Money Tree

GLOBAL MARKETS

US Markets

The US Markets ended up almost flat yesterday.

Dow Jones closed at 13635.42 up 22.44 points or 0.16 percent.
Nasdaq Composite closed at 2626.76 up 0.01 points.

Europian Markets

The Europian Markets closed in the red yesterday.

FTSE (UK) closed at 6650.20 down 53.30 points or 0.80%. .
DAX (Germany) closed at 8033.52 down 2.60 points or 0.03%
CAC (France) closed at 6071.67 down 15.48 points or 0.25% .

Asian Markets

The Asian markets closed in the green and Indian markets rallied yesterday.

NIKKEI(JAPAN) closed at 18163.61 up 14.09 points.
HANG SENG (HONG KONG) closed at 21582.89.
KOSPI (SOUTH KOREA) closed at 1807.85 up 0.97 points.
STRAITS TIMES (SINGAPORE) closed at 3629.55 up 5.76 points.
SENSEX (INDIA) closed at 14295.5 up 215.36 points.
NIFTY (INDIA) closed at 4214.3 up 67.2 points.

FOREX

USD/ INR 40.80
EUR/ USD 01.34
USD/ JPY 123.36

GOLD (MCX)

8690/ 10gm

CRUDE

$69.35/ Bb

Today’s Market outlook

Yesterday we saw some short covering pulling the markets up and we expect that some more will come today pulling the NIFTY further up to 4235 or higher levels and these are the crucial levels, the markets need to hold above these levels to keep an uptrend. The NIFTY futures discount is almost negligible and today it might run into a premium as well giving more strength to the markets. The advance tax numbers that came out yesterday were very strong and added to the bullishness of the markets. The Asian markets have opened in the green today with NIKKEI up more than 100 points. We expect a positive opening and the markets should hold the gains during the day.

Sterlite Industries

The company’s ADR was listed yesterday in US markets and it closed up almost 10 percent from its issue price. The ADR of the company has seen good interest in overseas markets. The stock was closed at Rs. 560 yesterday, the stock should move further on the back of its successful ADR. The stock can be bought at the current levels with a stop loss of Rs. 545 for a target of Rs. 620.

Dish TV

The stock has recently made a high of Rs. 136 and then it started consolidating and fell down near 104 levels. Now it seems to have bottomed out at Rs. 104 level and a fresh rally should be seen soon. Currently the stock is quoting around Rs. 107, it can be bought at this level keeping a stop loss of Rs. 102 for a target of Rs. 120 in the short term and the stock is kept for long term it may cross its all time high for its next target of Rs. 150.