GOOD MORNING!!!
THE KEY BENCHMARK INDICES SCALED TWO-MONTH CLOSING HIGHS AFTER GLOBAL RATING AGENCY STANDARD & POOR'S REVISED INDIA'S RATING OUTLOOK TO STABLE FROM NEGATIVE. S&P AFFIRMED LONG-TERM AND SHORT-TERM SOVEREIGN CREDIT RATINGS ON INDIA. FMCG AND CAPITAL GOODS SHARES DECLINED WHILE BANK AND METAL SHARES MOVED HIGHER. STOCKS WERE VOLATILE AS TRADERS ROLLED OVER POSITIONS IN THE DERIVATIVES SEGMENT FROM THE MARCH 2010 SERIES TO THE APRIL 2010 SERIES AHEAD OF THE EXPIRY OF THE NEAR-MONTH MARCH 2010 CONTRACTS ON THURSDAY, 25 MARCH 2010. THE SENSEX SLIPPED INTO THE RED SOON AFTER INITIAL GAINS. THE MARKET REGAINED POSITIVE ZONE SHORTLY. THE MARKET ONCE AGAIN SLIPPED INTO THE RED, WITH THE SENSEX HITTING A FRESH DAY'S LOW IN MID-MORNING TRADE. THE MARKET RECOUPED ENTIRE LOSSES LATER. HOWEVER, THE INTRADAY RECOVERY PROVED SHORT-LIVED. THE SENSEX HIT A FRESH INTRADAY LOW IN EARLY AFTERNOON TRADE. THE MARKET HIT FRESH INTRADAY LOW IN AFTERNOON TRADE AS ASIAN STOCKS FELL. THE MARKET CUT LOSSES SOON AFTER HITTING A FRESH INTRADAY LOW IN MID-AFTERNOON TRADE. THE MARKET REGAINED POSITIVE ZONE LATER. THE SENSEX SURGED TO THE DAY'S AT THE FAG END OF THE TRADING SESSION FOLLOWING THE S&P UPGRADE. THE REVISION IN OUTLOOK BY S&P REFLECTS ITS VIEW THAT INDIA'S FISCAL POSITION COULD NOW BEGIN TO RECOVER AND THAT ITS ECONOMY WILL REMAIN ON A STRONG GROWTH PATH. THE GOVERNMENT BUDGET TARGETS A GENERAL GOVERNMENT (INCLUDING CENTRAL AND STATE GOVERNMENTS) DEFICIT OF 8.3% IN THE FISCAL YEAR ENDING 31 MARCH 2011, FROM 9.8% IN THE PREVIOUS FISCAL YEAR, S&P SAID. S&P ALSO ESTIMATED THAT INDIA'S GROSS DOMESTIC PRODUCT WILL GROW 8% IN THE YEAR ENDING MARCH 31, 2011, HIGHER THAN ITS FORECAST EARLIER, ADDING INDIA'S EXTERNAL POSITION WAS RESILIENT. EVEN SO, INDIA'S RATINGS CONTINUE TO BE CONSTRAINED BY THE GOVERNMENT'S HIGH DEBT BURDEN AND DEFICIT, AS WELL AS INDIA'S WEAK FISCAL PROFILE, THE RATING AGENCY SAID.
TODAY IF NIFTY TRADES ABOVE 5250 THEN IT WILL HEAD TOWARDS 5269 BREACH ABOVE THIS POINT WOULD LEAD NIFTY TO 5295 AND ANY CLOSING ABOVE 5270 IS CONSIDERED TO BE BULLISH AND WOULD MAKE NEW HIGHS OF THE YEAR IN THE MARKET. AND ON THE DOWNSIDE IF NIFTY TRADES BELOW 5246 THEN LIKELY TO COME DOWN TO 5220 AND THEN TO 5196 ANY CLOSING BELOW 5196 IS CONSIDERED TO BE LITTLE WEAK AND ONE IS ADVISED TO EXIT SOME POSITION FOR A CLEAR TREND SO THAT ONE IS SAFER IN THE LONG TERM BUT OVERALL IF YOU LOOK AT THE MARKET IT HAS BREACHED ALL THE GOOD RESISTANCES IN THE INDICES AND IS REARING TO GO MUCH HIGHER AND NO NEGATIVE IMPACT IS VISIBLE IN THE NEAR TERM EXCEPT FOR THE RETRACEMENT IN THE MARKET, WHICH IS AGAIN CONSIDERED TO BE HEALTHY.
BUY STERLITE SL 814 TGT 834/844/853
BUY PUNJLLOYD SL 168 TGT 174/176/180
