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ELECTION RESULTS TO 5 INDIAN STATES
ASSAM - CONGRESS - 53 AGP+ - 28 BJP - 10 OTHERS - 35. TOTAL SEATS-126.
KERALA - LDF - 98 UDF - 41 OTHERS - 1. TOTAL SEATS - 140.
PONDICHERRY - CONGRESS+ - 20 ADMK+ - 7 OTHERS - 3. TOTAL SEATS - 30.
TAMILNADU - DMK+ - 163 ADMK+ - 69 DMDK - 1 OTHERS - 1. TOTAL SEATS - 234.
WEST BENGAL - LEFT FRONT - 235 TRINAMOOL - 29 CONGRESS-21 OTHERS-8 TS-294.
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SHARE NEWS 12th May 2006 MARKET ANALYSIS The market snapped a nine day rally to close sharply lower. While a correction was anticipated, the sharpness and the extent of the fall will raise doubts over the possibility of an immediate recovery in the market. The rise in oil prices and the weakness in the international markets after the rate hike by the Fed, will dampen sentiment further. In these circumstances, it would be better to wait for a good correction before contemplating on fresh long positions. The underlying strength of the market is pretty good and therefore any big dip would present a buying opportunity. INDEX MOVEMENTS The reversal bar formation on the Nifty indicates that the current up trend has come to an end. It is likely to drop initially to the 38.2% retracement level at 3675 followed by 3643. A close above 3774.15 alone can bring back bullishness in the market. The Bank Nifty could come back to the buy trigger level at 4955. A drop to this level may be used to enter long positions. The CNX IT could drop to 4385 before making an attempt to move up. Momentum traders may go short for this level. If it stabilizes at 4385, long positions may be contemplated.MARKET NEWS · Ispat Industries Q4 net loss at Rs.153.1 crore
· Balrampur Chini Q4 net up at Rs.79.4 crore
· Aarti Drugs Q4 net up at Rs.2.53 crores
· MSCI India index includes India Bulls, Reliance Capital, Jaiprakash Associates, Bajaj Hindustan, Siemens; deletes Castrol
· Tata Group mulling telecom merger
· Triveni Engineering to consider demerger DELIVERY PICKS SCRIP BUY ABOVE POLARIS 120.60
WIPRO 550.00MID CAP STOCKS SCRIP BUY ABOVE GSFC 238.00
GTC 322.80
PRAJ 205.50
TATA METALIKS 207.00 SMALL CAP STOCKS SCRIP BUY ABOVE LIQUIDATE SCRIP SELL BELOW BHARAT FORGE 425.00
VIJAYA BANK 51.00 FUTURE OPTIMISM SCRIP VIEW STRATEGY BAJAJ AUTO FUTURES BULLISH BUY @ 3163 TARGET 3215 – STOP <>577.CASH MARKET – SHORT TERM SCRIP VIEW STRATEGY BAJAJ HINDUSTAN BULLISH BUY @ 532.75 TARGET 540.50 – STOP <> 547.25 TARGET 553.50 – STOP <>Courtesy: Prognosis Consultancy Services