Money Mantra Financial Focus Newsletter

June 26, 2008

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The start of the day was bad, as key indices broke important levels, but the market saw a good last hour of trade, thanks to short covering. Sensex ended at 14,220, up 113 points from the previous close. Nifty shut shop at 4252, up 61 points. CNX Midcap and BSE Smallcap indices gained 1% and 0.9% respectively. Only BSE sectoral indices for FMCG, IT and banking closed lower. Oil & gas,  metal and power stocks saw good buying interest. Top Sensex gainers included Reliance Communications, TCS and Bharti Airtel, while losers were HDFC, Cipla and Grasim, among others.

Market staged a smart recovery on a day when things were looking very cloudy. The more than expected tightening by the RBI was the primary factor that played itself in the opening trades. But after about 30 minutes, the technical factors took over as short covering in key stocks led to a sharp comeback in the afternoon trades. Nifty briefly fell below 4100 but soon was trading around the neutral territory. RIL and RPL again led the rebound that also saw smart contribution from Rcom and Reliance Cap. Even the realty stocks led by Unitech were up smartly as short sellers decided to utilize the negative sentiments generated by RBI move to square up the short positions. As the day progressed this short-covering phenomenon spread to other stocks and sectors as well. So in the end it was a pleasant sight to see both indices

closing in the green after a gap of six days. Breadth too turned marginally positive while the volumes were perhaps at its highest in past one month, main contributor being the F&O segment.

Nifty managed to hold on to the support at 4070-85 and staged a smart turnaround. It is too early to suggest that markets have bottomed out or not, even on a short-term basis but there are a few important observations. Market bounced back when least expected as RBI's move was seen as the proverbial final nail in the coffin. Significantly, the F&O volumes were at its highest since the first crash in Jan'2008. This may suggest that significant short positions may have been covered, the positional short ones not the intra-day or the swing trades ones. Smart traders that shorted during the peak of Jan 2008 may have decided to cover some of their positions on a day when everything looked gloomy. All this might suggest that we might be closer to the bottoms but would need more follow up and confirmation in coming days. Next 3-4 days of trading could establish whether this is just a one-ff day or something more than that. Re-test of the lows made today; possibly on more negative news flow could be one important indicator. On the other hand, sustained trade above 4325 and than above 4410 could also be an indicator. But in the second scenario too, the re-test of the lows cannot be ruled out. All this would come to naught if market again breaks down in next couple of days and makes fresh lows below 4050. This would open up further down targets of around 3780-3850. As of now, RIL and Rcom could lead the rebound if both were to trade above 2175 and 496 respectively. Renuka could see levels of around 125 if it trades consistently above 114.

Govt hopes RBI steps to check inflation without hurting growth

The finance ministry said measures taken by the central bank were aimed at moderating aggregate demand

New Delhi: The Union government on Wednesday expressed confidence that Reserve Bank's decision to raise the short term lending interest rate for banks and statuary deposits with the Central bank by 50 basis points each would help contain inflation without hurting the economic growth.

"The objective of the RBI is to moderate and manage aggregate demand. The intention is to achieve the objective while ensuring that the prospects for overall economic growth remain positive," said a Finance Ministry statement issued here.

It noted that these steps were necessary in the face of rising inflation, which has crossed 11% mark, due to relentless increase in crude oil prices.

The crude oil prices on the NYMEX have gone up from $134.63 per barrel on 20 June, the trading day preceding the Jeddah meeting of major oil producing and consuming countries, to $136.80 a barrel, the statement said.

Welcoming the decision of the Central Bank, the Finance Ministry said, "the policy stance adopted by the RBI should boost the confidence of investors both domestic and foreign, and augur well for economic growth."

These steps are expected to have a salutary effect, it said adding the ministry had indicated on last Friday that the monetary authorities were expected to take action on the demand side to moderate inflation and quell inflationary expectations.

Referring to comfortable position of foodgrain stocks in the country, the ministry said agricultural performance had improved along with strong and resilient external sector with modest current account deficits. The level of foreign exchange reserve is also comfortable, it added.

With short covering saving the day for the bulls on Wednesday, expiry would play an important role in further directing the Indian bourses. Not forgetting, global cues which would also have a bearing on the market sentiments.

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Last Day Intraday Calls Performance

BTST Calls Performance

Positional Calls Performance <check above calls and Track>

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YESTERDAY CALLS GIVEN (25-June-2008)

Buy Renuka @ 103

Target 105/108 Stoploss 100 High 110.85

We recommend Renuka Fut @103 and given target 108 and after cross 106 given one sms more carry for target 110 + in short term or buy again if booked @ 106 And announce our sms Script move like fire and cross 108 and after 110 also same day . who visit us Daily know Renuka is our never miss missile

Buy ONGC @ 845

Target 865/880 Stoploss 820  High 875 Close 870

Our clients get sms of ONGC with bigger target because what we give we have confidence ongc given in volaltile market and jump above 875 given huge profit to members………

Buy Ranbaxy @ 532

Target 540/545 Stoploss 526 High 547.50

Ranbaxy is another one of the best call rec 532 we give sms as above strategies like ranbaxy zooming @ 530 we advised to buy @ 532 mean no tension of confusion no delay in sms and given 2 target after first target safe your profit by trailing Stoploss……….. so that members only earn never lose.

Buy Suzlon @ 238

Target 242/245 Stoploss 236 High 245.50

We recommend Suzlon @ 238 also rec last day and tell to carry some members and going high to 245+ and getting achieved all Target.

Buy POLARIS @ 80

Target 82/84 Stoploss 78 High 83.25 Close 82

SMS is given to buy Polaris to buy @ 80 target 82 to 84 and script move up to 83.25 unable to gone touch our second target but members get profit above 5000 because after cross first target and touch 83 members Stoploss is 82

Accumilate RPL @ 166

Target 180/200+ MAKE Stoploss OF 150

 High 171 Close 170+ Holding 2 month plus

Advised to all of our free and paid members to buy RPL @ fair value of 166 for short term investment but same day touch 170 + we advised to follow time period of 2 month + and get achieved target of 180 to 200+

Buy TataSteel @ 722

Target 735/750 Stoploss 710 High 744.85

TataSteel is Blast after given to members we not give 2-5 rs target.

Because who give 2-5 rs target only follow the trend of market not real analyist

We rec TataSteel @ 722 and target is given 735 to 750 still members carry on

And script move up to 755.85

BTST CALLS RESULT

Click here to know what BTST REC Last Trading Day

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Disclaimer: These recommendations are based on the theory of technical analysis and personal observations. This does not claim for profit. We are not responsible for any losses made by traders. And all fee is not refundable. By visiting our web or newsletter you are agree to our disclaimer and our terms and conditions. It is only the outlook of the market with reference to its previous performance. You are advised to take your position with your sense and judgment. We are trying to consider the fundamental validity of stocks as far as possible, but demand and supply affects it with vision variations. We have not any position in our given scripts but may be our members have.