Market Watch

Friday 21 June 2013

Today’s Stock Market Update & Outlook By Money CapitalHeight

The market could bounce on short covering, but investors would be better off not buying into the rally, feels Ajay Srivastava of Dimensions Consulting. If at all investors want to buy equities in this market, they should focus on companies with dollar-denominated earnings, says Srivastava. He is bullish on Divis Labs  , Oracle Financial Services and Tech Mahindra. In an interview to CNBC-TV18, he says it would be at least a couple of years before the macro-economic environment normalises. He says the RBI may even be compelled to raise rates in its efforts to protect the rupee. At the same time, given the chaos in global markets, there is little the Indian government can do on its own.

Other stocks and sectors that are in news today:

·   Idea Cellular reduces data tariff by 90 percent in 8 circles.
·   Adani group to launch USD 2 billion dollar bonds BS.
·   Mahindra Forgings  open offer at Rs 81/share; opens on August 5, closes August 20. 
·   Mahindra Composites open offer at Rs 74.5; opens on August 5, closes August 20.
·   IMD says monsoon rains 89 percent above average in June 19 week.
·   RAS Resort board to meet to announce bonus issue in ratio of 1:5 (CMP at Rs 48, up 5 percent   yesterday).
·   NSE to suspend trading in KS Oils  shares from June 21 on listing norm non-compliance.

Stock Market Outlook:

NIFTY TREND: BEARISH
NIFTY SPOT LEVELS
SUPP 1: 5580 ; SUPP 2: 5485
RES 1: 5695 ; RES 2: 5765

BANK NIFTY TREND: BEARISH
BANK NIFTY FUTURE LEVELS
SUPP 1: 11060 ; SUPP 2: 10900
RES 1: 11450 ; RES 2: 11710


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