Money Tree

Today is the last day of the week and the markets have rallied handsomely for the last three days. At these levels some profit booking could be seen. If you have created long positions in the last few days and you are in profit, some profits should be booked. Sell at least half of your long positions and wait for good re-entry levels.

IPO of ICRA was opened on 20th March 2007 and till yesterday it was oversubscribed 2.45 times. The company has issued 25,81,100 equity shares in the price band of Rs. 275 to Rs. 330. The issue is closing tomorrow on 23rd March 2007.

The public issue of Orbit Corporation was opened on 20th March 2007 and in the first two days the issue was subscribed only 0.09 times. Out of the total of 3185000 equity shares reserved for retail investors bids were received for only 55400 equity shares in the first two days and no bid has been received in the QIB portion. The issue will close tomorrow on 23rd March 2007.

Yesterday we witnessed a rally across the board. All sectors and most of the stocks participated in it. Today we might take it further as we are having good positive global cues to start with. Yesterday banking sector has started rebounding and the ongoing rally should carry on today as well. Some stocks to watch today are:

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Global market are all positive. FOMC meet has left the rates of interest unchanged and this might spike rallies in the global markets. Our markets will take positive cues from these global movements and a short term pull back rally may be witnessed. Sensex is now crawling towards 13000 mark and it might take out this level during the week. It’s good time to enter for a short term in select midcap and bluechip stocks.

The shares were issued at a price of Rs. 115 per share and the stock has been listed today at Rs. 103 at NSE. It made a high of Rs. 113.65 and a low of Rs. 100 in the morning. Currently at 12.05 p.m. the stock is trading at Rs. 106 per share.

The global cues are much stronger today and should help us to keep the yesterday’s rally going. US markets have closed well in the green and Asian markets have also opened firm. US fed will meet today to take a decision on interest rates and market consensus is that the rates will remain unchanged. If this is confirmed by the fed and it comes out with some positive comments on US economy then further rally in US markets is expected.

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The first Gold Exchange traded fund Gold Bees offered by Benchmark has been listed at Rs. 1000 on NSE today. One unit of Gold bees represents nearly 1 gram of gold. With the listing of this fund liquidity has been provided to those investors who are interested in investing in gold. The gold ETF made a high of Rs. 1145 and a low Rs. 940 in the morning. Currently at 11.40 a.m it is trading at Rs. 948 which is almost near to the prevailing rates of one gram of gold.

AMD Metplast has been listed at Rs.73 at NSE today. The allotment was made at Rs. 75 and the issue was offered in the price range of Rs. 65 to Rs. 75. The issue saw an oversubscription of 4.88 times. Currently (at 10.53 a.m.) the stock is trading at Rs. 78.75 just managing to keep its head above its issue price. The stock has made a low of Rs. 70 and a high of Rs. 82.65 in the morning.

Abhishek Mills is listed today at Rs. 85.15 at NSE against its issue price of Rs. 100. The stock has made a high of Rs. 93 and a low of Rs. 78.15 as of now. Currently the stock is quoting at Rs. 82 at 10.45 a.m. The issue was offered in the price range of Rs. 90 to Rs. 110 and was oversubscribed 1.24 times.