GOOD MORNING!!!
INDICES GAVE UP SOME OF ITS GAINS AFTER INITIAL SURGE IN THE EARLY AFTERNOON TRADE WITH TRIGGERS FROM UNION BUDGET, SECTORS LIKE AUTO, METALS AND BANKING OUT PERFORMED. OVERALL THE STRENGTH OF THE MARKET REMAINED POSITIVE. THE GOVERNMENT'S PLEDGE TO PROGRESSIVELY CUTS ITS BUDGET DEFICIT OVER THE NEXT THREE FISCAL YEARS, CHANGES IN PERSONAL TAX RATES WHICH WILL LIFT DISPOSABLE INCOMES IN THE HAND OF INDIVIDUALS AND A REDUCTION IN SURCHARGE ON CORPORATE TAX FOR DOMESTIC COMPANIES TO 7.5% FROM 10%, LIFTED SENTIMENT. THE GOVERNMENT'S PLAN TO INTRODUCE DIRECT AND INDIRECT TAX REFORMS FROM 1 APRIL 2011 ALSO CHEERED INVESTORS. THE PEAK RATE OF EXCISE DUTIES HAS BEEN RAISED TO 10% FROM 8% AS A FIRST STEP TOWARDS THE WINDING DOWN OF FISCAL STIMULUS MEASURES. HOWEVER, THE SERVICE TAX WAS RETAINED AT 10%. THE GOVERNMENT HAS ESTIMATED RS 40000 CRORE FROM DISINVESTMENT FOR FY 2010-11. IT HAS ESTIMATED RS 35000 CRORE FROM SALE OF THIRD GENERATION TELECOM AUCTIONS. THE MINIMUM ALTERNATE TAX (MAT) HAS BEEN RAISED TO 18% FROM 15% OF BOOK PROFITS. THE FM ALSO RAISED THE EXCISE DUTY ON PETROL AND DIESEL BY ONE RUPEE PER LITER, AND RAISED THE IMPORT DUTY ON GOLD TO RS 300 PER 10 GRAM FROM RS 200 PER 10 GRAMS AT PRESENT.
TODAY MARKETS LOOKS POSITIVE WITH ALL THE ASIAN AND AMERICAN INDICES ENDING IN GREEN TODAY IF NIFTY TRADES ABOVE 4944 THEN LIKELY TO GO UP TO 4995 LEVELS AND ANY TRADE ABOVE 5000 WOULD TAKE NIFTY TO 5037 AND BREAK ABOVE THIS LEVEL WOULD TAKE NIFTY TO 5074, ANY CLOSE ABOVE 5000 IS CONSIDERED TO BE BULLISH AND ONE CAN STAY LONG. ON THE NEGATIVE SIDE IF NIFTY BREAKS BELOW 4926 WOULD LEAD TO 4902 AND ANY BREAK BELOW THIS POINT WOULD TAKE NIFTY TO 4874 AND BELOW THIS LEVEL WOULD TAKE TO 4840 WHICH IS AGAIN CONSIDERED TO BE THE VERY GOOD SUPPORT BREAK BELOW THIS LEVEL WOULD TAKE NIFTY BY 100 POINTS DOWNSIDE SO 4840 IS CONSIDERED TO BE A VERY CRUCIAL LEVEL WHICH SHOULD HOLD.
BUY RELCAP SL 780 TGT 810/820/832
BUY RANBAXY SL 459 TGT 478/485/496
BUY M&M SL 999 TGT 1017/1030
BUY AMTEK AUTO SL 174 TGT 189/193/200
BUY BATA INDIA SL 229 TGT 242/246/250
BUY INDIAN HOTELS TGT 93/96/99 POSITIONAL TGT 115/135
BUY IFCI SL 49.9 TGT 53/54/55 CAN HOLD POSITIONALLY
POSITIONAL TRADES
BUY GVK POWER TGT 55
BUY NOIDA TGT 43
BUY GAMMON INFRA TGT 32
TODAY MARKETS LOOKS POSITIVE WITH ALL THE ASIAN AND AMERICAN INDICES ENDING IN GREEN TODAY IF NIFTY TRADES ABOVE 4944 THEN LIKELY TO GO UP TO 4995 LEVELS AND ANY TRADE ABOVE 5000 WOULD TAKE NIFTY TO 5037 AND BREAK ABOVE THIS LEVEL WOULD TAKE NIFTY TO 5074, ANY CLOSE ABOVE 5000 IS CONSIDERED TO BE BULLISH AND ONE CAN STAY LONG. ON THE NEGATIVE SIDE IF NIFTY BREAKS BELOW 4926 WOULD LEAD TO 4902 AND ANY BREAK BELOW THIS POINT WOULD TAKE NIFTY TO 4874 AND BELOW THIS LEVEL WOULD TAKE TO 4840 WHICH IS AGAIN CONSIDERED TO BE THE VERY GOOD SUPPORT BREAK BELOW THIS LEVEL WOULD TAKE NIFTY BY 100 POINTS DOWNSIDE SO 4840 IS CONSIDERED TO BE A VERY CRUCIAL LEVEL WHICH SHOULD HOLD.
BUY RELCAP SL 780 TGT 810/820/832
BUY RANBAXY SL 459 TGT 478/485/496
BUY M&M SL 999 TGT 1017/1030
BUY AMTEK AUTO SL 174 TGT 189/193/200
BUY BATA INDIA SL 229 TGT 242/246/250
BUY INDIAN HOTELS TGT 93/96/99 POSITIONAL TGT 115/135
BUY IFCI SL 49.9 TGT 53/54/55 CAN HOLD POSITIONALLY
POSITIONAL TRADES
BUY GVK POWER TGT 55
BUY NOIDA TGT 43
BUY GAMMON INFRA TGT 32
