Hi everybody,
On account of auspicious Deepavali, I wish you all and your family members a very very HAPPY, HEALTHY AND WEALTHY DEEPAVALI".
Dalal Street witnessed a festive boost last week. The market surged on US Federal Reserve's decision to buy $600 billion in government bonds to stimulate the US economy, robust corporate earnings and on sustained buying by foreign funds.
The stock market remains closed on Friday, 5 November 2010, on account of Diwali. But, there will be a special one hour Muhurat trading session on that day between 18:00 IST To 19:00 IST, to mark the begging of the Samavat Year 2067.
The BSE Sensex surged 861.23 points or 4.29% to 20,893.57 in the week. The S&P CNX Nifty soared 264.1 points or 4.38% to 6,281.80. The BSE Mid-Cap index rose 3.61% and the BSE Small-Cap index rose 2.66%. Both these indices underperformed the Sensex.
Foreign funds have made heavy purchases of Indian stocks this year. Net equity inflows in 2010 now stands at a record $26.75 billion, above last year's $17.45 billion. US Federal Reserve's asset purchase programme would further boost the fund flows into emerging markets, such as India, and provide a further impetus to the rally.
While global liquidity remains ample, a section of the market is worried that a strong equity issuance pipeline over the next six months will soak liquidity from the secondary equity markets. Indian companies are estimated to raise about Rs 80000 crore from equity and debt issue over the next three to six months. State-run Power Grid Corp, Steel Authority of India and Indian Oil Corp are some of the companies that are planning large share sales in coming months.
FOR TODAY:
Buy JSW Steel above Rs 1,365 for target of Rs 1,385-1,400 and stop loss of Rs 1,345
Buy Hindustan Zinc futures above Rs 1,325 for target of Rs 1,339-1,360 and stop loss of Rs 1,312.
Buy Punjab National Bank (PNB) above Rs 1,380 for target of Rs 1,400-1,410 and stop loss of Rs 1,360.
FOR TODAY:
Buy JSW Steel above Rs 1,365 for target of Rs 1,385-1,400 and stop loss of Rs 1,345
Buy Hindustan Zinc futures above Rs 1,325 for target of Rs 1,339-1,360 and stop loss of Rs 1,312.
Buy Punjab National Bank (PNB) above Rs 1,380 for target of Rs 1,400-1,410 and stop loss of Rs 1,360.
Buy ICICI Bank futures above Rs 1,270 for target of Rs 1,280-1,300 and stop loss of Rs 1,260.
Buy Reliance Capital futures above Rs 845 for target of Rs 857-867 and stop loss of Rs 833.Buy Dr Reddy futures above Rs 1,746 for target of Rs 1,759-1,777 and stop loss of Rs 1,734.
Buy Nifty Futures above 6,320 for target of 6,360-6,400 and stop loss 6,280.
NOTE: All the above calls are from different broking houses only. Always trade wisely and with STOPLOSS only.
