007 was Rs 3.5, which at the present price of Rs 34 this stock looks richly valued. But the main part, the main trigger for the stock for the reason, which we like, is the diversification of real estate business."
He further added, "The company has signed a definitive agreement with a real estate developer of North India in which the total size of the deal is estimated to be Rs 630 crore that’s the land with the company owns in Faridabad. This is spread over a period of four years, the total size of the deal of this Shivalik Global along with a group company Gandhar Exports the share is expected to be Rs 280 crore of which Rs 50 crore is already been paid."
"Land deal according to us, the real estate business should give company around Rs 20 per share and balance Rs 14 an EPS of Rs 5.5 from the textile business alone which we are expecting in the current year 2007-08. It makes the stock looks attractive to me and I think with the land value at Rs 20 per share we can safely expect a price target of Rs 48-52 over the next six-eight months. So on the present level for another Rs 15-16 means a return of 50%."

Source: moneycontrol.com

Markets Today

The markets closed in red near the day lowest points of the day. It spend most of the day hovering near its previous close but slipped during the last hour of trade. The market breadth was in favour of declines. The fall was inline with its gloabal and Asian peers on the back of fall in Chinese markets.
The BSE Midcap which opened in green slipped and underperformed the frontline index. Except for the the captal goods index, all the BSE sector indices closed in red. IT, metal, FMCG and banking indices ended lower. The turnover was quite brisk ahead of the F&O expiry day.
Sensex was down 96.83 points or 0.67% at 14411.38, and the Nifty down 43.60 points or 1.02% at 4249.65.
About 959 shares have advanced, 1580 shares declined, and 65 shares are unchanged.
The BSE Small Cap Index closed at 7,349.56 down 0.5%.
The BSE Midcap Index ended at 6,191.61 down 1%.
The BSE Capital Goods Index was up 1.7% at 11,079.43. L&T up 7.39%, Bharat Elec up 4.41%, Thermax up 4.25%, Alstom Projects up 3.58%, Gammon India up 1.87% .
The BSE FMCG Index down 1.7% at 1,881.32. Tata Tea, Colgate, Britannia, Marico, HLL, Dabur India closed in red.
The BSE Metal Index was down 1.4% to close at 10,344.67. JSW Steel, JindalStainless, SAIL, Hindalco, Welspun Guj were among the losers
The BSE Health Care Index was down 0.8% at 3,827.38. Nicholas Pirama, Glenmark, Novartis India, Panacea, Biotech, Cipla closed lower.
The BSE Auto Index closed at 4,948.16 down 0.2%. TVS Motor, Asahi India, Maruti Udyog, Bharat Forge, Mah and Mah, Escorts among the losers
The BSE IT Index closed at 4,814.09 down 1.9%. Patni Computer, Moser Baer, Infosys, HCL Info, I-Flex Solution ended weak.
The BSE Bankex was down 1.3% at 7,659.09. Federal Bank, HDFC Bank, Andhra Bank, Kotak Mahindra, Allahabad Bank closed lower.
The BSE Oil and Gas Index closed at 7,755.58 down 0.5%. Reliance Natura, IOC, MRPL, Petronet LNG closed in red.

Source: moneycontrol.com

Intraday Calls for 30th May

Nifty supports are 4280, 4260 and resistance are 4310 and then 4325.
Sensex Supports are 14475, 14450 and resistance are 14525 and then 14565.
High volatility can be seen in today's market but will remains flat.

Buy Petronet LNG @ Rs. 53/- Target Rs. 56-58/- SL Rs. 51/-
Buy Siemens @ 1285-1290/- Target Rs. 1300-1320/- SL Rs. 1280/-
Buy GDL @ Rs. 185/- Target Rs. 190-192/- SL Rs. 182/-
Buy Jaiprakash Associates @ Rs. 685-690/- Target Rs. 710-725/- SL Rs. 680/-
Buy Sintex @ Rs. 215/- Target Rs. 220-222-225/- SL Rs. 212/-
Buy Hindalco @ Rs. 144-145/- Target Rs. 150-152/- SL Rs. 141/- (One can buy its delivery also for 5-10 days target of Rs. 160-165/- with strict SL of Rs. 139/-)
Buy Rain Calcining @ Rs. 37/- Target Rs. 39-40/- SL Rs. 35/-

Others buy are Great Offshore (772), KPIT (141), IFCI(48.5), Visu Intl(13.4), Paramount Communication (36), Andhra Bank (89).

New listing today are: MIC Electronics, Insecticides India.
Good Luck.

Multibagger

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Markets Today

The markets had a good close much better than most of its Asian peers. It opened weak and traded flat for better part of the day but perked up with buying seen in capital good stocks like BHEL and L&T, followed by Reliance group stocks and pharma stocks like Cipla and Ranbaxy. Midcaps held out their gains giving markets positive breadth. Even the smallcap index closed with gains of over 0.7%. The turnover was high, chunk of it coming from the F&O.
Except for IT and FMCG all the BSE sector indices closed in green. There was lot of action in individual midcaps from metal space like Ispat, real estate stocks like Orbit and brokerage and financial services stock.
L&T came out with fourth quarter results and BHEL which will get ex-bonus shortly were the top gainers.
With F&O expiry coming Nifty rollover was 38%, frontliners like Cipla with 51% rollover and Reliance Communication with 45%. Among the active midcaps with over 50% rollover were RNRL, RPL, IFCI.
Sensex is up 110.32 points or 0.77% at 14508.21, and the Nifty up 36.70 points or 0.86% at 4293.25.
About 1328 shares have advanced, 1194 shares declined, and 102 shares are unchanged.
The BSE Midcap index ended at 6,254.51 up 48 points or 0.8%.
The BSE Smallcap Index ended at 7,388.33 up 54 points or 0.7%.
The BSE Bankex was up 0.5% at 7,600.79. IOB, Centurion BoP, HDFC Bank, UTI Bank, SBI moved upwards.
The BSE Capital Goods Index was up 2.8% at 10,896.14. BHEL, Crompton Greave, Carborundum, HEG, L&T closed higher.
The BSE Health Care Index was up 1.7% at 3,857.53. Novartis India, Orchid Chemical, Cipla, Sterling Bio, Sun Pharma closed higher.
The BSE Metal Index closed at 10,494.25 up 0.4%. Welspun Guj, Jindal Saw, JSW Steel, Tata Steel, Jindal Steel advanced higher.
The BSE FMCG Index down 0.2% at 1,914.25. Tata Tea, GlaxoSmith Con, United Spirits, Nestle closed lower.
BSE Oil and Gas Index closed higher at 7,792.63 up 1.2%. Petronet LNG, Reliance Natura, Reliance, ONGC ended in green.
The BSE IT Index lost 0.1% at 4,908.15. Hexaware Tech, Infosys, HCL Info were among the top losers
The BSE Auto Index closed at 4,957.53 up 0.8%. Mah and Mah, MRF, Sundram, Punj Tractors, Bharat Forge closed higher.
The NSE cash turnover was at Rs 9321.99 crore and the NSE F&O turnover was at Rs 43290.08 crore. The BSE cash turnover was Rs 4576.77 crore. Total market wide turnover was at Rs 57188.84 crore.

Source: moneycontrol.com

Intraday Calls for 29th May

Nifty: Supports are 4230 and 4200 and Resistance are 4285 and 4300.
Sensex: Supports are 14350 14300 and Resistance are 14440 and 14500. (if breaks 14500 then it will make new highs soon)

Buy Andhra Bank @ 91/- Target Rs. 95/- SL Rs. 89/-
Buy Unitech above Rs. 600/- target Rs. 620-630/- SL Rs. 590/-
Buy Bharati Shipyard @ Rs. 435/- Target Rs. 445-450/- SL Rs. 430/- (New contract from Germany)
Buy Gokaldas Export @ 221/- Target Rs. 230/- SL Rs. 218/- (Fresh Breakout & Good Results)
Buy Paramount Communication @ Rs. 31-32/- Target Rs. 35-37/- SL Rs. 30/-
Buy Cinemax @ Rs.154/- Target Rs. 160-165/- SL Rs. 151/-\

Others Buy are Advanta(1000), Autoline Industries(228), Carborundum Universal (Above Rs. 168/-), Punj Llyod(193), RNRL(36), RIL (Resistance at 1730)

Be carefull as high volatility can be seen in today's trade.

Market Rumours

Amar Remedies CMP Rs. 35.75/- It can bounce anytime and will touch Rs. 50/-

Hindalco CMP Rs. 143/- It will touch its 52 week high (194.8) in coming months and make new highs.

UTV Software CMP Rs. 484/- will be in four figure price by the March 2008.

Markets Today

The markets gave up their gains and ended with modest gains on account of profit booking that set in during the last hour of trade. It opened strong and traded firm for better part of the day but failed to sustain its position at the higher level.
With rupee hitting new highs, the IT stocks continue to struggle. TCS CFO has said that Q1FY08 average rupee rate is seen below 41per USD.IT majors like Wipro, Infosys and Satyam were among the top losers. Metal stocls like SAIL and Sterlite Industries also contributed to the fall.
Buying interest was seen in banking, auto and pharma stocks. HDFC Bank, GSK, L&T, Ambuja Cements, Dabur India were among the top gainers.
Unitech has declared strong numbers for FY07 and the stock was up over 8%. Its board has approved 1:1 bonus issue.
India Infoline was the star performer in todays trade which surged nearly 30% on the back of its entry into institutional segment.
Sensex was up 59.44 points or 0.41% at 14397.89, and the Nifty up 8.40 points or 0.20% at 4256.55.
About 1438 shares have advanced, 1080 shares declined, and 96 shares are unchanged.
The BSE Midcap Index ended at 6,206.70 up 1.03%.
The BSE Smallcap Index ended at 7,334.64 up 68.72 points or 1%.
The BSE Bankex was up 1.39% at 7,564.08. Andhra Bank, HDFC Bank, Allahabad Bank, Bank of Baroda, Oriental Bank moved upwards.
The BSE Capital Goods Index was up 0.8% at 10,598.38. Thermax, Ingersoll Rand, Crompton Greave, KEC Infrastruct, Larsen, Bharat Elec closed higher.
The BSE Health Care Index was up 1.3% at 3,793.09. GlaxoSmithKline, Divis Labs, Pfizer, Sterling Bio, Wockhardt closed higher.
The BSE Auto Index closed at 4,917.90 up 1.2%. MRF, TVS Motor, MICO, Tube Investment, Amtek Auto closed in the red.
The BSE Metal Index closed at 10,454.88 down 0.2%. SAIL, Sterlite Ind, JSW Steel, JindalStainless, Hind Zinc declined.
The BSE FMCG Index gained 0.3% at 1,918.50. United Spirits, GlaxoSmith Con, Britannia, Tata Tea closed higher.
BSE Oil and Gas Index closed higher at 7,701.07 up 0.2%. Chennai Petro, Reliance Natura, GAIL, Petronet LNG ended in green.
The BSE IT Index lost 0.9% at 4,915.25. HCL Tech, I-Flex Solution, Infosys, Satyam, Wipro closed lower.
The NSE cash turnover was at Rs 9300.3 crore and the NSE F&O turnover was at Rs 39304.2 crore. The BSE cash turnover was Rs 4194.04 crore. Total market wide turnover was at Rs 52798.54 crore.

Source: moneycontrol.com

Intraday Calls for 28th May

Nifty: Support are 4215 , 4175, Above 4255 next Resistance are 4289 and 4330.
Sensex: Support 14250, Resistance are 14453 and 14500.

Buy TCS @ Rs. 1230/- Target Rs. 1245-1255/- SL Rs. 1222/- (Ultimate 1300+)
Buy Wipro @ Rs. 542/- Target Rs. 550-552/- SL Rs. 538/-
Buy NTPC @ Rs. 163/- Target Rs. 165-168/- SL Rs. 160/-
Buy OTL @ Rs. 28/- Target Rs. 30-32/- SL Rs. 26/-
Buy Carborundum Universal @ Rs. 174/- Target Rs. 182-185/- SL Rs. 170/-
Buy IDEA Above Rs. 127/- Target Rs. 130/- SL Rs. 125/-

Others buy are Redington(195), Karur KCP(58), Cinemax(145), Jupiter Bio(171) & Manugraph (148)

Multibagger

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Markets Today

The markets closed on an impressive note outperforming most of its Asian peers. After opening with a gap down of around 170 points, it showed smart recovery and ended the day with good gains. The uptrend was boosted by capital goods, IT and FMCG goods. Suzlon was the star of the day after it bagged the RePower deal. Suzlon now controls over 60% of REPower both direct & indirect.
The Asian markets slipped tracking the US markets. Other than Shanghai Composite all the Asian indices ended in red.
Sensex ended up 120.34 points or 0.85% at 14338.45, and the Nifty was up 43.25 points or 1.03% at 4248.15. About 1373 shares have advanced, 1142 shares declined, and 87 shares are unchanged.
Tata Tea has gained over 4.5% after Coca Cola board approved purchase of Glaceau for USD 4.2 bn. Tata Tea bought 30% stake in Glaceau last year for USD 677 mn
The BSE Midcap Index ended at 6,143.14 up 42.67 points or 0.7%.
The BSE Smallcap Index ended at 7,265.92 up 64.17 points or 0.89%.
The BSE Capital Goods Index was up 2.53% at 10,512.75. Carborundum, SKF India, Larsen, BEML and KEC Infrastructure closed higher.
The BSE Health Care Index was up 0.20% at 3,746.02. Glenmark, Orchid Chemical, Ipca Labs, Nicholas Pirama and Wyeth closed higher.
The BSE Auto Index closed at 4,860.08 up 0.38%. Tata Motors, Bharat Forge, Punj Tractors, Sundaram-Clayto surged.
The BSE Metal Index closed at 10,472.80 up 0.10%. JindalStainless, Sterlite Industries, Jindal Steel, Guj NRE Coke and Jindal Saw advanced higher.
The BSE FMCG Index gained 0.53% at 1,912.09. Tata Tea, Shaw Wallace, P and G, Nirma and Britannia closed higher.
BSE Oil and Gas Index closed higher at 7,685.32 up 0.39%. O Reliance Natural, GAIL, ONGC and Petronet LNG ended in green.
The BSE IT Index gained 2.49% at 4,959.36. Patni Computer, HCL Tech, Satyam, Infosys and Mphasis closed higher.
The BSE Bankex was down 0.16% at 7,467.38.However, Federal Bank, Oriental Bank, Allahabad Bank, SBI, Bank of Baroda moved upwards.
The NSE cash turnover was at Rs 9813.65 crore and the NSE F&O turnover was at Rs 42530.32 crore. The BSE cash turnover was Rs 5023.46 crore. Total market wide turnover was at Rs 57367.43 crore.
On the macroeconomic front, inflation for the week ended may 12 at 5.27% versus 5.44%; market estimated at 5.22%.

Source: moneycontrol.com

Intraday Calls for 25th May

The Sensex could see support at 14,131 further fall, while could face resistance at 14,347 on a rebound. Nifty has immediate resistance at 4225-4242 and then at 4267. On the downside, Nifty has support at 4186-4168 and further below at 4132.

Buy NTPC on decline around Rs. 158-160/- Target Rs. 165/- SL Rs. 155/-
Buy BOB on decline around Rs. 260-265/- Target Rs. 270-275/- SL Rs. 255/-
Buy Andhra Bank around Rs. 86-87/- Target Rs. 92/- SL Rs. 84/-
Buy TVS Motor around Rs. 66/- Target Rs. 69-72/- SL Rs. 64/-
Buy Agro Tech Food around Rs. 125/- Target Rs. 132-135/- SL Rs. 120/-

Others are Accentia Technologies Ltd (Rs. 80 Cr. new order), RNRL, Sterlite Optical, BPCL (Super Duper Results), Reliance Energy, Orbit Crop. all are buys on decline as market will open negative.

Market Today

It was a disappointing close for the markets. It ended in red near the lowest point of the day. The global cues were not very encouraging as well. Broader markets have performed a shade better. Breadth was quite weak but midcap and smallcap were not hit as badly. Heavy selling pressure was seen in banking, metal and oil & gas stocks. However, select technology, HLL, media stocks closed in green.

Steel stocks were under pressure leading the downtrend was Tata Steel. The Steel Mininstry has said that there is no question of steel prices rising as of now.

Bank stocks ended in red on fears of hike in the CRR going ahead.

Advanta India, Matrix, Arihant, NIIT Tech, Divis Labs, Timken and Deccan Aviation were the stocks that performed better in the broader space. Even media stocks like Balaji, UTV, Sun TV, Raj TV closed higher.

Sensex was down 145.15 points or 1.01% at 14218.11, and the Nifty down 41.30 points or 0.97% at 4204.9.

About 996 shares have advanced, 1513 shares declined, and 87 shares are unchanged.

Top gainers on the indices were NTPC, HLL, Satyam, ABB, Reliance Petro, HCL Tech and Tata Motors.

Top losers on the indices are Tata Steel, PNB, HPCL, Reliance Energy, Reliance Comm and HDFC Bank.

The BSE Small Cap Index closed at 7,201.75 down 0.5%.

The BSE Midcap Index ended at 6,100.47 down 8 points or 0.14%.

The BSE FMCG Index gained 0.2% at 1,901.96. United Spirits, P and G, Nirma, Nestle closed in red.

The BSE Metal Index was down 1.6% to close at 10,462.28. Tata Steel, Welspun Guj, JSW Steel, Hindalco
were among the losers.

The BSE Bankex was down 1.5% at 7,479.29. PNB, IOB, Oriental Bank, Union Bank, UTI Bank moved downwards.

The BSE Health Care Index was down 0.5% at 3,738.66. Aurobindo Pharm, Glenmark, Cadila Health, Sun Pharma, Ranbaxy Labs closed lower.

The BSE Capital Goods Index was down 0.4% at 10,252.98. Alfa Laval, Thermax, KEC Infrastruct, HEG, L&T ended higher

The BSE Auto Index closed flat at 4,841.56. MICO, TVS Motor, Tata Motors, Sundram were among the gainers.

The BSE IT Index closed at 5,067.73 up 0.3%. HCL Info, HCL Tech, Satyam, Infosys ended higher.

The BSE Oil and Gas Index closed at 7,655.33 down 1.5%. HPCL, IOC, BPCL, Reliance, ONGC ended weak.

The NSE cash turnover was at Rs 9550.97 crore and the NSE F&O turnover was at Rs 34762.53 crore. The BSE cash turnover was Rs 4441.96 crore. Total market wide turnover was at Rs 48755.46 crore.

Source: Moneycontrol.com

Intraday Calls for 24th May

NSE: It will take support 4221, 4195 and 4175, upper side it will face resistance 4256 and 4281.
BSE: It will take support 14290 and 14221, upper side it will face resistance 14396 and 14467.
Buy Bata India @ Rs.172-175/- Target Rs. 180-184/- SL Rs. 172/- (Undergoing Contract with Reliance Retail)
Buy IDEA @ Rs. 118/- Target Rs. 122-125/- SL Rs. 115/-
Buy NIIT Tech @ Rs. 520/- Target Rs. 530-535-540/- SL Rs. 515/-
Buy Visu International @ Rs. 13/- Target Rs. 15-16/- SL Rs. 12.5/- (High Risk Call)
Buy Pyramid Saimara (PSTL) @ Rs. 340/- Target Rs. 350/- SL Rs. 335/- (High Risk Call)

Sell Raj TV @ higher levels about Rs. 325-333/- Target Rs. 305/- SL Rs. 340/-

Others are Redington, Inox Leisure, Cinemax on buy side.
New listing today Hilton Metal Forging Ltd.

Research On Real Estate Sector

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Buy on every dip, say experts

Dipan Mehta, Member, BSE and NSE, said, "I am not at all alarmed by today’s fall. What we are seeing is a natural correction taking place after the market has rallied for the past few trading sessions. It is more or less like a temporary correction and I think that the overall market remains in extremely positive territory. We are in a bull market and these are just minor corrections, which investors should take as an opportunity to perhaps increase their exposure to equity."

He believes that if the build up in the futures market continues then it may cause a correction. "We are seeing the level of open interest near about what we saw in the first week of February, which was particular high at that point of time. A number of stocks have been added to the futures market and we need to keep that in context. A lot of the open interest this time around is in the hands of experienced traders, hedge funds and it’s not as much with retail investors, which is positive. Even the cost of carry has not completely gone out of whack, it’s not anywhere in the danger zone. There is a build up taking place in the futures market and at some point of time in the future if this particular trend continues then it may cause a correction. At this point of time, I certainly don’t see that as a factor which may cause further decline in stock prices," he added.

Anish Damania of Emkay Stock Brokers says, "I think market looks okay. We were expecting a little bit of a pullback, which has happened; so it is good in a way for the markets to pull back after a decent rally." With the correction that was expected being done away with, Damania sees probably one or two more days of weakness. For the next few months, he predicts that the banking, metals and engineering stocks will perform.

Markets today

Markets close in the red on profit booking in late trade

Sensex ends down 0.6% at 14,363, Nifty down 0.7% at 4246

FMCG, oil, auto shares drag; metal stocks defy broad trend

BSE FMCG, Oil & Gas, & Auto indices end down over 1% each

BSE Metals index closes up 1%; Tata Steel up 4.9%

NSE CNX Midcap index closes down 0.8% at 5581 points

BSE Small Cap index gives up gains to end down 0.7% at 7238

Market breadth negative; NSE Advance Decline ratio around 1:2

Total market turnover was Rs 49,955.04 cr vs Rs 50,069.21 cr

Intraday Calls for 23rd May

NSE : Major support range 4075 to 4089. It will take support 4264, 4247, 4217, upper side it will face resistance 4295 and crossover it can move up to 4312.
Buy Century Textile above Rs. 650/- Target Rs. 666-670-675/- SL Rs. 642/-
Buy Torrent Power @ Rs. 76/- Target Rs. 80-82/- SL Rs. 74/- (Signed MOU with Gujarat Power Corporation Ltd. for setting up a 1000+ MW coal based power project at Pipavav in Amreli District, Gujarat.)
Buy Rama Newsprint @ Rs. 38/- Target Rs. 42-44/- SL Rs. 36/-
Buy KEI Industries @ Rs. 83/- Target Rs. 88/- SL Rs. 80/- (Also rec. as investment)
Buy Wipro @ strong support level 528/- (if sustain above 528) Target Rs. 540-545/-

Others are Dolphin Offshore, Aftek, Mysore Cement, TVS Motor, RNRL (Ultimate target Rs. 40-42/-), Prithvi Info (Ultimate Target Rs. 500+ for med to long term).

Different Views and Today's Summary

Tuesday, May 22, 2007 (Mumbai):The markets closed flat on Tuesday with the Sensex ending the day at 14,453 levels after a marginal gain of 35 points or 0.24 per cent.In the broader markets, the Nifty closed at a new all time high of 4,278, a gain of 17 points or 0.4 per cent. It touched a day high of 4,281 levels in intra-day deals.Even though analysts are bullish on the markets, some of them are worried about value in equity markets as investors are overbuying the future growth story.

"We are saying 17,000 plus (for Sensex) by December, 9,000 plus for the BSE small cap index. We are extremely bullish on the markets for the second half of the calendar year," said Amitabh Chakraborty, President, Religare Securities.

"As long as liquidity flows continues the markets continue to do well. As investors we tend to chase growth and ignore value, if we continue to chase growth, markets will become more and more expensive and that is what happening right now," said Rajiv Sampat, Investment Analyst.

"As expected market zoomed up after a breather to close at an all time high on the Nifty, still looks up for a target of 14567 and then maybe an assault an the all time high of 14724.
The support for the Sensex is at 14350 and the resistance to the up move at 14479-14567." said Prakash Gaba

HDFC at Rs 1,794 surged 4.4 per cent was the biggest gainer in the BSE 30 pack. Reliance Communications, ACC, BHEL, HDFC Bank and Maruti Udyog were some of the key gainers. However, Bajaj Auto and Ambuja Cements lost over 2.2 per cent each.Amongst the NSE 50 scrips, Zee Entertainment at Rs 312 gained 4.4 per cent ended the day as the biggest gainer in the Nifty. VSNL, Tata Power, Sun Pharmaceuticals, GAIL India and ABB were some of the significant gainers.Capital gainsBSE capital goods index gained 0.56 per cent was the top gainer in the sectoral indices.

FMCG and Healthcare indices were some of the notable gainers.Thermax at Rs 448 gained 6.8 per cent was the biggest gainer in the capital goods space. Gammon India (up 2.1 per cent), Alstom Projects (up 1.6 per cent), ABB (up 1.6 per cent) and BHEL (up 1.5 per cent) were the top gainers.With the news of Coca Cola's bid for Glaceau, buying is visible in the Tata Tea counter surged 4.4 per cent was the top gainer in the FMCG space, Britannia Industries also firmed up by 2.9 per cent.Buying was also visible in healthcare couters with Glenmark Pharmaceuticals (up 2.9 per cent), Divis Laboratories (up 2.5 per cent), Novartis India (up 1.3 per cent), Aventis Pharma (up 1.2 per cent) and Cadila Healthcare (up 1 per cent) leading the positive sentiment.

Ringing gainsTelecommunications stocks gained ground on Tuesday with Shyam Telecom surging 9.9 per cent to end the day at Rs 109. Krone Communications (up 6.1 per cent), Reliance Communications (up 3.3 per cent), VSNL (up 3 per cent) and Bharti Airtel (up 1.1 per cent) were the top gainers in the telecom space.Positive sentiment was visible in the sugar counters with Balrampur Chini Mills, Dhampur Sugar Mills, Dwarikesh Sugar and Ponni Sugars firming up by over 2.4 per cent each.

Media stocks rallied for the second day with the renewed interest in entertainment counters. Saregama India, Mukta Arts, Shringar Cinemas and Zee Entertainment surged over 4.4 per cent each. Tips Industries, Balaji Telefilms and Pentamedia Graphics are some of the key gainers.

Investment Pick

KEI Industries (517569) CMP Rs. 82.95/-
Bullish Breakout today from long consolidation @ Rs. 70-75/-

The company is into the manufacture of electrical cables and has been one of the largest suppliers of cables to Deptt. of Telecommunication (DoT), Government of India. It has established its position in the core sector projects in India and plant locations in New Delhi, Alwara and Rakholi. Its product range includes control cables, LT power cables, instrumentation cables, telecom cables and house wires cables. Its customer base consists of BHEL, Siemens, ABB, Alstom, L&T, BPCL, ONGC, GAIL, IOCL, Tata Chemicals, ACC, Gujarat Ambuja, Tata Steel and SAIL etc. Company is converting the JFTC plant into a facility for production of power,control and instrumentation cables. The company has also decided to expand its product range to high-tension power cables and it has lot of projects in hand.

Company has very strong fundamentals. It's yearly and quarterly profit contineously increasing.

This year 55% growth v/s last year net proft. EPS is around Rs. 7.67/- after stock split. Technically also looks very great for investment Target Rs. 125-155/- in 6 to 8 months time frame. Buy at every decline for smart gain.

Intraday Calls for 22nd May

Buy Bajaj Hind @ Rs. 182/- Target Rs. 188-190-194, Stop Loss Below Rs. 180/-
Buy Avaya Global @ Rs. 307/- Target Rs. 320-325/- Stop Loss Rs. 299/-
Buy Prajay Eng @ Rs. 270/- Target Rs. 278-280/- Stop Loss Rs. 265/-
Buy Sadbhav Eng @ Rs. 555/- Target Rs. 570-575/- Stop Loss Rs. 548/-

Sell Balaji Telefilms @ Rs. 248-250/- Target Rs. 235/- Stop Loss Rs. 252/-
Sell Moser Baer @ Rs. 460/- Target Rs. 445/- Stop loss Rs. 465/-

Intraday Rules

Buy Oversold Stokcs, Sell Overbought Stocks.
If open very high about 5% from previous close, dont buy. (If there is no reason for increasing)
If open low or same as previous close and making new highs with volumes, Then Buy.
If open High and Making new lows with volumes, Then Sell.
If Open & High same, Then sell.
If Open & Low same, Then buy.
Buy only those stocks which are in news.

Above rules works in most of the cases (about 95%).
So keep in mind.

Delivery Pick

Buy KPIT Cummins @ Rs. 141/-
It is a very strong fundamental company.
There is contineous growth in Sales, Net Profit & EPS.
Last Year Net Profit Rs. 27 Crore and This Year Net Profit Rs. 46 Crore (Approx)
70% YOY growth in net profit.
Last couple of days there was very huge volumes seen with breakout above Rs. 140/-
Buy it for short term target of Rs. 165/-.

Market Outlook & Intraday Calls for 21st May

Nifty has immediate resistance at 4238-4245 and then at 4282-4313. On the downside, Nifty has support at 4202-4187 and further below at 4158. Our advise would be to play on the long side of the market with a stop at the mentioned levels as an upward breakout seems imminent.

Intraday Traders watch out for

Prithvi Info @ Rs. 315/- Target Rs. 330-335/- Stop Rs. 310/-
Rolta India @ Rs. 465/- Target Rs. 475-480/- Stop Rs. 458/-
Inox Leisure @ Rs. 135/- Target Rs. 140-144/- Stop Rs. 132/-
JK Lakshmi @ Rs. 124/- Target Rs. 128-130/- Stop Rs. 121/-

Keep watch on KPIT, BATA, Paradyne Info & JBF industries for today and for delivery Also.

Cheers.