Technical News of Nifty 28- NOV - 2011

On daily charts, Nifty future is holding near the levels of 4700 which has now become a crucial level. It had got strong resistance around 4780 since last three sessions. Thus, if nifty sustains above 4800 then we expect to see a jump at 4900. If nifty slips below 4630 then next stop would be at 4530.  

TREND: DOWN

SUPPORT     :  4650 & 4530     

RESISTANCE:  4780 & 4850

Market gossip  

• Sensex ends 163 pts down on EU fears; L&T, BHEL up 3.4%, retail surge on FDI approval.
• Bharti Telecom buys 14.93 lakh shares of Airtel for Rs 54.51 crore.
• Bharti ends talks with RIL to sell insurance JVs stake, fail for life insurance business.
• Weak Rupee and euro fall hurt sentiments on local equities.
• Ranbaxy gains 8% as drug Lipitor's patent expiry nears.
• Unitech to invest Rs 4,000 ceror to develop over dozen malls.

Nifty Technical views on 11-11-2011

Sensex ends 207 pts down on euro woes; bankex dives 2.5%

After a lacklustre trade since the opening, the BSE benchmark Sensex shed more than 200 points in the last hour of trade due to renewed concerns in the eurozone. The fall of 7% in SBI on account of worries over its assets quality too added severe pressure on the market. Banking, oil & gas, auto, capital goods and metal stocks caught in bears' hand.

Ritu Arora of Canara HSBC Oriental Bank of Commerce Life Insurance Company feels that global environment does pose a lot of challenges at this point in time and the center of worry is Europe. "The focus shifts from Greece to Italy and Italy is the second most leveraged economy at 120% of GDP in eurozone."

Fears that the debt crisis could spread to Italy even after Prime Minister Silvio Berlusconi is ready to resign. European markets like France's CAC, Germany's DAX and Britain's FTSE were down between 1% and 2%. Others like Athex Composite (Greece) tumbled 2% and FTSE MIB (Italy) plunged over 4%. TheDow Jones futures crashed 186 points.

Back home, the 30-share BSE Sensex dropped 207.43 points or 1.18%, to close at 17,362.10 led by fall in 24 stocks. The 50-share NSE Nifty slipped 68.30 points or 1.29%, to end at 5,221.05.

Global cues drag Sensex 100 pts lower; SBI falls 6%

The BSE benchmark Sensex shed more than 100 points following negative European cues. France's CAC, Germany's DAX and Britain's FTSE dropped over 0.5% on worries over Italy and Greece. The Dow Jones futures fell nearly a percent. The 30-share BSE Sensex plummeted 119 points to 17,450.35 and the 50-share NSE Nifty lost 41.5 points to 5,247.90.

SBI crashed over 6% due to deterioration in asset quality in the second quarter. Net profit and net interest income of the bank were up 12% and 28% to Rs 2810 crore and Rs 10442 crore, respectively. But the most worried part was its non performing assets, which rose to 4.19% in Q2FY12 versus 3.35% year-on-year.

Reliance Industries, ONGC, ICICI Bank, Tata Motors, Tata Steel, M&M, BHEL, NTPC, Sterlite Industries and DLF were down between 1% and 2%. HDFC Bank and L&T fell 0.8%.

Maruti Suzuki lost nearly 3% and Hindalco was down 2.5%.

However, HUL shot up 3.3% and ITC gained 0.76%. From the technology space, TCS jumped 1.8% post the company has received USD 2.2 billion order from Friends Life and Wipro gained 2%.

Nifty Levels and News on - 04-11-2011

Sensex closes 17 pts up as Europe rallies, BHEL jumps 4%

The NSE Nifty recovered in late trade to close with moderate gains on Thursday. Indian market started recovering as European markets bounced on hopes that Greece referendum may not happen. The Nifty held on to the 5200 mark quite nicely since last week, which is looking like the support in the near term. The index rose 7.3 points, to end at 5,265.75. The 30-share BSE Sensex recovered 200 points from day's low, before closing up 17.08 points at 17,481.93.

Every market across the globe has priced in all negatives associated with Europe and is awaiting conclusive decision from the G-20 meet that started today. According to Nick Parsons of National Australia Bank, collapse of Greece government will be positive for global markets. He said ouster of PM Papandreou would mean no referendum in Greece.

European markets bounced back sharply after a fall of 1.5-2% in the initial trade. France's CAC and Germany's DAX moved up 1% each while Britain's FTSE rose 0.3%. Athex Composite (Greek) shot up 2.7% and IBEX (Spain) was up 1.25%.

Back home, heavyweights Reliance Industries, Bharti Airtel and SBI led the major support; respective stocks gained 1.51%, 2.15% and 1.34%.

Power stocks rallied after the government meeting on import duty for foreign power equipment. BHEL shot up 4.18% and Tata Power rallied over 3% while NTPC gained 1%.

However, the fall of 0.5-1% in Infosys, ICICI Bank, HDFC Bank, L&T and Wipro has limited the upside.

SAIL lost 3% after less than expected numbers in Q2. The company's net profit fell 54.6% to Rs 495 crore in the second quarter of FY12 due to forex loss Rs 509 crore.

Total traded turnover was more than Rs 1.16 lakh crore. Declines outnumbered advancing ones by 752 to 653 on the National Stock Exchange.

Nifty future closed 30 points up @ 5309. Now 5340 is very crucial resistance for nifty this level is 200 day moving average (DMA). Nifty break level of 5225, after that it take reversal made day high and closed around high. Market seems to be positive if it cross and maintain above 5340. Some major stocks looks bullish on charts market may be positive if maintain on tops.

 Sensex ends near 17500, 17 pts up as Europe rallies, BHEL jumps 4%, DLF, Tata Power up.
SAIL Q2 net falls 54.6% to Rs 495 cr.
Food inflation at 12.21% YoY on Oct 22.
Federal Bank not to jump into savings rate hike war.
On Mobile up 7%; Q2 net profit more than double.
Greek PM Calls for emergency meet as banks tank over 5%.

Source: www.commodityonline.com

Nifty News 02 - NOV – 2011

The BSE benchmark dropped for the second consecutive session on Tuesday, losing more than 200 points mirroring downtrend in European markets. Investors remain worried over the new EU deal, especially after the Greek prime minister raised concerns over it yesterday. The 30-share BSE Sensex fell 224.18 points or 1.27% to close at 17,480.83 led by sell-off in almost all sectors. The 50-share NSE Nifty slipped 68.65 points or 1.29%, to end at 5,257.95.

European markets saw drastic fall in today's trade after the Greek prime minister sought an unexpected referendum on the new EU aid deal. France's CAC and Germany's DAX plunged over 3.5%. Britain's FTSE lost over 2%. Source :- moneycontrol.com 

RESISTANCE: It has first resistance close to the level of 5440 & above this level the next resistance is seen near the 5500 mark.

SUPPORT: It has first support close to the level of 5330 & below this level the next support is seen near 5220 mark.

Daily Equity News- 02- NOV- 2011

Central Bank Q2 net down 36% at Rs 244cr on higher NPAs

 Public sector lender Central Bank of India's (CBI) second quarter (July-September) net profit shrank nearly 36% year-on-year to Rs 244 crore on higher provisions against non-performing assets. Its net interest income or the difference between interest earned and expended too rose at a slower pace nearly by 4% to Rs 1,396 crore. 

All in all, the quarterly numbers were below the street expectations.

"We will dedicate next quarters for recovering and upgrading of loan accounts,” said Mohan Tanksale , CMD , Central Bank of India addressing a press conference in Mumbai.

“We started implementing the process of NPA generation through computer from December, 2010 onwards. We hope to complete it between December and March. This could further dent our NPA levels by another 52 basis points. However, we aim to grow our loan book by 18% for the full fiscal as the next two quarters, the so-called busy season, will generate good credit demand for us."

As per the Reserve Bank of India's mandate, every bank will have to convert the process of non-performing asset generation from manual to computer system wherein an loan will be identified as NPA automatically as and when it falls below certain benchmarks. The implementation of such system will initially increase banks' NPA levels.

CBI's gross NPA ratio stood at 2.94% compared with 2.29% in April-June quarter. Net NPA ratio too worsened from 0.87% to 1.37% quarter-on-quarter. Consequently, the bank had to provide for the incremental bad loans. Provisions and contingencies increased to Rs 431 crore as against Rs 240 crore a year back. This has dented bank’s profit margin. Source :- moneycontrol.com