Money Tree

The US and Asian markets are showing flat to positive cues and yesterday we witnessed some profit booking as indicated on our site yesterday morning. There is pressure on the IT companies due to rupee appreciation which has undone the good news of strong quarterely results of Infosys and TCS and the sector has started moving sideways. Steel is looking strong as we see some regained strength in the steel commodity worldwide, some stocks to watch would be Tata Steel, JSW and SAIL.

Yesterday the markets rallied on the back of good quarterly results posted by the IT companies. The rupee appreciated to 41.9 per US dollor which seems to be good for importing manufacturing companies and other component importing companies. However it might impact the exports adversely and some IT companies may be adversely affected by it.
Results of TCS announced yesterday were better than expected. The net profit was up 44% to Rs. 1195 cr. It should undo the negative effect of appreciation of rupee. The asian markets have opened in the red and we have seen some rally for last few days, today we expect some consolidation and profit booking.

The markets rallied on friday on account of good results posted by Infosys and the NIFTY crossed the crucial resistance placed at 3905. Some bullishness is croping up in the markets and they may try to retest the previous highs. Today the asian markets have opened firm with Nikkei 262 points up and Heng Seng 244 points up. Our markets should take positive notes from these global cues and there is no negative news in the circles, we see a positive opening today.
Further the inflation number for the last week came down to near 5 and the efforts of Government and RBI shows that they would be able to bring it below the 5 mark. Therefore there seems to be more chances of markets going up than coming down.

The ICRA stock has been listed today at Rs. 540 as against its issue price of Rs. 330 per share. The stock has made a low of Rs. 540 and a high of Rs. 651.80 till 11.00 a.m. Currently the stock is quoting at Rs. 645.

The Shares of Orbit Corporation have been listed today at Rs. 113 as against its issue price of Rs. 110 per share. The stock has made a low of Rs. 110.15 and a high of Rs. 137.60 during the day.

The Bank of Japan keeps its interest rates unchanged at 0.5 percent. Asia has opened positive and overall global sentiment is positive with chances of more foreign money chasing indian stocks. A strong resistence is place at 3905 for Nifty and if broken, it may test all time highs once again.

US markets closed almost flat yesterday and we had an unexpected rally yesterday with low volumes and without any domestic trigger. The Asian markets have opened negative with NIKKEI down almost 100 points. Some profit booking may be seen today and the markets may consolidate before the quarterely results start coming in.

The asian markets have open positive and the overall global cues are positive, results of the last quarter will start coming soon and may give direction to the markets. Today, the markets may kick off with a positive bias. Technology, banking and metal stocks are looking good.

Asian Markets have opened almost flat. Today is the last day of the week and markets have rallied in the last two sessions. Some profit booking is expected today before the long weekend.
The markets are expected to remain flat to negative today. Last quarter results will start coming after 10th April and we might be able to find a direction only after that. Banking and autos are looking weak today, Cement and sugar sectors are also expected to remain lackluster.

The Asian markets have opened well in the green, US markets were up yesterday, we have some good positive global cues to open the day. Yesterday’s pull back is expected to continue today and the markets may open with a positive bias. IT sector is looking good particularly Satyam and Infosys. If your yesterday’s long positions are in profits, we recommend winding up of long positions before the end of today’s session as this may be a temporary pull back in a short term down trend.