Stock Market Tips for 3rd May 2007
May 3rd, 2007 by AnalystGLOBAL MARKETS
US Markets
The US stock markets closed firm yesterday on back of robust quarterely numbers posted by US corporates and a number of buyout offers. Dolan family has offered to take shares of Cablevision Systems Corp. (CVC) for $36.26 a share. The stock moved up almost 10 percent to close at $35.90.
Dow Jones closed at 13211.88 up 75.74 points or 0.58 percent
Nasdaq Composite closed at 2557.84 up 26.31 points or 1.04 percent.
Europian Markets
The Europian Markets were also positive yesterday with RBS (Royal Bank of Scotland) up almost 3.6 percent with hopes of winning the takeover battle for ABN Amro. Other major gainer was Lonmin up 7.8 percent on announcement of good quarterely numbers by the company.
FTSE (UK) closed at 6484.50 up 64.90 points or 1.01%
DAX (Germany) closed at 7455.93 up 47.06 points or 0.64%
CAC (France) closed at 5990.13 up 30.09 points or 0.50%
Asian Markets
The Asian markets also closed firm. Indian markets were closed for last two days.
NIKKEI (JAPAN) closed at 17394.92.
HANG SENG (HONG KONG) closed at 20388.49 up 69.51 points or 0.34%. .
KOSPI (SOUTH KOREA) closed at 1557.34 up 4.04 points or 0.26%.
STRAITS TIMES (SINGAPORE) closed at 3443.01 up 25.20 points or 0.74%. .
SENSEX (INDIA) closed at 13872.37 down 36.21 points or 0.26%.
NIFTY (INDIA) closed at 4087.90 up 4.40 points or 0.11%.
BSE MIDCAP (INDIA) closed at 5795.72 up 62.19 points or 1.08%.
BSE SMALLCAP (INDIA) closed at 6993.84 up 52.36 points or 0.75%.
FOREX
USD/ INR 41.19
EUR/ USD 01.36
USD/ JPY 120.18
GOLD (MCX)
9203/ 10gm
CRUDE
$63.64/ Bb
Today’s Market outlook
Today we have good global cues to start with. The Crude is trading below $64 and the US, Europe and Asia all have closed in the green and Asian markets today have opened in the green with Hang Seng up about 217 points and Straits Times up about 32 points.
Our markets should also open positive and should remain in the green throughout the day.
Stocks to watch
Carborundum Universal
The company is in the business of abrasives and has been posting good numbers consistently in the past quarters. On monday it closed near 145. The stock is showing strength at these levels, one can enter the counter between 140 and 145 and the risk of going down is very limited as a very strong support is placed at 140.
On the upside the next target is at 155 and if it crosses 160 it can climb to 180 levels in the short term.
Posted in Daily Tips |
May 3rd, 2007 at 12:11 pm
you recommend carborandum between 140-145. it opened at 148. is it good at 148.
May 3rd, 2007 at 12:17 pm
It is a good company and the stock will go up in due course of time. It is safe to buy it near 140 level, it has opened higher due to a gap up opening of our markets. You may put a bid below 145 level and wait. It would become risky at higher levels.