Wednesday, December 30, 2009

Intraday Trading Calls for 30th December

Indian Stock Market may open flat to positive and remains very volatile for the day. A good positive trading expected in Midcap and Smallcap stocks.

Today's Intraday Stock Tips / Trading Calls (Keep strict Stop Loss for Each Trade):

SCRIP NAME

TRIGGER

PRICE

TARGET 1

TARGET 2

REL POWER

Buy Above

154.75

159.20

163.00

Sell Below

153.20

150.35

147.00

CEAT LTD.

Buy Above

146.25

151.35

157.00

Sell Below

144.15

140.50

136.00

MICRO TECHNO

Buy Above

157.50

162.40

168.00

Sell Below

155.05

151.35

147.00

TEXMACO LTD

Buy Above

165.20

169.75

175.00

Sell Below

162.45

157.30

152.00

SUNIL HITECH

Buy Above

212.65

218.50

225.00

Sell Below

210.00

205.10

200.00

TINPLATE CO.

Buy Above

73.05

75.60

79.00

Sell Below

71.60

69.35

66.00

ESCORTS LTD

Buy Above

131.10

135.50

140.00

Sell Below

129.40

125.35

121.00

Short to Medium Term Delivery Pick:

Buy PRISM CEMENT (500338) CMP Rs. 45/- Short Term Target Rs. 60/-.

GOOD LUCK

Tuesday, December 29, 2009

Stock Idea: Rallis India Limited

Rallis India Limited, a Tata company and a leading agrochemical player in India, kept up its track record and announced another set of good results for second quarter ended 30th Sept 2009. A company with a widespread basket of pesticides, given the current thrust of the Govt on agriculture and rural India, this is the perfect company to capitalize on.
Seasonally, the first quarter always shows lower earnings as sowing begins only after the first quarter and hence Q1FY10, keeping with the cycle had showed a subdued performance. And compared to that Q2 has been spectacular and this is despite the poor monsoons. New product launches, geographical market focus and cost control is what helped. Very efficient management of working capital helped the company scale down its interest costs too.
For Q2FY10, sequentially, net sales rose 93% and net profit was up 385% and YoY, it was up 13% and 10% respectively. For H1FY10, net sales was up at Rs.487.30 crore, up 6% and net profit was at Rs.55.13 crore, up 20%. Interest outgo for current first half was at less than one crore at Rs.78 lakhs, down from Rs.1.83 crore in H1FY09.
Tata Chemicals hiked its stake in the company from 9.4% in Q1FY10 to 45.97% in Q2FY10. It purchased 35.80% stake in Rallis being held by other Tata group firms like Tata Tea (24.52%), Tata Sons (7.52%), Tata Investment Corporation (2.42%) and Ewart Investments (1.35%). Post this, apart from Tata Chemicals, currently, Tata Investment Corp holds 0.08% and Ewart Investments has 0.04%.
Rallis plans to invest Rs.150 crore in the first phase of its ongoing project at Dahej in Gujarat, expected to be commissioned between April-June 2010. Phase I will enhance the company’s existing products and later in Phase II, it will cater to contract manufacturers. Once fully commissioned, this plant is expected to add Rs.500 crore to the topline by FY12.
Source: Internet (By S P Tulsian)

Intraday Trading Calls for 29th December

Indian Stock Market may open positive and remains good positive for the day today.

Today's Intraday Stock Tips / Trading Calls (Keep strict Stop Loss for Each Trade):

SCRIP NAME

TRIGGER

PRICE

TARGET 1

TARGET 2

REL POWER

Buy Above

147.60

151.70

156.00

Sell Below

145.10

141.50

138.00

INDIABULLS REALEST

Buy Above

220.10

226.35

234.00

Sell Below

216.55

210.45

205.00

KPIT

Buy Above

128.25

132.10

136.00

Sell Below

126.70

123.20

120.00

CAIRN INDIA

Buy Above

281.60

287.20

292.00

Sell Below

279.30

274.35

270.00

SELAN EXPLO

Buy Above

335.10

343.75

352.00

Sell Below

330.05

323.40

315.00

ESSAR OIL

Buy Above

142.10

146.35

151.00

Sell Below

139.70

136.20

132.00

VIDEOCON INDUSTRIES

Buy Above

225.50

231.60

238.00

Sell Below

223.40

218.45

212.00

Short to Medium Term Delivery Pick:

Buy Tinplate Company of India Ltd. (504966) CMP Rs. 65/- Short to Med. Term Target Rs. 100/-.

Buy Reliance Power Ltd. (532939) CMP Rs. 147/- Short to Med. Term Target Rs. 185/- & Long Term Target Rs. 250/-.

GOOD LUCK

Stock Idea: HEG Ltd.

Flagship of the LNJ Bhilwara group, HEG is a diversified company with interests in graphite electrodes and power.
For the Q2 ended 30th Sept 2009, though actual numbers on a QoQ have gone up, the margins have reduced sequentially. YoY the story is other way round - the numbers show pressure but margins have gone up. Net sales was at Rs.272.13 crore, up 18% on QoQ but down 7% on YoY. Net profit was at Rs.44.24 crore, up 6% QoQ but up 40% on a YoY. This was possible due to cost cutting measures taken. Expenses which were at 75% of the topline, reduced to 66% in Q2FY10 on a YoY.
OPM was at 34.69%, up from 26.21% (YoY) but down from 37.08% (QoQ). NPM was at 16.20% v/s 10.66% (YoY) and 18.03% (QoQ). This fall sequentially was on account of the costs, which have actually gone up from Q1FY10. Also due to its seasonal nature, the hydro electric plant at Tawanagar operated only for a part of the quarter under review, that too affected the performance to some extent.
HEG generates 60MW of power of which, after consuming 40MW, it sells the remaining in open market and average realisations on the sale of this surplus power was at around Rs 4.5-5/MW.
By Jan 2010, the additional capacity of 6000 tonnes, taking the total capacity to 66,000 tpa will go stream. Realisations, which were down have now seen a 8-10% rise and in the remaining quarters of FY10, it is expected to remain more or less at the same levels. Capacity utilization for FY10 is estimated at 85-90%.
The company completed its buyback programme successfully by buying 32,95,703 equity shares at an average price of Rs.147.15 per share from its Paid-up Equity Capital; out of which 6,07,250 Equity shares were bought back in the quarter under review. Post this, as at 30th Sept 09’, promoter’s holding is at 53.74%, up from 49.74% in Q2FY09.
Source: Internet (by S P Tulsian)

Monday, December 28, 2009

Stock Idea: Autoline Industries Ltd

Autoline Industries Ltd (Rs 119)
(BSE Code – 532797, NSE Code- AUTOIND)
(P/E - 9, Market Cap - Rs145 cr, Equity - Rs12.2 cr)
Autoline Industries (AIL) supplies complex sheet metal assemblies and sub-assemblies to Tata Motors, Bajaj Auto, Kinetic Engineering, Mahindra & Mahindra, Walker Exhaust and Fiat India. Tata Motors, which buys components for passenger cars and commercial vehicles, is Autoline's largest customer. AIL, which has five facilities in Pune, is a design engineering and manufacturing solutions provider focused on sheet metal assemblies and formed tubular products. AIL had come with an IPO in January 2007 at Rs 225 per share. Funds raised through the IPO have been used to upgrade and expand Autoline's Chakan facility in Pune; set up another manufacturing facility at the same location; relocate and consolidate a couple of smaller units; establish a corporate office; fund acquisitions, and provide long-term working-capital resources. The equity capital of the company is Rs 12.22 cr. of which promoters’ hold 26.62%, FII/Mutual funds hold 1.82%, corporate bodies hold 16.65% and the public holds 54.91%
The Indian automobile ancillary sector is transforming itself from a low -volume, highly fragmented one into a competitive industry, and backed by competitive strengths, technology and transition up the value chain. Despite a relatively small share of Asia in the global pie, India is now amongst one of the most preferred destinations and has come to occupy the image of an exporting hub for most of the major global OEM players. Almost all the big auto manufacturers of the world are either already or are in the process of outsourcing from India. AIL has realized the potential of component manufacture business. It owns in-house design engineering, rapid prototyping and mass manufacturing capabilities. AIL had an in-house CAD/CAE/CAM facility and decided to scale up the capabilities of this facility by acquiring a design engineering software company (a majority stake 51%) in Autoline Dimensions Software Pvt. Ltd. (Formerly known as Dimensions Engineering Software Services Pvt. Ltd.), which has expertise in design engineering services. Further it plans to expand capacities by setting up another plant at Chakan (Unit –II). AIL has taken efforts to shift from low margin products to high margin products. Autoline Dimension would be one of the future growth driver providing a boost to AIL’s revenue.
For FY09, AIL has reported net profit of Rs 4.68 cr. on net sales of Rs 350 cr. on consolidated basis.. On a equity of 12.2 cr., the EPS stood at Rs 3.84 and the dividend declared was 10%. From a turnover of Rs 51 cr. in FY-2004, Autoline's revenues scaled up to Rs 350 cr. in FY09. For the half year ended September 2009, the figures are net sales of Rs 198.23 cr. and net profit of Rs 6.67 cr. (up 68%) on consolidated basis. The EPS for first half stands at Rs 5.5. On Oct. 28, 2009, Autoline Industries USA, a wholly owned subsidiary of Autoline Industries announced that it has received orders to manufacture brake and clutch pedal assemblies from 2 US automakers. The new business will bolster the sales of US unit by US$ 40 Million over the next 4 year period
AIL, should be able to post a top-line of around Rs.400 cr., and PAT of Rs. 16-17 cr., giving an EPS of Rs.13-14 for FY10. The share is presently trading at Rs. 119, which discounts FY10E earnings by 8.8 times. In view of the improved results and good medium term prospects, Investors can start accumulating the stock at current levels and add more on declines for decent returns of 40%-50% over the next 6-8 months.
Latest Developments- Autoline Industries has drawn up a Rs 255 cr. brownfield expansion. This will be funded through internal accruals and term loans. The expansion will add another 1,000 employees to its 2,000-strong workforce. It will involve an additional 40 acres to the existing 100 and is expected to be over by 2011. The company has sought mega status (which translates into concessions in stamp duty and electricity tariff) for the project from the Maharashtra Government. Approval could be granted by January. The project is also eligible for industry promotion subsidy. The expansion plan involves ramping up the production line, creating a tool room and adding prototyping/designing facilities at three sites in Pune district. Autoline wants to become a complete designing, engineering and manufacturing entity for mechanical assembly systems in automobiles. The idea is to make components based on designs provided by carmakers. At present, the company has orders for designing and manufacturing pedal assemblies for Volkswagen whose facility is also at Chakan. It supplies the same part to Tata Motors for its Indica and Ace models.
Source: Internet (Valuenotes by Sanjay Chhabria)

Stock Idea: Gruh Finance Ltd.

Gruh Finance Ltd (Rs 205)
(BSE Code - 511288, NSE Code - GRUH)
(P/E - 12, Equity - Rs34.65 cr, HDFC’s stake - 61.5%, Market Cap - Rs710 cr)
Gruh Finance (GFL) was set up in 1986 by HDFC to replicate its ‘home financing’ business model in semi urban and rural areas. Presently, the parent’s ownership stands at 61.85% and it has three representatives in the board of Gruh Finance (out of the total board’s strength of eight). Gruh has maintained the standards of services, quality of assets and management of cost of funds comparable to its parent. HDFC is the largest shareholder in the company with a stake of 61.49%. Gruh Finance has been a major player in the non-metro markets of Gujarat and Maharashtra where semi-urban and rural areas are witnessing growing prosperity. With the exception of a few PSU and co-operative banks, none of the aggressive private sector entities cater to the latent demand in these regions. Gruh has entered this relatively under-banked market with a unique marketing strategy. GFL is primarily engaged in the business of providing long-term finance to individuals for construction, purchase, extension, repair and renovation of homes. Gruh has launched innovative products and flexible repayment options to suit consumers in various segments. Besides home loans, Gruh offers loans for purchase of non-residential properties like office premises and shops. One of the major strength of the company is its strong and visionary Parent & management. HDFC, the major stakeholder is the pioneer in the housing finance and strong credibility as well as investor confidence.
Gruh Finance presently operates out of 65 offices and majority of these offices are in locations where HDFC does not have a presence. Going forward, Gruh would like to be in places that would not be on the radar of large housing finance companies. The company’s strategy has been to establish its presence at the district headquarters and then gradually penetrate adjoining areas, after garnering adequate knowledge about the local markets. This model of expanding into contiguous geographies helps in minimizing risks associated with venturing into uncharted territories. Gruh has maintained quality of service comparable to its parent although it operates in different geographies. Hence, in distant future, if the parent decides to merge the operations of Gruh with itself, it would not be very difficult.
GFL’s financials are in sound shape. The capital adequacy ratio(CAR) of about 16% allows the company considerable flexibility in managing both business growth and dividend disbursals. The proportion of bad loans at less than 2% is also impressive. The profitability of the operations has improved considerably in recent years, with spreads rising above 2%. The asset quality is comparable to HDFC. The housing finance sector continues to be one of the fastest growing sector in the finance sector. As growth prospects are bright in the home loan business, there is a strong likelihood of GRUH Finance sustaining its healthy profitability levels.
For the half year ended Sept. 2009, GFL has posted a net profit of Rs 20.64 cr.(up 29%) on total income of 150 cr.(up 20%). For the year ended March 31, 2009 GFL had posted a net profit of Rs 50.28 cr.(up 19%) cr. on total income of Rs 295 cr.(up 46%). On a equity of 34.65 cr. the EPS stood at Rs 14.53 and the dividend declared was 48%. The Gross NPAs of the GFL stood at Rs 19.68 cr. (0.94% of the Loan Assets). The NPAs are fully provided for and as a result the Net NPAs of the Company are Nil. Going forward, the company plans to target interior areas of Maharashtra and expand its presence into the adjoining states of Rajasthan, Karnataka and Madhya Pradesh. The foray to new geographies should enable the company to maintain an average disbursement growth between 18-20%.
The stock trades at 11.7x FY10E earnings (Rs 17.5) and at 9.7 x FY11E earnings (Rs 21). Gruh Finance offers long-term investors an excellent exposure to rapid semi-urban and rural socio-economic development in India in the next few years in the area of home loans and personal finance. Its strong pedigree and balance sheet attributes, high quality of loan book, low rate of delinquencies and superior to peer group RoEs makes it a premium play inspite of its rather small size. Gruh Finance is like HDFC being available in small caps. Investors can start accumulating the stock at current levels and add more on declines for decent returns of 40%-45% over the next 6-8 months.
Source: Internet (Valuenotes by Sanjay Chhabria)

Thursday, December 24, 2009

Intraday Trading Calls for 24th December

Indian Stock Market may open positive but a negative closing expected.

Today's Intraday Stock Tips / Trading Calls (Keep strict Stop Loss for Each Trade):

SCRIP NAME

TRIGGER

PRICE

TARGET 1

TARGET 2

REL POWER

Buy Above

147.60

151.70

156.00

Sell Below

145.10

141.50

138.00

BRFL

Buy Above

185.70

190.20

195.00

Sell Below

183.50

180.20

176.00

JAIPRAKASH ASSOCIATE

Buy Above

148.10

152.25

157.00

Sell Below

146.35

142.10

138.00

CAIRN INDIA

Buy Above

280.05

286.45

292.00

Sell Below

277.45

272.80

268.00

SELAN EXPLO

Buy Above

335.10

343.75

352.00

Sell Below

330.05

323.40

315.00

APTECH LTD.

Buy Above

184.10

189.25

194.00

Sell Below

182.05

178.35

172.00

VIDEOCON INDUSTRIES

Buy Above

225.50

231.60

238.00

Sell Below

223.10

218.45

212.00

GOOD LUCK

Stock Idea: Bank of Rajasthan

The financial performance of the bank has been under pressure in the current fiscal. During the second quarter ended 30th Sept 2009, bank’s net interest income (NII) was down 32.62% from Rs 104.41 crore to Rs 70.35 crore. Its net NPA was up 4.5% to Rs 31.77 crore. Net profit was down 48.6% from Rs 34.63 crore to Rs 17.8 crore.
For HIFY10, NII was at Rs.141.12 crore v/s Rs.185.73 crore, a fall of 24%. Net profit was down 47% at Rs.34.87 crore. Though the bank has remained steady in its revenue income from treasury and corporate earnings, it is the retail segment which has taken the hit and ultimately pulled down the overall margins.
And to overcome this slowdown, the bank is now extremely aggressive in the home loans section, especially in the category of Rs.30 lakhs, where it cut its home loan rates to 7.5%.
The bank plans to raise Rs.250 crore before the end of this fiscal and it plans to take the QIP route.
The stock had hit a 52-week high of Rs 98 on 21 October 2009 and a 52-week low of Rs 30.95 on 12 March 2009. The current price of Rs.74 discounts the company's Q2 September 2009 annualised EPS of Rs 4.41, by a PE multiple of 16.78 times.
In light of the QIP issue any time soon, the counter is expected to see some action in the coming days. The bank remains strong and the second half of the current fiscal should see a marked improvement in its performance.
Source: Internet (By S P Tulsian)

Wednesday, December 23, 2009

Intraday Trading Calls for 23rd December

Indian Stock Market may open good positive and remains positive for the day today with very high volatility.

Today's Intraday Stock Tips / Trading Calls (Keep strict Stop Loss for Each Trade):

SCRIP NAME

TRIGGER

PRICE

TARGET 1

TARGET 2

REL POWER

Buy Above

144.75

149.20

154.00

Sell Below

143.40

140.20

136.00

CIPLA

Buy Above

347.60

353.75

360.00

Sell Below

344.70

338.55

332.00

PTC INDIA

Buy Above

112.25

116.10

120.00

Sell Below

110.35

106.70

102.00

IDBI

Buy Above

125.10

128.60

132.00

Sell Below

124.05

121.10

118.00

CORE PROJECTS

Buy Above

185.65

190.20

195.00

Sell Below

183.50

180.20

176.00

APTECH LTD.

Buy Above

177.80

183.55

190.00

Sell Below

175.00

172.40

168.00

THINKSOFT GLOBAL

Buy Above

300.20

307.45

315.00

Sell Below

297.05

291.35

284.00

GOOD LUCK

Tuesday, December 22, 2009

Stock Idea: Balmer Lawrie & Company

Balmer Lawrie & Company: Bargain Hunt begins!
21 Dec 2009
Balmer Lawrie & Company (BLC) is a diversified PSU having Mini Ratna status. Its business spans across
Industrial packaging – Manufacturing barrels and drums
Logistics Infrastructure – Container Freight stations and warehousing activities
Logistics Services – Air and related logistics activities
Travels and tours – Ticketing, tours and money changing activities
Greases and Lubricants
Tea blending and packaging
Leather Chemicals
Engineering and Technology services
Stock data (18 Dec 2009) BSE
Share Price (Rs.) 543
52 week high/low (Rs.) 600 / 204
Market Cap (Rs million) 8843
P/S (x) 0.54 P/E (x) 8.75
No. Of Shares (Million Nos.) 16.29
Average Daily Volume (6month) 13,471
The company is aiming to achieve Rs. 2000 crores revenues and Rs. 200 crores in PBT by the end of FY2010.
Amongst the segments, it can be seen that travel and tours contributes ~40% of the total revenues and Logistics Infra and services contribute ~24% of the total.
Considering profit margins, despite tours and travels contributing maximum to the revenues, bulk profits come from Logistics Infra and services (contributing 63% of PBT). This segment has the highest profitability (26% margins) and also the fastest growth whereas travel segment contribute only 14% of PBT and has very low margins of ~3.4%
Greases / lubes and Industrial Packaging segments are moderate growers with growth of ~7% and together contribute ~32% of the revenues.
Tea blending and engineering services are the least contributors to the revenues and profits. As tea blending division is a commodity product their returns are quite low and does not justify the capital allocation, especially for this segment. Even the revenues from this segment have declined by 15% in current financial year. The company may be planning to exit the tea business if these returns do not justify the investments
BLC has grown its sales by 13% CAGR since last 5 years and its net profits by 35% CAGR. The sales and net profits in FY09 were Rs.1636 crores and Rs.101 crores respectively. The company wants to push the sales to Rs.2000 crores by end of FY10 and is also making efforts to achieve PBT of 10% during that time frame.
Since last 5 years, Balmer Lawrie has been able to maintain ROE greater than 22% because of proper cost controls, effective working capital management and better utilization of resources. The company is also an effective cash generator and this can be seen from the fact the cash from operations is equivalent to net profits with minimal capex.
The company also has strong balance sheet with zero debt and has net worth of ~Rs. 390 crores in FY09. It also has substantial cash balance of ~Rs. 248 crores which it can use for expansions or it can payback its shareholders by increasing the dividend. BLC post an attractive dividend yield of ~3.5% and with impressive record increasing dividends.
BLC is setting up a lube and grease manufacturing plant in Indonesia through a 50:50 joint venture with a local company by investing ~US$5m (~Rs. 24 crores)
Key concerns:
BLC is diversified to various businesses and it seems that it requires focusing on its key growth drivers i.e. focusing especially on logistics infra / services, tours and travels, and industrial packaging.
The company also needs to reorganize its business units for better allocation of capital. For example: The returns generated by the tea business do not generate adequate returns on capital.
Valuation:
BLC seems fairly valued with P/E of ~9x, P/S of ~0.6x and P/B of 2.4 (the margin of safety is not there), but when the company is evaluated on segmental basis the stock is valued cheaply especially when the travel business is contributing ~40% (Rs.662 crores) of the revenues. The current IPO of Cox and Kings whose revenues were just ~Rs.155 crores is valued 17 times its sales and similar is the case of Thomas Cook also (5 times its sales). If those companies are getting valuations at this level then Balmer Lawrie should also fetch some decent valuations in the travel business. The price / sales ratio of the whole BLC is ~0.6 indicating that it is largely undervalued.
Other segments like Logistics infrastructure and services, Greases and lubes, and Industrial Packaging should be atleast valued at P/E 10-12 (Gateway Distriparks has P/E of 14, Castrol is available at P/E of 26). So by adding up the numbers, we get the fair value of ~Rs.1500 crore vs. mcap of Rs. ~900 crores for the whole company making a stock at really attractive “BUY”.
Source: Internet (Valuenotes by Rathin Shah)

Stock Idea: Bombay Dyeing

The stock has been buzzing on the bourses since the past week and this has nothing to do with the core business of the company – polyster and textiles. It is more on account of its amobitious realty foray which has turned the company into a milch cow.
Its realty arm, Bombay Dyeing Realty is developing two projects in Mumbai. One is located in Dadar, Naigaum. This is spread over an area of 45 lakh sq.feet and it is being developed as a mix of both residential as well as commercial properties. The present value is around Rs.8000/sq.feet. This means, the property is Naigaum is valued at Rs.3600 crore. And here, Bombay Dyeing is selling flats at Rs.16,000 per sq.feet. The other property is in Worli and this is measured at 48 lakh sq.feet. Valued at Rs.12,000/sq.feet, the total value of this Worli property is Rs.5600 crore. For both the properties, contract has been given to L&T, which was 12 months ago and the total deadline for completion is 48 months.
Apart from development, there is really nothing too encouraging happening in the company’s core business. Its financial performance for Q2 ended 30th Sept 2009 continued to remain in the red on the net levels. The only gratifying part was that the net loss had come down and it managed to post profit before interest, depreciation and taxation. Net loss was at Rs.11.05 crore v/s 19.69 crore loss in Q1FY10 and much better than Rs.103.97 crore loss in Q3FY09.
Polyester continues to remain its main fray though the income earned from realty is also getting to be quite substantial. In Q2FY10, realty contributed 33% to the topline, which in Q1FY10 was at 31% and in Q2FY09 was at a meager 6%. Polyester in current Q2 contributed 48% to the topline while textiles contributed 19%.
Realty is giving the fillip to the stock as well as the company. It is expected that the company by 2011 or 2012, would demerge its realty arm and consider listing it too.
Source: Internet (by S P Tulsian)

Intraday Trading Calls for 22nd December

Indian Stock Market may open good positive and remains positive for the day today with very high volatility.

Today's Intraday Stock Tips / Trading Calls (Keep strict Stop Loss for Each Trade):

SCRIP NAME

TRIGGER

PRICE

TARGET 1

TARGET 2

VOLTAS

Buy Above

164.20

168.45

172.00

Sell Below

162.55

159.40

156.00

VIDEOCON INDUSTRIES

Buy Above

221.75

226.70

232.00

Sell Below

219.50

215.20

210.00

IDFC

Buy Above

148.70

152.35

156.00

Sell Below

147.35

144.20

140.00

IDBI

Buy Above

121.25

124.50

128.00

Sell Below

120.10

117.40

113.00

KPIT CUMMINS

Buy Above

132.10

136.50

142.00

Sell Below

130.40

126.55

122.00

APTECH LTD.

Buy Above

177.80

183.55

190.00

Sell Below

175.00

172.40

168.00

ADSL

Buy Above

224.60

230.45

236.00

Sell Below

221.45

216.35

210.00

GOOD LUCK

Disclaimer

The information in this publication is provided by http://www.moneybazzar.blogspot.com/ is intended for use for Readers & Traders . Every effort is made to provide accurate information, but http://www.moneybazzar.blogspot.com/ cannot guarantee the accuracy of the information or of the market analysis. This is a newsletter and is for informational purposes only. It is not a solicitation or offer to buy or sell futures. There is a high risk of loss in trading futures. You should not trade with money that you cannot afford to lose. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this newsletter. The past performance of any trading system or methodology is not necessarily indicative of future results.



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