Market Outlook and day trading ideas for 31st Oct.

>> Friday, October 31, 2008

US markets rallied 2% on an average.
Asia had a good time yesterday but unfortunately we were closed yesterday so we missed the upside due to FED's rate cut.
We missed an upside of an average of 400 points on Sensex.
We are ought to open either flat or mostly positive.
Though Asia has opened negative.
The support for the Sensex is 8910-8740 and the resistance to the up move is at 9291-9784

Nifty: (2697) the support for the Nifty is at 2630-2585 and the resistance to the up move is at 2786-2951

Day Trading Ideas
Buy above 42 for targets of 43.15 & 44.90
Sell below 40 for targets of 38 & 37.10

Punj Llyod.
Buy above 172 for targets of 176 & 182
Sell below 169 for targets of 166 & 162

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3 favorite counters where bulls thrive.

>> Thursday, October 30, 2008

Praj Industries: The stock of the biofuel technology company has declined more than 60 per cent in the past year and it is now quoting close to its 52-week low of Rs 73. Rakesh Jhunjhunwala had increased his stake from 5.39 per cent to 6.26 per cent in the September 2008 quarter. Currently, the market value of his holding in Praj is close to Rs 95 crore, whereas the stock price has declined more than 33 per cent from Rs 125 on September 30. Praj industries, which is set to benefit from its operational presence in all major ethanol producing countries, is trading at a price-earnings ratio of 9.39x and 7.50x of its FY09 and FY10 earnings, respectively.

Nagarjuna Construction: The stock of the diversified infrastructure company, in which Jhunjhunwala holds close to 12.5 lakh shares, has declined more than 81 per cent in the past year and has come off more than 53 per cent in the past one month. Jhunjhunwala’s stake in the company is now worth close to Rs 7.5 crore. A promoter group company, AVSR Holdings, has acquired 7.82 shares from September29 to October 3, aggregating 0.34 per cent of paid-up capital. Following the purchase, the promoter holding in the company has increased to 23.63 per cent.

Punj Lloyd: The stock of this engineering and construction major, which has declined more than 34 per cent from October 1,2008, is currently trading close to its 52-week low price of Rs 183. As on June 30,2008, Jhunjhunwala was holding close to 1.66 per cent stake, which is valued at Rs 108 crore at current prices. The company recently bagged a construction contract from Qatar Petroleum worth $800 million, while the order backlog for the group stands at Rs 24,063 crore. The stock is trading at a price-earnings ratio of 1 3.95x and 1 0.4x of its FY09 and FY10 earnings, respectively.

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Stock Scanner - MAX India.

Max India promoter Analjit Singh has bought 36,500 shares in his diversified company, taking his holding up to 1.88 per cent. Liquid Investment, a promoter group company, also bought 70,000 shares, increasing its holding to 9.69 per cent. Max, originally in the specialty plastics business, is also into life insurance, healthcare and clinical research. The company recently concluded an agreement with New York Life, increasing its stake in their life insurance iv from 50 per cent to 71.4 per cent. Max New York Life Insurance is the first Indian insurer to have declared its enterprise value which was up 96 per cent to Rs 1,320 crore in FY08. This is attributed to a Rs 300 crore capital infusion, profit from new business (discounted value of future profits arising from new business written during the year) of Rs 267 crore, and minimal negative variances. The company is ramping up distribution, and it plans to open 250 offices annually and increase its agency force to 300,000 by FYi 2. The healthcare business is also performing well, having reported revenues of Rs 99.5 crore in the first quarter of FY09.

Key Negative - Q2 Net is down 31%.

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Market Outlook and day trading ideas for 29th Oct.

>> Wednesday, October 29, 2008

US markets rallied almost 11% on the higher side.
Dow has crossed 9K mark and so has the Sensex.
Asia is trading Green.
Europe had a good time around.
We will see a gap up opening on Sensex and Nifty.
I expect this is a short covering.
Impressive gains on Festive times.

The support for the Sensex is 8740 and the resistance to the up move is at 9291-9784

Nifty: (2685) the support for the Nifty is at 2585 and the resistance to the up move is at 2786-2951

Sensex can cross 9400 mark.

Day trading ideas / levels.
Buy above 172 for targets of 178 & 184
Sell below 166 for targets of 160 & 154

Buy above 45 for targets of 46.90 & 48.85
Sell below 43 for targets of 41.10 & 39.25

Happy Investing.
Happy Diwali.

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Market Outlook and day trading ideas for 28th Oct.

>> Tuesday, October 28, 2008

US markets were volatile yesterday.
Europe is trading mixed DAX is having a good time around.
Asia had a good day. Heng Seng is up more than 12%.
We will have a good Diwali today.
The support for the Sensex is 8048 and the resistance to the up move is at 8677-8979
Nifty: (2524) the support for the Nifty is at 2440 and the resistance to the up move is at 2570-2667
I hope markets cross 9000 mark today itself.
Don't indulge in any trade as there is only one hour of trading.

Stock to watch for are
LNT , Unitech , IndiaBulls Realestates , Godrej , HDFC Bank , SBI Bank.

I am not giving levels.

Happy Investing.
Happy Diwali.

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A Few stock market abbreviations you need to know.

BSE - Bombay Stock Exchange. (Index - Sensex)
NSE - National Stock Exchange (Index - Nifty)
MF - Mutual Funds
SIP - Systematic Investment Plan
MCX - Multi Commodity Exchange
S&P - Standard & Poor
HNI - High net worth Individual
FII - Foreign Institutional Investor
DII - Domestic
EPS - Earning Per Share
PAT - Profit After Tax
PBT - Profit Before Tax
IPO - Initial Public Offerings
NAV - Net Asset Value
CAGR - Compounded Annual Growth Rate
P/E Ratio - Price Earning Ratio

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Some more abbreviations used less frequently.

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First Step - By Share Khan.

The new bees in markets can always check out and get a free E- Book from Share Khan (Stock Broking) Just by filling a simple form Click here.
Its interesting to read and understand.

- Chirag.
Happy Diwali.

P.S - First Step is a Unique program for those who are new to investing.

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Happy Diwali.

IndianMoneyPlus.Com wishes you and your family a Happy Diwali.
Hope the forthcoming year gives you happiness and anything else you need.

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Sensex recovers more than 850 points from days low.

>> Monday, October 27, 2008

Equities staged sharp recovery on Monday but still closed in the red. Major recovery was seen in real estate and oil&gas stocks while auto and FMCG stocks ended with major losses.

Bombay Stock Exchange’s Sensex bounced from intra-day low of 7,697.39 to end 2.07 per cent or 180.49 points lower at 8,520.58, down.

National Stock Exchange’s Nifty ended at 2532.4, down 51.60 points or 2 per cent. The index touched an intra-day low of 2,252.75.

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Stock markets Report Card.

Nikkei Japans benchmark Index slides to 26 Years low.
Australians stocks at 4 Years low.
World stocks tumble to 5 Years low.
BSE fells all the above pinches and goes bellow 8000 Levels.
Gold prices fall despite of Festive season.
No clear direction where are v headed.

Result Updates.
ICICI banks Q2 quite a reasonable one , its up 1.1%.
SBI posts 40.4% rise in Q 2 profits.

Good results but worst performer today SBI. Its down in 3 digits.

More buzz.
State Bank of India, India's top bank, plans to open 1,500 or more branches this year, Chairman O.P. Bhatt said on Monday, after the bank posted a forecast beating 40.4 percent rise in quarterly net profit.

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India to feel the pain ‘sooner or later’: PM

After brainstorming with top world leaders in Beijing on the raging financial turmoil, Prime Minister Manmohan Singh has cautioned that India's economy was also bound to feel the pain ‘sooner or later’ as "we are not in complete control."

"We are not in complete control. There are bigger players and we are victims of that. The crisis is not of our making," Singh said after participating at the 7th Asia-Europe Meeting (ASEM) Summit in Beijing, attended by 45 leaders.

"Well, it all depends on how long it takes the world community to restore confidence to the global financial markets," the economist-turned-politician, whose speeches were listened with rapt attention in Beijing, said.

Sooner or later, "the economy is bound to experience the pain," Singh warned during an interaction with reporters on board his special aircraft while returning home from his two-nation tour of Japan and China.

Tracing the origin of the current global financial crisis, Singh said it emerged in the US and Europe.

Singh said that despite strong corrective measures like injecting more liquidity and capitalising the banking system, he was still "worried."

"The type of integrated world economy we live in we are not immune and I had mentioned in Parliament earlier this week on Monday and I repeated that same sentiment in Beijing (while attending the ASEM summit)," Singh said.

However, the Prime Minister said his Government has had "a reasonably good term" in office till now.

Source: - Financial Express.

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More companies show fall in profit, losses in Q2

The tide for Indian firms seems to be turning. As much as 41 per cent of companies announcing their second-quarter results have registered a drop in profit.

From the sample size of 657 companies, 218 firms have shown a drop in profit, while 51 firms reported losses against profits in the corresponding quarter of the previous year.

The net profit of 218 firms dropped 30.5 per cent and net sales rose at a slower pace of 17.7 per cent. In contrast, these firms saw net profit growth of 19.23 per cent on net sales growth of 18.69 per cent for the quarter ending September 2007.

Apart from slower sales growth in sales, rising input costs seem to have narrowed the operating margins of these 218 companies fully 592 basis points from 21.25 per cent in the quarter ending September 2007 to 15.33 per cent in the same quarter of 2008.

Companies reporting losses in the second quarter have registered a combined loss of Rs 669 crore against Rs 724 crore in the corresponding quarter of the previous year — and a net profit of Rs 734 crore in the first quarter of the current fiscal year.

Most of this quarter’s loss-makers are firms in sectors like automobiles, cement, metals, the media, capital goods and fertilisers, which were hard hit by rising input costs that could not be offset by price increases.

Ambuja Cement, Hindustan Zinc, Grasim Industries and Bharat Heavy Electricals are among the heavyweights that have suffered on account of rising input costs.

Ambuja Cement, now part of the Holcim group, admitted that its performance was affected mainly due to rise in the cost of coal, freight and fly ash. The firm was unable to pass on the higher costs to consumers under pressure from the government, which was attempting to rein in a sharp rise in inflation.

Power and fuel costs, which increased a steep 35 per cent, seemed to have contributed the most to the margin contraction.

Hindustan Zinc was affected by a decline in zinc and lead prices by around 40 per cent each on the London Metal Exchange. At the same time, mining and manufacturing expenses rose from 14.3 per cent of revenues in the second quarter of previous year to 29.4 per cent this year due to a sharp increase in power and fuel costs, mainly because the company imports thermal coal on a spot basis.

Overseas debt, mostly external commercial borrowing (ECBs), foreign currency convertible bonds (FCCBs) and hedging of export revenue and dollar are among some other factors that have hurt companies like JSW Steel, Maruti Suzuki, GTL, Jubilant Organosys, Wockhardt and Cipla, among others.

JSW Steel had to set aside Rs. 268.35 crore for exchange loss on account of the depreciation of the rupee against various foreign currencies. Finolex suffered forex and derivative losses of Rs 59.1 crore and commodity hedging related losses of Rs 1.9 crore primarily for importing raw material.

Wockhardt provisioned Rs 55.32 crore for currency rate fluctuation and Rs 1.09 crore for interest rate derivative losses.

HT Media, which registered an 18 per cent rise in net sales, saw its net profit decline 49 per cent due to high raw material costs, including higher newsprint prices and also because of a jump in advertising costs. The media company stepped up advertisements to promote its Delhi edition.

(% change)
Growth in sales Growth in net profit Operating margins
Q1 08-09 Q2 08-09 Q1 08-09 Q2 08-09 Q1 08-09 Q2 08-09
Total sample
(657 cos)
30.16 30.22 7.77 5.74 18.03 17.18
Rise in profit
(311 cos)
32.69 34.95 18.01 28.50 19.96 19.97
Decline in profit
(218 cos)
20.03 17.74 -19.08 -30.51 17.12 15.33
Profit to loss
(51 cos)
53.16 39.45 -12.75 loss* 8.21 1.23
Loss to profit
(30 cos)
21.48 36.93 1633.07# Profit (p) 10.94 10.31
Both quarter
losses (47 cos)
14.31 27.85 Profit (l) Loss (b) -3.80 -2.96
*Net loss of Rs 669.16 crore against net profit of Rs 724 over Q2 2007-08
Profit (p) net profit of Rs 96.52 crore vs net loss of Rs 67.75 crore over Q2 2007-08
Profit (l) net profit of Rs 198.77 crore vs net loss of Rs 234.25 crore over Q2 2007-08
loss (b) net loss of Rs 435.09 crore vs net loss of Rs 247.16 crore over Q2 2007-08
#Net profit of Rs 100.05 crore for the quarter ended June 2008 against Rs 6.35 crore for the quarter ended June 2007

Chennai Petroleum reported a loss of Rs 100 crore on account of weak refining margins of $1.7 per barrel. The refiner also suffered losses of Rs 190 crore on crude purchases and lower refinery throughput of 2.3 MMT compared with a run-rate of 2.7 MMT on account of a maintenance shutdown.

Jubilant Organosys reported net loss of Rs 69.57 crore, having set aside Rs 174.19 crore for FCCB-related exchange losses and other cash charges.

Source: - Business Standard.

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If you died tonight, what will your family do?

Does your family really need a crore rupees on your death? When I suggested Rs. 1 crore as sum assured for a customer, this was his instant reaction. Typical of us, I thought. When a sales person gives us a product/scheme our first thought goes to the 'commission' he or she makes. I keep wondering why. Even our vegetable vendor has to pledge us that the last rupee that we try to squeeze out of him is what he makes. It makes us feel happy. We completely forget that we need tomatoes, which we can afford, and which we like. Why should it be our concern how much he makes?
So, I set out to tell the client the following... Purchasing an life insurance policy can ensure that your family does not face undue hardship, if they lose you unpredictably to an accident or illness, or if you are no longer able to earn money and it will allow them to provide you with the funeral service that you des ire. Before purchasing the life insurance policy, you should be sure it provides the benefits that your family will need after you are gone. The insurance benefits will provide your family with solace in a time of crisis, so be sure to obtain the needed insurance benefits for your family.
Honestly, if you died tonight, what would your family do? How would they pay the home loan EMI, car loan, society charges, utilities, taxes and other bills? Where would the money come from for new clothes for your children, for college fees, or even for your spouse to enjoy an evening out with friends? Very few people are comfortable answering this question. They live like they will never die and most will die like they never lived. When you have lived a good life, and have a family that you love your answers have to be far, far better than these.

What you say

My family will get by

My family could cut back expenses

My family could sell the house or other assets

I dont know

What you really mean

You do not know

You do not know how

You have only one house which is your only asset

Aha, the truth!

Thats why we buy life insurance. So that the answer to that question is, without hesitation or doubt: Theyll be provided for.
One of the most important insurance instruments that will provide benefits to the family is the life insurance policy. This policy is used to ensure that any existing debts that you have will not be a burden to your family if you die unexpectedly. The life insurance policy is also used to provide the family with money to pay bills or pay for the funeral, especially if you were the chief wage earner for the household.
How much life insurance do you need? The chart below shows the annual income the insurance proceeds can generate based on the following assumptions: The beginning amount will earn a 5% return after taxes, with principal and interest exhausted in 20 years by withdrawing an amount equal to 8% of the original principal every year. Note that different assumptions will generate different results.< /FONT>

Life Insurance Amount







Annual Income It Will Generate

Rs. 80,000






Example: A life insurance death benefit of Rs.4,000,000 would provide your family with an income stream of Rs.3,20,000 a year for a 20-year period, after which the entire amount would be depleted. So, if you earn Rs.3,20,000 a year, you may wish to consider Rs.4,000,000 of life insurance.

How exclusive is that? That depends on a number of factors, including your age, health and personal habits (such as whether or not you smoke), and type of insurance. You have several insurance options, depending on need, budget and situation:

  • Term life insurance provides pure death benefit protection, generally for the smallest cost. It is ideal for the person who needs a high amount of coverage but cannot afford endowment for now.
  • Endowment policies can provide lifelong protection for a fixed, level premium. Additionally, it combines death benefit with cash value accrual. However, the initial cost is generally higher than for a comparable amount of term life insurance.
  • Unit Linked Insurance Policy (ULIP) is a fairly new entrant in the insurance space. They are plans that offer a mix of protection and investment (two-in-one package).
Let me tell you what my customer did. Without worrying too much about the premium he took a term insurance policy of Rs. 1 crore about 2 years back from the cheapest source. Every year he has been adding Rs. 2 lakhs of endowment policies - a nice way to keep up with the inflation, and the fact that the booming economy has taken his income from earth to stratosphere he is more inclined to save. Contrary to his first reaction his wife and children wouldnt be rich.
However, they would be able to continue to enjoy the financial security and standard of living he has worked so hard to build for them. Life insurance can replace income lost due to the death of an income earner. It is a cost-effective way to make sure your dreams are completed if you die and are unable to complete them yourself. You may not need Rs 1 crore of life insurance. You may need less. You may need more. The important thing is to make sure you have the amount thats right for you.
Remember your dreams are joint dreams. Do not leave your spouse to fend for herself. Give her the confidence to tell the kids, "Papa has become a star, but nothing will change for us". Give conviction to her voice. Let the 5th birthday be at the same hotel as the 4th birthday. Let the interior decorator be told, yes the plans remain the same. Let the kid's dream of the coolest school education. Let the in-laws not decide where your wife should stay. Let not the kids who lost one parent to fate lose the other parent to a full time job. Simple, insurance is not because you will die. It is because they will live. Insurance is not just important it is necessary. Unless you are independently wealthy or have strong consistent income streams you cannot meet the level of expenditure expected if you are sacrificing insurance.

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Market Outlook and day trading ideas for 27th Oct.

We broke 9K mark that was not imaginable by any one no one predicted this kind of corrections on Friday.
US markets were down on Friday night.
Asia has opened mixed.
Expect a flat to positive opening.
Markets can take a U turn any time.
I advice not to trade.
The support for the Sensex is 8508-8048 and the resistance to the up move is at 9400

Nifty: (2584) the support for the Nifty is at 2517-2411 and the resistance to the up move is at 2954

Day trading Ideas .
Buy above 211 for targets of 219 & 227
Sell below 199 for targets of 191 & 186
Buy above 789 for targets of 796 & 802
Sell below 777 for targets of 771 & 766

I am publishing stock Idea Unitech tomorrow latest by 10 in the morning and you will come to know why I am bullish on that scrip at 22 Rs range. So don't forget to read it and reap the benefits of it on Diwali day.

I wish You and your Family and even Friends a very Happy Diwali.
May this Diwali take the Sensex and Nifty to new highs.

Happy Investing.

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Weekly Review for the Week October 27th - 31st October 2008 - Technical View.

>> Sunday, October 26, 2008

Sensex: (8701)

Nifty: (2584)


We said ‘Technically the market still looks weak and there is no sign of strength so far the next level to watch beyond 9705 is 9325 and 8508 and 2908 on the Nifty front. If the market is UP on Monday then a sharp short covering reaction is not ruled out and that is a BIG if ‘

The market unfolded beautifully as expected. The market came down to 9700, stopped and then cracked 9700 to go to 9325 and then proceed downwards 8508.

Technically the market still looks weak and there is no sign of strength so far but 8508 on the Sensex and 2517 on the Nifty is a strong support to deal with, the crack of which could see the Sensex slide down the next level of 8048 or 2411 on the Nifty. We are now heading into an F&O expiry week and so sharp reactions are not ruled out.

The supports on the way down are at 8508-8408-7613 and resistances on the way up are at 1911

The supports on the way down are at 2517-2411 and resistances on the way up are at 3047

From a trading point of view I would be short but cautious, as sharp reactions are not ruled out

Happy Trading,

Source: - Prakash Gaba.

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Weekly Review and Forecast. Fundamental View.

The last week had commenced on a positive note on the back of positive global cues and a surprise cut by the RBI in the Repo rate by 100 bps to 8% to ease the liquidity crunch. SEBI’s warning to foreign funds against overseas lending and borrowing of Indian securities triggered short covering and thus capped the downside in the trading session that followed.

However, by mid-week, the Indian markets once again witnessed across-the-board selling and remained at the mercy of weak global cues which worsened on account of lower corporate earnings and increasing fears of a full blown recession across global economies.

Back home, lower than expected earnings, increasing forex losses, a cautious outlook by major companies for the forthcoming quarters and sustained selling by foreign funds continued to weigh heavily on market sentiment. Even the steadily declining inflation rate of 11.07% failed to enthuse investors.

Reliance Industries, the bell-weather Sensex pivotal posted its lowest growth in net profits over the past ten quarters against the backdrop of reducing refining margins and a 70% rise in interest cost.

Selling was further accentuated as RBI kept the policy rates unchanged in the mid-term policy meet. Resultantly, the Sensex plummeted almost 11% on the last trading day of the week to end significantly below 9000 mark. Adding to the market dismay was the absence of an interest rate cut in the RBI’s credit policy meet.

For the week ahead, even though lower borrowing costs on account of the softening interest rate regime may support stocks, the weakening rupee is likely to add pressure to domestic liquidity.

Further, even as Governments across the globe try to resolve the financial mess by injecting liquidity from all avenues, relief therefrom is likely to be overshadowed by recessionary fears and deteriorating health of corporates, especially in US.

Moreover, the macro-economic picture in India too is turning sour as the government has finally admitted to the possibility of a sharp drop in GDP growth for FY09 and that the targets on fiscal deficit will be missed. Hence, given the weak macro-economic factors and sustained uncertainty over the impact of the credit crisis on the global economy, investors are likely to tread cautiously.

For now, the truncated week ahead against the backdrop of holidays for the Deepavali festival and derivatives expiry could enhance the ongoing volatility and resultantly, there could be wild price fluctuations in the offing.

Going into the Festive Season, the only positive is that notwithstanding the all round gloom, the risk-reward ratio for investing in equities is getting more favourable and those with both, funds and patience can start buying into stocks selectively now.

Source: - TheIPOGuru.Com

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BSE not likely to break 8,000 levels.

Technical analyst, Vishwas Agarwal while commenting on the market said, ``Due to global cues and continuous withdrawal of FIIs, Indian markets have crashed. High value erosion in equity prices shattered confidence of equity market participants. Every one has lost hope in equities on account of one and half month panic in markets.``

``No one knows the bottom of the markets and where it will stop. Investors have lost huge money hence they are unable to participate in next up move. Presently no one wants to enter equity market despite having liquidity due to lack of trust in the market, ``added Agarwal.

Agarwal expects BSE will not break 8,000 levels and some foreign investment buying will come around these levels.

Source: - MyIRIS.Com

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Stock Market Future Prospect.

>> Saturday, October 25, 2008

Any good news in the Indian Stock markets is short lived (i.e any good news can get an upside of say 5%) while any bad news can get an downside in the markets more than 6% for sure.
Just like you saw yesterday we saw a downside of 11% odd.
Can you imagine any upside of 11%. No.. I am sure.

Current Good news.
CRR at 6.5%
Repo Rate at 8%
Inflation at 11.07% well below from its peak.
Crude below 66$ , has bottomed more than 50% from its all time high.

Current bad news.
FII's high presure selling.
Bad global market cues. (All blames on Americas Sub Prime Crices.)
Liquidity crunch.
All markets at almost their 4-5 years low.

Markets may not so easily bounce back.
These are the times the investors need to be cautious.

Happy Investing!

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Biggest decline in Sensex in 4 years.

>> Friday, October 24, 2008

The Sensex has fallen more the 10% in a day only thrice in the last 20 years. On 21 December 1990, the Sensex fell 199.99 points 16.19% to 1034.96. Later, on 28 April 1992, the index fell 12.77% or 570.42 points to 3896.89. It had tumbled 11.14% at 4505.16 on 17 May 2004.

Today's steep fall on the domestic bourses was part of a global equities rout on worries of a sharp global economic slowdown. The sell-off was also due to disappointment from the second quarter monetary policy review by the central bank. Uncertainty on the final order with regard to short sales, also weighed on the bourses.

The Reseve Bank of India (RBI) kept all the key rates unchanged even as it lowered its 2008/09 growth forecast to 7.5% to 8% from a previous forecast of around 8%. The RBI also left the cash reserve ratio, the amount of funds that banks have to keep on deposit with it, unchanged at 6.5%.

There is uncertainty as to what steps the market regulator will take regarding short sales. Despite announcing its displeasure on overseas lending by foreign funds early this, the Securities & Exchange Board has not yet taken any concrete decision in this regard.

There has been a massive erosion in investors' wealth this year. The barometer index, BSE Sensex, is down 11585.92 points or 57.11% in the calendar year 2008 so far from its close of 20,286.99 on 31 December 2007. It is 12505.7 points or 58.97% below its all-time high of 21,206.77 struck on 10 January 2008.

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Big bull keeps faith in stocks

Jhunjhunwala increases stakes in some companies despite market slump

Small investors may have given up hope on stocks, but the big bull is unperturbed. Billionaire investor Rakesh Jhunjhunwala and his wife Rekha have increased their stake in five companies at a time when 'buying stocks' has gone out of fashion.
The companies in which the Jhunjhunwalas have increased their stake in the quarter ended September 30, 2008, included Praj Industries, Lupin, Nagarjuna Construction, Autoline Industries and Geometric.
All of these stocks, except Lupin, delivered negative returns during the last quarter. Shares of Lupin gained about 8 per cent, while those of Praj Industries (down 19.89 per cent), Nagarjuna Construction (down 29.03 per cent), Autoline Industries (down 27.26 per cent) and Geometric (down 5.92 per cent) ended the quarter ended September 30 in red.
Jhunjhunwala, who is considered one of India's most successful stock market investors, is known to make investments in companies during early stage and hold them for a long duration.
For instance, shares of Karur Vysya Bank were bought by Jhunjhunwala way back in 1992. A chartered accountant by profession, the Forbes magazine had named him as the 51st richest Indian in 2007.
Jhunjhunwala and his wife retained stake in 15 of 24 companies, in which they have more than 1 per cent holding, in the last quarter. The list included companies like Crisil, Punj Lloyd, Bilcare, Pantaloon, Bhusan Steel, Viceroy Hotels, Prime Focus, Rishi Laser, Dwarikesh Sugar, MRO TEK, JB Chemicals, Alphageo, Mid-day Multimedia, Agrotech and Garware Wall Ropes.
There were four companies in which the Jhunjhunwalas have decreased their stake in the last quarter. In Titan Industries, their stake has come down from 8.98 per cent as of June 30 to 7.99 per cent as of September 30. The big bull also trimmed his stake marginally in Geojit Financial (from 8.60 per cent to 8.59 per cent), Karur Vysya Bank (from 4.62 per cent to 4.44 per cent) and Provogue (from 1.66 per cent to 1.63 per cent) in the last quarter.
When Financial Chronicle contacted the celebrated investor, he said, "I have no comment on my stock market investments."
Jhunjhunwala sees the 'mother of all bull markets' in India in another four to five years. He is also not worried about the massive withdrawal of money by the foreign institutional investors (FIIs) from the Indian stock market this year.
Stock holding above 1 per cent in a listed company is disclosed and Jhunjhunwala may be holding shares in several other companies, where his holding may be less than 1 per cent. There could also be more holdings through companies, trusts and proprietary accounts, which are not in the public domain. He also holds shares in several unlisted entities as a private equity investor.
Source: - MyDigitalFC

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Reserve Bank keeps key interest rates unchanged.

The Reserve Bank of India (RBI) credit policy did not announce any reduction in key lending rates, dimming the hopes of further infusion of any liquidity. Bankers say RBI may be waiting to see the action that the US Federal Reserve will take when it meets on October 29 and subsequently, European Central Bank, on November 3.

Bankers say that the credit policy was on expected lines as RBI had exhausted most of its ammunition in the form of a steep 250 basis point CRR cut and a 100 basis point cut in repo rate. They would rather wait and see how these measures pan out to solve the credit crisis before further cuts come in.

B A Prabhakar, executive director, Bank of India (BoI), says "the policy is on expected line. Banks, however, expected some relaxation on the prudential norms for classification of NPAs, specially for home loans (90-day limit for NPA to be reduced). At this point, RBI perhaps believes it is better not to alter prudential norms for capital adequacy."

Importers are also now allowed to borrow at higher cost from overseas.

Trade credits for importers to borrow overseas have been hiked to 200 basis points above six month LIBOR for short term loans upto one year.

N S Venkatesh, managing director and CEO of IDBI Gilts, says "RBI is moving in sync with the unfolding crisis. They have been pro-actively and swiftly managing the crisis at every stage. It may now be waiting to see what central banks, like the US Federal Reserve does before relaxing rates further.

Also, oil marketing and shipping companies will be allowed to hedge freight risk apart from the commodities risk allowed until now. In respect of other customers who are exposed to freight risk, AD banks may approach the central bank for permission on behalf of customers.

To contain the possibility of any systemic risks, a special working group has been constituted, with representatives from the RBI, banks and credit rating agencies which is expected to submit its report within three months. The group will study various types of trusts/SPVs set up by banks, management control by parent banks, related regulatory/supervisory issues and recommend a suitable supervisory framework.

Mohan Shenoi, treasurer, Kotak Mahindra Bank, said, "RBI has not ruled out any possibility of CRR cuts in future. If need arises they will review their stance and might adopt some conventional and unconventional measures to infuse liquidity. But the interest rates as of now have to remain unchanged and the bank will take at least 2 weeks to review the global and domestic conditions before easing the rates."

Source: - MyDigitalFC

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Who murdered the financial system?

Leftists claim that the global financial crisis was caused by reckless deregulation and greed. Rightists blame half-baked financial regulations and perverse incentives. Actually, the financial sector is deeply regulated, with major roles for both the state and markets. It was not one or the other that failed but the combination.

The best metaphor for the mess comes from Jack and Suzy Welch, who recall Agatha Christie’s Murder on the Orient Express. In this novel, 12 people are suspects in a murder. And 12 turn out to be guilty. What starts as a whodunit concludes as an everybody-dun-it. In the same spirit, allow me to present the 12 murderers of the US financial system.

The Federal Reserve Board

Alan Greenspan, Fed Governor in 1987-2006, was once hailed as a genius for keeping the US booming, but is now called a serial bubble-maker. He presided over bubbles in housing, credit, and stock markets. He said it was difficult to identify asset bubbles in advance, so anti-bubble policies might be anti-growth. It was better to let bubbles build, and sweep up after they burst. Bernanke, like Greenspan, ignored the US housing bubble till it burst.

US politicians

Envisioning a home for every American, regardless of income, they provided excess implicit and explicit housing subsidies. One law forced banks to lend to subprime poor borrowers. Legislators created Fannie Mae and Freddie Mac, government-sponsored entities that bought or underwrote 80% of all US mortgages, and enjoyed exemption from normal regulations. Politicians ignored Greenspan’s warning that such a dominant role for two under-regulated giants posed a huge financial risk.

Fannie Mae and Freddie Mac

They resisted regulation, and spent over $2 million lobbying legislators against any tightening of rules. As mortgagers of last resort they should have been especially prudent. But they bought stacks of toxic mortgage paper — collateralised debt obligations (CDOs) — seeking short-term profits that ultimately led to bankruptcy.

Financial innovators

Their ideas provided cheap, easy credit, and helped stoke the global economic boom of 2003-08. Securitisation of mortgages provided an avalanche of capital for banks and mortgage companies to lend afresh. Unfortunately the new instruments were so complex that not even bankers realised their full risks.

CDOs smuggled BBB mortgages into AAA securities, leaving investors with huge quantities of down-rated paper when the housing bubble burst. Financial innovators created credit default swaps (CDSs), which insured bonds against default. CDS issues swelled to a mind-boggling $60 trillion. When markets fell and defaults widened, those holding CDSs faced disaster.


All major countries had regulators for banking, insurance and financial/ stock markets. These were asleep at the wheel. No insurance regulator sought to check the runaway growth of the CDS market, or impose normal regulatory checks like capital adequacy. No financial regulator saw or checked the inherent risks in complex derivatives. Leftists today demand more regulations, but these will not thwart the next crisis if regulators stay asleep.

Instead of keeping mortgages on their own books, lenders packaged these into securities and sold them. So, they no longer had incentives to thoroughly check the creditworthiness of borrowers. Lending norms were constantly eased. Ultimately, banks were giving loans to people with no verification of income, jobs or assets. Some banks offered teaser loans — low starting interest rates, which reset at much higher levels in later years — to lure unsuspecting borrowers.

Investment banks

Once, these institutions provided financial services such as underwriting, wealth management, and assistance with IPOs and mergers and acquisition. But more recently they began using borrowed money — with leverage of up to 30 times — to trade on their own account. Deservedly, all five top investment banks have disappeared. Lehman Brothers is bust, Bear Stearns and Merrill Lynch have been acquired by banks, and Morgan Stanley and Goldman Sachs have been converted into regular banks.

Rating agencies

Moody’s and Standard and Poor’s were not tough or alert enough to spot the rise in risk as leverage skyrocketed. They allowed BBB mortgages to be laundered into AAA mortgages through CDOs.

The Basel rules for banks

These international negotiated norms provided harmonised regulatory checks on financial excesses across countries. The first set of norms, Basel-I, was widely criticised as too rigid and blunt. So countries agreed on Basel-II, which allowed banks to use credit ratings and models based on historical record to lower the risk-ratings of many securities. This dilution of norms led to excesses everywhere. Iceland’s banks went bust holding loans/securities totalling 10 times its GDP. The dilution of risk-rating in Basel-II helped inflate the financial bubble.

US Consumers

Their savings used to be 6% of disposable income some time ago, but more recently has been zero or even negative. They have gone on a huge borrowing spree to spend far more than they earn. This excess is reflected in huge, unsustainable US trade deficits.

Asian and OPEC countries

They undervalued their currencies to stimulate exports and create large trade surpluses with the US. They accumulated trillions in forex reserves, and put these mostly into dollar securities. This depressed US interest rates, and further fuelled borrowing there.


Consumers, corporations, banks, politicians, the media — indeed everybody — was happy when housing prices boomed, stock markets boomed, and credit became cheap and easily available. Bubbles in all these areas grew in full public view. They were highlighted by analysts, but nobody wanted to stop the lovely party. Everybody liked easy money and rising asset prices. This trumped prudence across countries.

So, forget the Left-versus-Right or regulations-versus-markets debate on the financial crisis. States, institutions, markets and everybody else was guilty.

These actors will for some years don sackcloth and ashes, adopt stiffer regulations, and listen to lectures on the virtues of prudence and restraint. But after seven-to-ten years of the next business upswing, I predict that we will once again have a new generation of bubbles, evading whatever new checks have been put in place. When everybody loves bubbles, they are both irresistible and inevitable.
Source: - Economic Times.

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Market Outlook and day trading ideas for 24th Oct.

US markets have ended mixed.
We have made the new recent lows yesterday.
Asia bound to open flat to negative.
Inflation is cooling down thats good. - Actually obvious as crude is down over 50% from its life high and more over most commodities are down.
Inflation at 11.07% .
The support for the Sensex is 10000-9700-9325 and the resistance to the up move is at 10250-10800
Nifty: (2943) the support for the Nifty is at 2907-2871 and the resistance to the up move is at 3046-3117

Day trading ideas.
Look for stocks such as LNT , RPL , Hindalco , Idea Cellular & HDIL.
(I am sorry I cant give levels today as I am lagging off of time.)

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Market Outlook and day trading ideas for 23rd Oct.

>> Thursday, October 23, 2008

US markets cracked yesterday .
Down over 4%.
Japan has opened with a gap down of 6 % .
We may follow the same. Gap down to flat opening expected.
Markets may recover in the later half of the day.

The support for the Sensex is 10000-9700 and the resistance to the up move is at 10445-10800

Nifty: (3065) the support for the Nifty is at 3000-2907 and the resistance to the up move is at 3165-3200

Day trading levels.
Buy above 1389 for targets of 1399 & 1411
Sell below 1379 for targets of 1369 & 1361
Other stock to look for today.
Walchand Nagar Ind.
Sterlite Ind.

Do you know I recommended India bulls Security at 19.65 now it is at 27Rs . Check it out.

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Investors' loss in mkt mayhem crosses one-trillion dollar mark.

>> Wednesday, October 22, 2008

The investors' loss in the ongoing stock market meltdown has crossed the one-trillion dollar mark, a figure associated with the size of entire Indian economy and the equity market till a few months ago.

At the end of today's trading when the benchmark Sensex dropped by over 500 points, the investor wealth measured in terms of cumulative market capitalisation of all listed firms dropped to Rs 32,20,682 crore (about 650 billion dollars).

This represents a fall of over 1.1 trillion dollars from a life-time high of close to 1.8 trillion dollars (Rs 72 trillion) on January 10 the day when Sensex scaled its life time high before embarking on a downslide.

The figure is even bigger than the estimated size of Indian economy of just about one trillion dollars. India's GDP is estimated at Rs 46,93,602 crore for the latest fiscal 2007-08, which translates into about 950 billion dollars at the current foreign exchange rate.

Indian stock markets had moved out of the trillion-dollar club this July, nearly a year after joining this league.

The Sensex has more than halved from its record high of 21,206.77 points to 10,169.90 points. It even slipped below the 10,000-point mark late last week when it dropped to 9,911.32 points on October 17, its lowest in over two years.

At the end of previous year, the total market cap of all the listed companies in India stood at Rs 71,69,985 crore.

In rupee terms, the loss in the ongoing about 10-month meltdown stands at about Rs 40 trillion.

Besides, the fall in market valuation, the sharp plunge in rupee against the US currency has also contributed to the sharper fall in the Indian market's dollar valuation.

Early this year, when the market was at its peak, the rupee value stood at about 39.25 to a dollar, but it has now fallen to near 49.32 level.

Source: - Digital FC

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7 PSU banks to be recapitalised.

Finance Minister P Chidambaram on Wednesday said that seven PSU banks having a capital adequacy ratio of below 10% would be recapitalised.

"We can again re-visit policy rates if liquidity remains benign and inflation continues to moderate." Chidambaram added

Yesterday, Chidambaram held a meeting with senior bankers in the backdrop of easing liquidity situation following a slew of measures taken by both RBI and the government.

"The meeting reviewed situation in the light of easing liquidity situation," Punjab National Bank Chairman and Managing Director K C Chakrabarty said.

Credit delivery to productive sector was also discussed during the meeting, he said.

The meeting was also attended by State Bank of India Chairman O P Bhatt and Indian Banks Association and Bank of India Chairman T S Narayanaswami.

When asked whether any meeting with Prime Minister was also there on the day, Chakrabarty said, "I am not aware of that."

Last month, owing to the tight liquidity situation, many banks had tightened their purse and went slow on credit disbursal.

Cash in the market dipped to the extent that inter-bank call money rates went as high as 23 per cent.

However, Finance Minister P Chidambaram came to the rescue of borrowers.

"Our banks are ready and willing to provide credit. Suitable advisories are being issued to the banks," he had said.

Following this, RBI issued a notification saying, "In view of the improved liquidity in the markets, the banks concerned are advised to review all such cases and permit drawal of sanctioned limits, guided by their usual commercial judgment."
Source: - ET

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Market Outlook and day trading ideas for 22nd Oct.

US markets slide down after a volatile section.
Dow is down over 2% and Nasdaq is down over 4%.
We will also have the same kind of a start.
Asian markets may open flat to negative.
The support for the Sensex is 10300 and the resistance to the up move is at 10919-11542

Nifty: (3235) the support for the Nifty is at 3000-2907 and the resistance to the up move is at 3324-3496

Yesterday IDFC was up 20% and all targets met. Cheers.

Day trading ideas.

Adlabs Film.
Buy above 203 for targets of 207 & 210.50
Sell below 296 for targets of 290 & 286.

Indiabulls Real Estates.
Buy above 137 for targets of 141 & 145
Sell below 128 for targets of 124 & 121.

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Market Outlook and day trading ideas for 21st Oct.

>> Tuesday, October 21, 2008

US Markets rallied excellent yesterday.
Indian markets yesterday had an volatile section.
Markets expected to open positive today.
The support for the Sensex is 9700 and the resistance to the up move is at 10919-11542

Nifty: (3123) the support for the Nifty is at 3000-2907 and the resistance to the up move is at 3313-3478

Buy above 52.20 for targets of 54 & 55.60
Sell below 50.10 for targets of 49 & 47.90
Buy above 1435 for target of 1452
Sell below 1410 for targets of 1398 & 1380
Orchid Chemicals
Buy above 135 for targets of 138 & 142
Sell below 130 for targets of 127 & 124

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RBI cuts repo rate by 100 bps to 8 pc.

>> Monday, October 20, 2008

The Reserve Bank of India has decided to reduce the repo rate under the Liquidity Adjustment Facility by 100 basis points to 8.0 per cent with immediate effect.

The global financial situation continues to be uncertain and unsettled. Even as countries directly affected by the turmoil have taken aggressive action to manage the crisis, confidence and calm is yet to be fully restored in the financial markets. Due to financial integration, this uncertainty is transmitting also to countries outside the epicenter of the crisis. India too is experiencing the indirect impact of the global liquidity constraint as reflected by some signs of strain in our credit markets in recent weeks, the Indian central bank said in a statement.

The cut is aimed at maintaining financial stability, it added.

Cut in repo rate to benefit borrowers and investors; part of series of measures to moderate inflation and ensure growth said the Finance Minister.
Source: - ET

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Market Outlook and Daytrading Ideas for 20th Oct.

US markets opened red went in positive zone but again came down in Red.
We may see a same thing happening here.
I think Asia may open flat to positive. We may do the same, many people waiting for a good bounce back to come.
People its advisable to book your profits in rally's.
The support for the Sensex is 10000-9700 and the resistance to the up move is at 11410

Nifty: (3269) the support for the Nifty is at 3000-2907 and the resistance to the up move is at 3378-3411.
Markets will remain volatile through out.

Day Trading Levels.
Buy above 81 for targets of 85.6 & 91.20
Sell below 76 for targets of 73 & 69.90
Buy above 816 for targets of 835 & 843
Sell below 799 for targets of 772 & 760

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Weekly Review for the Week October 20th - 24th October 2008

>> Sunday, October 19, 2008

Sensex: (9975)

Nifty: (3074)


We said ‘Technically the market still looks weak and there is no sign of strength so far, but the market has a very strong support near at 9700, the market has seen a low at 10240, which is just 540 points away. The market is poised to bounce back anytime, the more it goes down fast the more it sets up to bounce back’

The market yet again unfolded as expected and has broken the crucial 10000 mark and has created history, our support of 9700 is just 211 points away from the low. 9705 is very strong support but will the market bounce from here is a big question mark.

Technically the market still looks weak and there is no sign of strength so far the next level to watch beyond 9705 is 9325 and 8508 and 2908 on the Nifty front. If the market is UP on Monday then a sharp short covering reaction is not ruled out and that is a BIG if.

The supports on the way down are at 9700-9325-8508 and resistances on the way up are at 10919-11542

The supports on the way down are at 2908-2871-2731-2628 and resistances on the way up are at 3324-3496

From a trading point of view I would be short but cautious as sharp reactions are not ruled out

Happy Trading,

Source: - Prakash Gaba.

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Investment Idea - GOLD.

>> Saturday, October 18, 2008

GOLD is one favourate since good old days.
It is also know as international currency.
In short its listed every where , You can sell gold in any damn part of the world.
For an instance I buy gold from South Africa and sell in India still I get the same value for my money.
Plus points of GOLD.
The main advantage in GOLD is that it is highly liquid in nature.
It is in positive trend.
Made a new life high of 14 K last month.
Its festive time so chances to gold prices to bounce highly possible.

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Real Estates Bluchips - Becoming Cheap Chips.

All the real estates blue chips have tumbled drastically.
We have seen majors such DLF , Unitech , HDIL , Indiabulls real estate , Etc.
The main reason is When Investment rates are higher real estates sector does not performs well.
This is the basic cyclic reason.

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Sterlite Industry.

Sterlite Industry is one of the badly beaten out stock in todays markets.
Some three months back it was at around 650 levels.

Reasons for the fall.
Its main business is copper.
Copper prices are under pressure all over the world.
The main consumers India and China , both these country are in an economic slow down.

It is advisable to hold on rather to sell.

Happy Investing.

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Sensex ends below 10k.

The Sensex slipped below 10,000 mark for the first time in over two years due to aggressive selling by funds and worries on economic slowdown also weigh down the sentiment. The benchmarks touched their new 2008 lows today. Both Sensex and Nifty touched lows of 9,911.32 and 3,046.60 respectively. All sectors traded weak. Persistent selling by foreign investors has been a major concern for the markets.

BSE Midcap and Smallcap index shed 3.07% and 2.76% respectively.

Realty sector underperformed all other sectoral indices. The counter plunged 10.25% followed by Power (8.09%) and Metal (6.12%).

Indian stock market started the day on a positive note after a fall of 2.11% on the previous working day. The 30-share index, BSE Sensex opened with a gain of 181.85 points, at 10,763.34 on Friday.

Indices Trend

Period Value % Change Value % Change
1 Week 11,328.36 (11.94) 3,513.65 (12.50)
1 Month 13,518.80 (26.21) 4,074.90 (24.55)
3 Months 13,635.40 (26.84) 4,092.25 (24.87)
6 Months 16,481.20 (39.47) 4,958.40 (38.00)
1 Year 17,613.99 (43.37) 5,184.00 (40.70)

Source: - MyIRIS

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9 PSU banks to gain from equity infusion.

Finance minister P Chidambaram announced on Wednesday that the government will infuse additional capital in those public sector banks, which have capital adequacy ratio (CAR) of less than 12 per cent to take the adequacy ratio above that level. The move is a pre-emptive measure to stave off any adverse impact of the global financial crisis on the Indian banking system and is likely to calm the nerves of both customers and investors.

According to a Financial Chronicle analysis, the move for capital infusion would help at least nine public sector banks that have a capital adequacy ratio of less than 12 per cent. They include Allahabad Bank, Bank of Maharashtra, Central Bank, Dena Bank, Indian Overseas Bank, Punjab and Sind Bank, Syndicate Bank, UCO Bank and Vijaya Bank.

Of these, three have a CAR of less than 11 per cent while the Central Bank of India has the lowest capital adequacy ratio of 10.01 per cent as of June 30, 2008. The other two banks having capital adequacy ratio of less than 11 per cent are Vijaya Bank (10.47 per cent) and UCO Bank (10.53 per cent).

“There are only four public sector banks, which have a CAR of less than 11 per cent. To take them to 12 per cent, an amount of about Rs 1,000 crore will be required. For most other banks, the CAR is above 11 per cent,” an official in the finance ministry, who did not wish to be identified, said.

Private sector banks are better placed in terms of CAR than their public sector counterparts. Only three private sector banks have a CAR of less than 12 per cent. If these private sector banks are to increase their CAR, they will need only about Rs 300 crore.

However, how much additional capital these banks put together requires is not clear. Also, the government is still working on the nitty gritties of the capitalisation scheme. When contacted by Financial Chronicle, Syndicate Bank chairman and managing director George Joseph said: “The measure announced by finance minister would certainly help us, but how much additional capital we would require is yet to be calculated."

The latest finance ministry measure will have no impact on banks having capital adequacy ratio of above 12 per cent, including the country's largest bank, the State Bank of India, which has a capital adequacy ratio of 12.64 per cent as of June 30, 2008.

Source: MydigitalFC.

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Market outlook and Day trading ideas for 17th Oct.

>> Friday, October 17, 2008

US markets recovered smartly and moreover they are up 4 - 4.5% .
And Indian markets yesterday recovered smartly.
Asian may open flat or may be positive.
Inflation eases as commodities prices fall.
The support for the Sensex is 10000-9700 and the resistance to the up move is at 11410
Nifty: (3269) the support for the Nifty is at 3000-2907 and the resistance to the up move is at 3378-3411

Day trading ideas
Buy above 53.20 for targets of 56.80 & 58.25
Sell below 52.25 for targets of 50.30 & 49.10

Buy above 214 for targets of 227 & 237
Sell below 208 for targets of 201 & 197

Happy Investing.

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Inflation at 11.44 per cent for the week ended on Oct 4.

>> Thursday, October 16, 2008

India's wholesale price index rose 11.44 percent in the 12 months to Oct. 4, below the previous week's annual rise of 11.80 percent, government data showed on Thursday.

The rate was below a median forecast of 11.86 percent in a Reuters poll of analysts. Inflation for the week ended Aug. 9 was revised up to 12.82 percent from 12.63 percent.

The annual inflation rate was 3.22 percent during the corresponding week of the previous year.

The wholesale price index is more closely watched than the consumer price index, which is published monthly, because it covers a higher number of products and is released weekly.

Source: - Financial Chronicle

Today All targets achieved.

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Market outlook and trading Ideas for 16th Oct.

US markets have fallen drastically.
They rise for tow days and fall fall for three days.
Dow is down 730 odd points and Nasdaq is down 150 points.
Stocks plunged yesterday as a new data points out recession. I wrote on Krugman's view on the economy yesterday.
Nikkei had open with a gap down of 3% and now is down almost 10.5%. In 20 Mins.
Straits Times has open 5% on the down side.
Accept rest of the Asian markets to open in the same manner.
Day over day many measures are being taken by the RBI to help out the Mutual Funds Co.
RBI further reduces CRR by 100 bsp. CRR is now at 6.5%.
We may see a negative opening but we would probably recover as RBI is taking many corrective measures and bringing Liquidity in the markets.
The support for the Sensex is 10240-10000-9700 and the resistance to the up move is at 11410
Nifty: (3338) the support for the Nifty is at 3198-3000 and the resistance to the up move is at 3491

Day Trading Ideas.

JP Associates.
Buy above 76 for targets of 80 & 87
Sell Below 68 for targets of 63 & 58
IndiaBulls Real Estate.
Buy above 113 for targets of 121 & 126
Sell Below 106.50 for targets of 97.70 & 92.50
Core Projects
Buy above 58.60 for targets of 63.40 & 66.80
Sell below 48.25 for targets of 45.25 & 42.10

Happy Investing.

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