Markets For 28-03-2008

The million dollar question now in every traders mind is whats next with the markets.The Nifty FNO settlement for the month of march was smooth after the initial volatility observed in the series.I believe the triggers going forward will be

• Earnings review
• Nuke deal furore
• Food inflation
• Using fiscal policy towards inflation
• March 31st Nav of mutual funds

The biggest and the most important factor going forward will be the earnings review of companies starting next week.I believe that this will be centre stage of all the market action going forward.During this quarterly review we will also know the extent of damage India Inc suffered due to forex derivatives and other complex products.
Yesterday Prime securities reported that it has suffered losses to the tune of 3 crores in its fno accounts and 23 cr is being market to market in its Share trading account.The company also said that Pbt for the entire year is expected to be 27 crs.Doing back calculation the company has posted PBT of 58 CRS in last 9 months.this means that the company will show huge losses of 31 crs during this quarter.I believe that all the brokerage houses should come out with a similar clarification so that there valuations can be justified to there earnings.A very similar clarification should be asked by the regulators from the companies involved in forex derivatives.
Yesterday the Government asked the iron ore producers to reduce there price.I believe we will see increasing confrontation between the government and the industry going forward.

Nifty supports :4790-4770-4745

Nifty resistance 4877-4930

News Of Prime Importance

UK GDP Figures.....Stock split of crazy Infotech from Rs 10 to Re.1.......Result of Bata,Ranbaxy Lab,Sulzer......Mallya wants to buy heineken's 37.5% in UB...... Finance Minister to meet BSE top brass today.......Tata chem raises $850m debt to fund US buy......Bharat forge plans aero marine parts plant.....rupee opens at 40.14-40.16per $1vs 40.10 thursday....

ZEENEWS ( Zee News Limited)

Action	Trigger Price	Stop Loss	Target 1	Target 2
BUY ABOVE	53	50.5	55	59
S.SELL BELOW	49	51	47	42

ORBITCORP ( Orbit Corporation Limited)

Action	Trigger Price	Stop Loss	Target 1	Target 2
BUY ABOVE	550	515	580	620
S.SELL BELOW	505	520	475	415

MAHSEAMLES ( Maharashtra Seamless Ltd)

Action	Trigger Price	Stop Loss	Target 1	Target 2
BUY ABOVE	300	295	340	390
S.SELL BELOW	290	298	255	205

HOT STOCKS

UNITECH, HINDALCO, DLF, HINDUNILVR, PARSVNATH,
CIPLA, ORBITCORP, OMAXE, EDELWEISS, PFC, SUNPHARMA,
ROLTA, FEDERALBNK, GTL, SIMPLEXINF, BANKBARODA.

MARKET OUTLOOK:

Technically Nifty may witness volatility and it may take resistance at 4,910/5,000/5,055 levels and support at 4,770/4,725/4,680 levels.
POST-MARKET ANALYSIS
􀃠 Indian market witnessed volatility during previous trading session and managed to
close at 4830 levels.
􀃠 Major gainers: Jammu & Kashmir, GlaxoSmithKline and Hindalco Industry March’08 Futures.
􀃠 Major losers: Amtek Auto, Mphasis BFL and Bharat Electronics March ’08 futures.
􀃠 Open Interest raised in Jammu & Kashmir, GlaxoSmithKline and Hindalco Industry March’08 Futures.
􀃠 Open Interest shed in Great Eastern Shipping, Dabur India Ltd and Kesoram Industries March’08 Futures.

NIFTY ANALYSIS

􀃠 Nifty futures witnessed volatility during previous trading session and managed to close at 4830 levels. Today Nifty futures may face resistance at 4,920 and 5,010 and support at 4,780 and 4,735 levels.
􀃠 Most active call options: 4,800 and 4,900.
􀃠 Most active put options: 4,800 and 4,900.