Weekly Nifty Update 07 March, 2010 by Tanmay G Purohit
Nifty has closed positive (+166 points) at 5088 positive close 4th week in a row and biggest weekly gain in 2010, crossing major resistance of 5070 which is 61.8% correction of high of 2010 (5310) to low of 2010 (4675). Nifty can go towards 5205-5240 if it can sustain 5020 this week on a sustainable basis, post Budget rally this is the 2nd time in last 10 budgets and as many didn’t have any expectation on the budget no negative has become positive and government holding on to its stand on petrol & diesel price hike has given hope that government is serious about reforms very positive going forward. FIIs have made a net investment of Rs 4,334 crore in the first week of March, taking their total inflow to Rs 5,051 crore or USD 1.11 billion so far this year. Investors brace up for three public offerings this week, NMDC -- the country's largest iron ore producer -- is coming out with its FPO of over 33 crore shares or 8.38% stake. The issue opens on March 10 and closes on March 12. DQ Entertainment (International) Ltd opens today Another IPO from textile manufacturer Pradip Overseas will open on March 11. BALTIC DRY INDEX which indicates global freight movement has risen 3.9% yesterday to close @3242 and it has risen more than 24% from its lows around 2566 seen in mid-February. Shipping stocks has seen some rally and Shipping Corporation can be good pick @ these levels for 5-6% rally
IIP data on 12-March & advance tax would be keenly watched:
PRAKASHIND, HCC, AIAENG, AREVEDAT&D, ONMOBILE, GSPL, GUJNRECOKE, JUBILANT, ADHUNIK, BHARTISHIPYARD, ABGSHIPYARD,
Supp 5020/4960/4885 Res 5130/5190/5260
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