WE FEEL THAT THIS IS SHORT TERM RETRACEMENT WHICH WAS DUE TO COME AFTER NEARLY 500 POINTS RALLY IN NIFTY .
REGARDS
NIFTY TREND TEAM
Sunday, December 28, 2008
NIFTY SHORT TERM OUTLOOK
WE FEEL THAT THIS IS SHORT TERM RETRACEMENT WHICH WAS DUE TO COME AFTER NEARLY 500 POINTS RALLY IN NIFTY .
REGARDS
NIFTY TREND TEAM
Thursday, December 25, 2008
Market Outlook for the year 2009- Contrarian view-A.K.Prabhakar
Market Outlook for the year 2009- Contrarian view-A.K.Prabhakar
2009 would be more range bound with many rallies fizzling out at higher level 13,000-14,000, Range for market would be 9000-14,000 and I would call this a year of accumulation, 2009 Year end target to be around 14,000 levels.
Year 2008 Sensex has corrected from high of 21206(January2008) to 7697(October2008) and in the 12month we have seen big erosion in value.
Indian Index has higher weightage for Crude S&P CNX Nifty has 22.4% ( Reliance+RPL+Cairn+ONGC) just 4stock in total 50 stock dominate Nifty while in Sensex 2stock hold 18.64% ( Reliance+ONGC) http://epaper.business-standard.com/bsepaper/svww_showarticle.php?art=20081225b_005101001
Negative for market in 2009:
* Earning downgrade in the next 2-3quater
* Election year, first 5month will be like a caretaker Govt with no fresh proposal and Budget will be placed by new Govt in power.
* Stability and ability of the new Govt cant judged at this point of time.
* Fiscal deficit has almost reached 5% of GDP and with election year more sops can be anticipated.
* Indo-Pak relationship hits new low after terror attack possibility of war has emerged.
* Terror attack in Mumbai has put break on new investment plan. And many new entrants are planning to have there office in south (Bangalore, Hyderabad or Chennai).
* Index components like RPower, Suzlon, JP Assoc, Unitech, RPL have crashed between 75 to 90% from their peak. Many of these companies have not completed even 5 years on the bourses, and so it gives a feeling of hasty index selection process for Nifty.
Positive for market in 2009:
* Sensex trading near 8.8 forward earning and lowest point from 2001.
* Falling commodity prices will ease pressure on user industry and another price cut in petroleum products anticipated which could push prices down.
* Govt stimulus would boost the economy after 3-4month and slow recovery is anticipated.
* Higher base effect of inflation will keep inflation low and more rates cut and easing of monetary policy possible.
* Lower crude prices have made Bio-fuel costly pushing down prices of wheat and corn in U.S increasing supply of food product.
* India is still 2nd fastest growing economy.
* Fiscal deficit to be controlled by disinvestment or strategic sale by new Govt which will be in place before June2009.
October month saw highest fall in index- Hedge funds allows there investor to withdraw money once a year and they can apply by September 30 seeing heavy demand of redemption in 2008 September, heavy selling was seen and Indian market low was marked, November has been relatively quite and December has seen buying from FIIs and SEBI data is provided below.
Many ask if new low is possible.
I ask where will be markets after 2-3years if you answer 16000-18000 then you should be invested 40-50% at these levels. Today 25/Dec/2008 Sensex is 9568 and majority fear Sensex can touch level below 7,000 creating new low, I run a risk 2,500 points and I would be able to average as I hold cash 50-60%.
Risk comes from not knowing what you are doing - Warren Buffet
But now we know the risk of buying and can invest.
What if Sensex doesn't go below 9,000?
We would miss opportunity and maybe buy at higher level. And with FIIs turning buyers in December 2008 till date and fresh allocation in January 2009 can change equation. Many said.
Quote: In Stock market there is never clarity, Media or someone won't tell you this is the best time to buy, and at peak market looks attractive at bottom market looks to panic always take informed decision.
Ratios are past; market always like to discount future.
Contrarian view:
Where do you see the Sensex after 3-4 years?
Sensex can possibly target 22,000 around levels by 2012 January 3years from now, when we talked about Sensex reaching 9700-10500 by March2009 it looked odd as we did say as early as November 2007 and latter cautioned from January 2008 time when Sensex touched 21206.
Do you see a possibility of Sensex making a newer low?
Predicting market exactly is never possible but now risk to reward ratio is favorable for a long term investor. Bull markets are normally born on excess pessimism, Bull markets had created excess and now all excesses have been shed. More of range bound market ranging from 9000-14000 is my outlook.
What makes you feel FIIs investment will flow back into India?
Globally interest rates are nearing zero making high risky assets like equity attractive and with weaker rupee can attract more investment. India being 2nd fastest growing economy and has better regulated markets compared to many other emerging market and market quoting at relatively discounted valuation 8.8times forward earning makes me positive.
What if foreign investment doesn't come?
Indian saving rate is above 30% one of the highest in the globe and pending reforms like pension, insurance and banking would improve which can make local money getting invested in Indian equity market in a better way compensating foreign inflow.
What would be the change when new Government gets formed?
Many pending bills will be passed Insurance, Banking, pension and allowing private sector into nuclear energy also can happen. Disinvestment of many PSU like NTPC, BHEL, BEL and many more can happen, and total sale of few companies like Maruti & TATACOMM can also happen as Govt need funds to bridge the fiscal deficit.
FII Data for 2008
Jan-08
-13035.7
Feb-08
1733.3
Mar-08
-130.4
Apr-08
1074.8
May-08
-5011.5
Jun-08
-10095.8
Jul-08
-1836.8
Aug-08
-1211.7
Sep-08
-8278.1
Oct-08
-15347.3
Nov-08
-2598.3
Dec-08
2013.8
Total 2008
-52723.7
Source :- SEBI website
Major Points:
* Indian Elections are due in Q2 CY09 and markets will be happy whichever of Congress (the ruling party) or the BJP (the current opposition) forms the next coalition government. Further, increased earnings visibility, with benign interest and inflation rates will result in a PE revision offsetting any fiscal deficit concerns.
* Asset allocations' country allocation decisions to be driven by two factors i) relative underlying growth and strength of the domestic economy, ii) Size and liquidity of the market. India and China, both large markets with buoyant and strong domestic underlying growth, will be big beneficiaries. So good FDI and FII flows into the Chinese and Indian economy Q2 CY09 onwards.
* Japan Inflow to come in a major way to India in coming years already data has been send and discussed few months back.
BHEL, BEL, SAIL, BEML, OBC, SBIN, NTPC, SCI, CORP.BANK=PSU
SIEMENS, ABB, APIL, BATAINDIA, CUMMINSINDIA=MNC
BGRENERGY, TATAPOWER=Power
RCOM & IDEA=Telecom
ICICIBANK, SOUTHINDIABANK= Private Bank
INFOSYS, TCS, ROLTA=TECH
IVRCL, LT, PUNJLLYOD, HCC=Infrastructure
RPL, TATASTEEL, RANBAXY, EXIDE, MAH&MAH, MARUTI, DABUR, THERMAX, SINTEX, TATATEA, TITAN, IDFC and RELIANCE ---- NEW YEAR2009 picks
Recap of what was said in 2008/January
The below given views is of my own (A.K.Prabhakar of ANANDRATHI) it doesn't reflect companies view. U.S markets has had its impact on global markets from 1980's so based on that the below given text is prepared-Published on 7/January/2008
Global market Special view: Dow has broken 13000 levels and 75week moving average which comes around 12700 is the support in many ways (Low in previous rally) and as per Dow Theory U.S market is entering bear phase. And talk of recession hitting U.S is getting bigger and Fed cutting interest rate also won't help as inflationary pressure has to be also addressed with Crude around $98.
How will India be affected by this development?
Already Indian exports are affected by rising Rupee and any slowdown in U.S will impact our Tech & Textile sector which is highest employer in India. New generation employees have created credit beyond 4-5yrs and if no salary hike is given, it will affect them very badly. (Salary cut or unemployment would be disaster)
What impact will this have in our stocks market?
In 2007 India got 71000crs from foreign funds and if Global markets reacts then all emerging markets funds would go into safer investment like debt and gold. And with Reliance Power issue which can suck minimum of 12000crs in liquidity, if fresh flows are hard to come we can see intermediate correction.
Do we see any slowdown in investment from FIIs?
As per data available in NSE & BSE website funds which has come into secondary markets is negative from November till date and there is no signs yet that new funds from western world would come in. Major correction in U.S market would make global investor withdraw money from emerging markets.
Is Indian markets attractive in short term?
Indian growth story is very strong but any recession globally will affect us also as high crude is benefiting Indian growth in big way as Indian employment, exports and investment come from gulf region in major way (Engineering, construction & raw material). And our stocks markets have fully priced in future growth, but still many attractive pockets remain liquidity is always very important.
What will be long term impact?
World Recession can bring slowdown in India at the maximum, but Indian growth story is a long term one which is here to stay. As India is putting infrastructure in place things would move in India favor any correction would be chance to buy for long term investor while short term is always very difficult to predict.
What can derail India's growth?
Politics and bureaucracy should speed up reform process. India is the powerful trends of demography and urbanization: half the population is under 25 years old and 70% still live in the countryside. India needs to strengthen its infrastructure (hard and soft), reduce its stifling bureaucracy, deregulate its labour market and further develop its financial system. If it does, these two trends can help lift the economy's potential growth rate to 10%. But without reforms, these trends can become a major liability, possibly reducing potential growth to 5-6%.
This is prepared By A.K.Prabhakar of ANANDRATHI and the view expressed is of his own and it doesn't reflect Company view
2009 would be more range bound with many rallies fizzling out at higher level 13,000-14,000, Range for market would be 9000-14,000 and I would call this a year of accumulation, 2009 Year end target to be around 14,000 levels.
Year 2008 Sensex has corrected from high of 21206(January2008) to 7697(October2008) and in the 12month we have seen big erosion in value.
Indian Index has higher weightage for Crude S&P CNX Nifty has 22.4% ( Reliance+RPL+Cairn+ONGC) just 4stock in total 50 stock dominate Nifty while in Sensex 2stock hold 18.64% ( Reliance+ONGC) http://epaper.business-standard.com/bsepaper/svww_showarticle.php?art=20081225b_005101001
Negative for market in 2009:
* Earning downgrade in the next 2-3quater
* Election year, first 5month will be like a caretaker Govt with no fresh proposal and Budget will be placed by new Govt in power.
* Stability and ability of the new Govt cant judged at this point of time.
* Fiscal deficit has almost reached 5% of GDP and with election year more sops can be anticipated.
* Indo-Pak relationship hits new low after terror attack possibility of war has emerged.
* Terror attack in Mumbai has put break on new investment plan. And many new entrants are planning to have there office in south (Bangalore, Hyderabad or Chennai).
* Index components like RPower, Suzlon, JP Assoc, Unitech, RPL have crashed between 75 to 90% from their peak. Many of these companies have not completed even 5 years on the bourses, and so it gives a feeling of hasty index selection process for Nifty.
Positive for market in 2009:
* Sensex trading near 8.8 forward earning and lowest point from 2001.
* Falling commodity prices will ease pressure on user industry and another price cut in petroleum products anticipated which could push prices down.
* Govt stimulus would boost the economy after 3-4month and slow recovery is anticipated.
* Higher base effect of inflation will keep inflation low and more rates cut and easing of monetary policy possible.
* Lower crude prices have made Bio-fuel costly pushing down prices of wheat and corn in U.S increasing supply of food product.
* India is still 2nd fastest growing economy.
* Fiscal deficit to be controlled by disinvestment or strategic sale by new Govt which will be in place before June2009.
October month saw highest fall in index- Hedge funds allows there investor to withdraw money once a year and they can apply by September 30 seeing heavy demand of redemption in 2008 September, heavy selling was seen and Indian market low was marked, November has been relatively quite and December has seen buying from FIIs and SEBI data is provided below.
Many ask if new low is possible.
I ask where will be markets after 2-3years if you answer 16000-18000 then you should be invested 40-50% at these levels. Today 25/Dec/2008 Sensex is 9568 and majority fear Sensex can touch level below 7,000 creating new low, I run a risk 2,500 points and I would be able to average as I hold cash 50-60%.
Risk comes from not knowing what you are doing - Warren Buffet
But now we know the risk of buying and can invest.
What if Sensex doesn't go below 9,000?
We would miss opportunity and maybe buy at higher level. And with FIIs turning buyers in December 2008 till date and fresh allocation in January 2009 can change equation. Many said.
Quote: In Stock market there is never clarity, Media or someone won't tell you this is the best time to buy, and at peak market looks attractive at bottom market looks to panic always take informed decision.
Ratios are past; market always like to discount future.
Contrarian view:
Where do you see the Sensex after 3-4 years?
Sensex can possibly target 22,000 around levels by 2012 January 3years from now, when we talked about Sensex reaching 9700-10500 by March2009 it looked odd as we did say as early as November 2007 and latter cautioned from January 2008 time when Sensex touched 21206.
Do you see a possibility of Sensex making a newer low?
Predicting market exactly is never possible but now risk to reward ratio is favorable for a long term investor. Bull markets are normally born on excess pessimism, Bull markets had created excess and now all excesses have been shed. More of range bound market ranging from 9000-14000 is my outlook.
What makes you feel FIIs investment will flow back into India?
Globally interest rates are nearing zero making high risky assets like equity attractive and with weaker rupee can attract more investment. India being 2nd fastest growing economy and has better regulated markets compared to many other emerging market and market quoting at relatively discounted valuation 8.8times forward earning makes me positive.
What if foreign investment doesn't come?
Indian saving rate is above 30% one of the highest in the globe and pending reforms like pension, insurance and banking would improve which can make local money getting invested in Indian equity market in a better way compensating foreign inflow.
What would be the change when new Government gets formed?
Many pending bills will be passed Insurance, Banking, pension and allowing private sector into nuclear energy also can happen. Disinvestment of many PSU like NTPC, BHEL, BEL and many more can happen, and total sale of few companies like Maruti & TATACOMM can also happen as Govt need funds to bridge the fiscal deficit.
FII Data for 2008
Jan-08
-13035.7
Feb-08
1733.3
Mar-08
-130.4
Apr-08
1074.8
May-08
-5011.5
Jun-08
-10095.8
Jul-08
-1836.8
Aug-08
-1211.7
Sep-08
-8278.1
Oct-08
-15347.3
Nov-08
-2598.3
Dec-08
2013.8
Total 2008
-52723.7
Source :- SEBI website
Major Points:
* Indian Elections are due in Q2 CY09 and markets will be happy whichever of Congress (the ruling party) or the BJP (the current opposition) forms the next coalition government. Further, increased earnings visibility, with benign interest and inflation rates will result in a PE revision offsetting any fiscal deficit concerns.
* Asset allocations' country allocation decisions to be driven by two factors i) relative underlying growth and strength of the domestic economy, ii) Size and liquidity of the market. India and China, both large markets with buoyant and strong domestic underlying growth, will be big beneficiaries. So good FDI and FII flows into the Chinese and Indian economy Q2 CY09 onwards.
* Japan Inflow to come in a major way to India in coming years already data has been send and discussed few months back.
BHEL, BEL, SAIL, BEML, OBC, SBIN, NTPC, SCI, CORP.BANK=PSU
SIEMENS, ABB, APIL, BATAINDIA, CUMMINSINDIA=MNC
BGRENERGY, TATAPOWER=Power
RCOM & IDEA=Telecom
ICICIBANK, SOUTHINDIABANK= Private Bank
INFOSYS, TCS, ROLTA=TECH
IVRCL, LT, PUNJLLYOD, HCC=Infrastructure
RPL, TATASTEEL, RANBAXY, EXIDE, MAH&MAH, MARUTI, DABUR, THERMAX, SINTEX, TATATEA, TITAN, IDFC and RELIANCE ---- NEW YEAR2009 picks
Recap of what was said in 2008/January
The below given views is of my own (A.K.Prabhakar of ANANDRATHI) it doesn't reflect companies view. U.S markets has had its impact on global markets from 1980's so based on that the below given text is prepared-Published on 7/January/2008
Global market Special view: Dow has broken 13000 levels and 75week moving average which comes around 12700 is the support in many ways (Low in previous rally) and as per Dow Theory U.S market is entering bear phase. And talk of recession hitting U.S is getting bigger and Fed cutting interest rate also won't help as inflationary pressure has to be also addressed with Crude around $98.
How will India be affected by this development?
Already Indian exports are affected by rising Rupee and any slowdown in U.S will impact our Tech & Textile sector which is highest employer in India. New generation employees have created credit beyond 4-5yrs and if no salary hike is given, it will affect them very badly. (Salary cut or unemployment would be disaster)
What impact will this have in our stocks market?
In 2007 India got 71000crs from foreign funds and if Global markets reacts then all emerging markets funds would go into safer investment like debt and gold. And with Reliance Power issue which can suck minimum of 12000crs in liquidity, if fresh flows are hard to come we can see intermediate correction.
Do we see any slowdown in investment from FIIs?
As per data available in NSE & BSE website funds which has come into secondary markets is negative from November till date and there is no signs yet that new funds from western world would come in. Major correction in U.S market would make global investor withdraw money from emerging markets.
Is Indian markets attractive in short term?
Indian growth story is very strong but any recession globally will affect us also as high crude is benefiting Indian growth in big way as Indian employment, exports and investment come from gulf region in major way (Engineering, construction & raw material). And our stocks markets have fully priced in future growth, but still many attractive pockets remain liquidity is always very important.
What will be long term impact?
World Recession can bring slowdown in India at the maximum, but Indian growth story is a long term one which is here to stay. As India is putting infrastructure in place things would move in India favor any correction would be chance to buy for long term investor while short term is always very difficult to predict.
What can derail India's growth?
Politics and bureaucracy should speed up reform process. India is the powerful trends of demography and urbanization: half the population is under 25 years old and 70% still live in the countryside. India needs to strengthen its infrastructure (hard and soft), reduce its stifling bureaucracy, deregulate its labour market and further develop its financial system. If it does, these two trends can help lift the economy's potential growth rate to 10%. But without reforms, these trends can become a major liability, possibly reducing potential growth to 5-6%.
This is prepared By A.K.Prabhakar of ANANDRATHI and the view expressed is of his own and it doesn't reflect Company view
Tuesday, December 16, 2008
Sunday, December 7, 2008
Will This Stimulus Plan be enough ?
The RBI measures to spur economic growth:
* Repo-rate cut by 1% from 7.5% to 6.5%
* Reverse Repo rate cut by 1% from 6% to 5%
* Reverse Repo rate cut for the first time since 2003
* CRR, SLR kept unchanged at 5.5% and 24%, respectively
* Housing loans up to Rs 20 lakh to be put under priority sector lending by banks providing credit to HFCs
* Refinance for up to Rs 7,000 crore to SIDBI for the employment intensive micro and small enterprises
* Refinance for Rs 4,000 crore for the National Housing Bank under consideration
* Concessional finance may be allowed for up to 180 days for overdue bills of exporters
* Companies may be allowed to buy back FCCBs prematurely
These measures intended to step up demand and arrest growth moderation. – PTI
The government today announced major tax cuts across the board to boost demand and allocated additional funds and incentives for exports, housing, textile and infrastructure to stimulate the economy, hit by the global financial crisis.
"The government has been concerned about the impact of global financial crisis on the Indian economy and a number of steps have been taken to deal with this problem," an official statement said.
The package, coming on the back of fresh monetary measures announced by the Reserve Bank of India yesterday, includes a four per cent cut in ad-valoram duty across the board, to boost additional spending, besides enhanced credit for exporters, along with a Rs 10,000 crore mop up for India Infrastructure Finance Company.
"In order to provide a contra-cyclical stimulus via plan expenditure, the government has decided to seek authorisation for additional plan expenditure of up to Rs 20,000 crore in the current year," the statement said, adding the total spending programme in the four months ending March was expected to be Rs 3,00,000 crore.
As part of efforts to boost the housing sector, the public sector banks would shortly announce a package for home loan borrowers in two categories -- up to Rs 5 lakh and between Rs 5-20 lakh, the statement said, adding that additional measures would be taken, as necessary, to promote an accelerated growth trajectory.
As a special gesture for the automobile sector, government departments would be allowed to take up replacement of vehicles within the allowed budget.
Attaching special significance to infrastructure development, the government authorised India Infrastructure Finance Co (IIFCL) to raise Rs 10,000 crore through tax- free bonds by March 2009 and said it would be permitted to raise further resources.
"In particular, these initiatives would support a PPP (Public-Private Partnership) programme of Rs 1,00,000 crore in the highways sector," it said.
Paying special attention to exports, the government decided to provide an interest subvention of two per cent up to March 2009 for pre and post-shipment export credit for labour-intensive exports like textiles, leather, marine products and SME sector. The concession is subject to a minimum rate of interest of seven per cent per annum.
Besides, it would provide an additional Rs 1,100 crore for full refund of terminal excise duty/CST and another Rs 350 crore for export incentive schemes and a back-up guarantee of Rs 350 crore to ECGC (Export Credit Guarantee Corporation) for providing guarantee for exports to difficult markets and products.
To boost collateral free lending to micro and small enterprises that are facing a credit crunch, the government doubled the current guarantee cover for loans to up to Rs 1 crore from the existing limit of Rs 50 lakh.
Besides, the lock in period for loans covered under the existing credit guarantee scheme will be reduced from 24 to 18 months, to encourage banks to cover more loans under the guarantee scheme.
These announcements for the MSE sector comes a day after RBI announced a refinance facility of Rs 7,000 crore for Small Industries Development Bank of India to facilitate the flow of credit to such industries.
As part of the stimulus package, textile sector, the largest provider of employment, would get an additional Rs 1,400 crore towards the entire backlog of Technology Upgradation Fund.
The statement also said that all items of handicrafts will be included under Vishesh Krishi and Gram Udyog Yojana.
Among other initiatives, the government has decided to completely lift import duty on Naphtha for use in the power sector while export duty on iron ore fines will be eliminated.
* Repo-rate cut by 1% from 7.5% to 6.5%
* Reverse Repo rate cut by 1% from 6% to 5%
* Reverse Repo rate cut for the first time since 2003
* CRR, SLR kept unchanged at 5.5% and 24%, respectively
* Housing loans up to Rs 20 lakh to be put under priority sector lending by banks providing credit to HFCs
* Refinance for up to Rs 7,000 crore to SIDBI for the employment intensive micro and small enterprises
* Refinance for Rs 4,000 crore for the National Housing Bank under consideration
* Concessional finance may be allowed for up to 180 days for overdue bills of exporters
* Companies may be allowed to buy back FCCBs prematurely
These measures intended to step up demand and arrest growth moderation. – PTI
The government today announced major tax cuts across the board to boost demand and allocated additional funds and incentives for exports, housing, textile and infrastructure to stimulate the economy, hit by the global financial crisis.
"The government has been concerned about the impact of global financial crisis on the Indian economy and a number of steps have been taken to deal with this problem," an official statement said.
The package, coming on the back of fresh monetary measures announced by the Reserve Bank of India yesterday, includes a four per cent cut in ad-valoram duty across the board, to boost additional spending, besides enhanced credit for exporters, along with a Rs 10,000 crore mop up for India Infrastructure Finance Company.
"In order to provide a contra-cyclical stimulus via plan expenditure, the government has decided to seek authorisation for additional plan expenditure of up to Rs 20,000 crore in the current year," the statement said, adding the total spending programme in the four months ending March was expected to be Rs 3,00,000 crore.
As part of efforts to boost the housing sector, the public sector banks would shortly announce a package for home loan borrowers in two categories -- up to Rs 5 lakh and between Rs 5-20 lakh, the statement said, adding that additional measures would be taken, as necessary, to promote an accelerated growth trajectory.
As a special gesture for the automobile sector, government departments would be allowed to take up replacement of vehicles within the allowed budget.
Attaching special significance to infrastructure development, the government authorised India Infrastructure Finance Co (IIFCL) to raise Rs 10,000 crore through tax- free bonds by March 2009 and said it would be permitted to raise further resources.
"In particular, these initiatives would support a PPP (Public-Private Partnership) programme of Rs 1,00,000 crore in the highways sector," it said.
Paying special attention to exports, the government decided to provide an interest subvention of two per cent up to March 2009 for pre and post-shipment export credit for labour-intensive exports like textiles, leather, marine products and SME sector. The concession is subject to a minimum rate of interest of seven per cent per annum.
Besides, it would provide an additional Rs 1,100 crore for full refund of terminal excise duty/CST and another Rs 350 crore for export incentive schemes and a back-up guarantee of Rs 350 crore to ECGC (Export Credit Guarantee Corporation) for providing guarantee for exports to difficult markets and products.
To boost collateral free lending to micro and small enterprises that are facing a credit crunch, the government doubled the current guarantee cover for loans to up to Rs 1 crore from the existing limit of Rs 50 lakh.
Besides, the lock in period for loans covered under the existing credit guarantee scheme will be reduced from 24 to 18 months, to encourage banks to cover more loans under the guarantee scheme.
These announcements for the MSE sector comes a day after RBI announced a refinance facility of Rs 7,000 crore for Small Industries Development Bank of India to facilitate the flow of credit to such industries.
As part of the stimulus package, textile sector, the largest provider of employment, would get an additional Rs 1,400 crore towards the entire backlog of Technology Upgradation Fund.
The statement also said that all items of handicrafts will be included under Vishesh Krishi and Gram Udyog Yojana.
Among other initiatives, the government has decided to completely lift import duty on Naphtha for use in the power sector while export duty on iron ore fines will be eliminated.
Friday, December 5, 2008
Tuesday, December 2, 2008
Nifty 3rd Dec 2008
These are the Nifty futures charts. The first chart is the Daily chart. We can see that there was a rising wedge from where there was a breakdown. The target which we get from this is 2500 and below.
The second chart is the hourly chart. Here we see a rising channel. Any rise near 2738, 2781 will see good amount of selling pressure . So, trade accordingly and follow the trend!!
REGARDS
Nifty Trend Team
NIFTY VIEW FOR DEC 2nd
In last two posts we were mentioning that 2868 levels will be hard for nifty to cross.
Last post mentioned 2834 as resistance and nifty spot made 2833 high .
NIFTY now is has triangle support at 2630-40 but seeing global clues it can break and open below it .
Dow last day seen 8% fall as it has Rising wedge and breaking wedges always sees huge fall .
SUPPORT FOR NIFTY : 2630, 2580, 2548 most strong support that should not be broken is 2518.
ALL INTRADAY AND MARKET VIEW WILL BE MADE AVAILABLE DURING MARKET TIME .
Regards
NIFTY TRENDTEAM
Last post mentioned 2834 as resistance and nifty spot made 2833 high .
NIFTY now is has triangle support at 2630-40 but seeing global clues it can break and open below it .
Dow last day seen 8% fall as it has Rising wedge and breaking wedges always sees huge fall .
SUPPORT FOR NIFTY : 2630, 2580, 2548 most strong support that should not be broken is 2518.
ALL INTRADAY AND MARKET VIEW WILL BE MADE AVAILABLE DURING MARKET TIME .
Regards
NIFTY TRENDTEAM
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