Wednesday, July 30, 2008

S&P Nifty (4313.55 points) (+123.70 pts)

The crack developed in the earlier session was immediately filled up
with a gain of 3.5%. The Nifty opened strong and steadily moved up
to close almost at the days high. A stunning performance by the
Banking and Metal stocks equally supported by CGS, IT and
Reliance pack unfolded into a rally of 125 points (500 points on the
Sensex). The A/D ratio was positive at 2:1 while the volumes were
marginally higher.
Again the Nifty has come at a striking distance of the crucial
bottleneck area at 4355-4365 points. A sustained up move above it
(in close) could lead to recovery upto 4412 and 4454 points. However
the low at 4158 points should not be decisively broken; otherwise a
test of 4076 points is likely. As mentioned in the weekly report, an
“inside week” formation is likely.
Intraday, crucial support in declines is at 4277 points. If it sustains
above the hurdle at 4355-4365 points then resistance on the upside
is at 4394-4412 points. The markets will remain turbulent on the
last day of a long (5 week) July F&O expiry.

NIFTY Intra Week

Volatility 295 pts

S1 4192.85

S2 3899.00

R1 4543.25

R2 4659.00

Short Terms ...........!

Jindal Stain Chance Buy CMP: 131.70

Tgt: 136-140


The daily candlestick chart of Jindal Stain shows a bullish candle. It has closed
above the ascending triangle pattern on high volumes. Now the resistance line in
pink is at 136 which if decisively crossed can test Rs.140-142. High risk traders can
buy in declines around Rs.129-130 or a sustain move above Rs.132 with a strict stop
loss below Rs.126 in close for a pullback to Rs.136-140 in the coming 7-8 days. A
breach of Rs.123 would negate the bullishness.

* Trade in cash and in small quantities.


Cairn Ind Risky Buy Aug 240 CA CMP:

10.45 Tgt: 15-18


The daily candlestick chart of Cairn shows a bullish candle on high volumes. It has
closed above the sideways movement from Rs.215-230. High risk traders can buy
August 240CA in declines with a strict stop loss above Rs.5.85 in close for a
pullback to Rs.15-18-22 in the coming 7-8 trading sessions.


* Trade in cash and in small quantities.


Saturday, July 26, 2008

Metals & Energy News Headlines

Brace yourself with the Day’s News Headlines

Metals & Energy News

Food prices under threat as major parts of India suffer deficient rain. Business Standard

Sensex dips 502 pts on credit, earning woes. Business Standard

High rates may shrink Centre’s dividend kitty. The Financial Express

Steel prices come down by 6%, but government to keep up vigil. The Financial Express

India firm on services sector as part of WTO deal. The Financial Express

Oil majors’ profits to soar on record crude. Business Standard

India to lobby hard with China over nuclear deal ahead of IAEA. The
Financial Express

Forex reserves fall to $307 bn. The Financial Express

Distribution of subsidized edible oil to commence from July 28. The Financial Express

Chilli futures set to bounce back on sowing delay. The Financial Express

Tax dept to step up focus on B2B deals. Mint

Inflation will continue to haunt in second half too. Business Line

MCX to launch coriander seeds futures. Business Line

Spot trading begins in Steel Billets; trend weak on summer lull. Business Line

Spice exports up 23% in first 3 months of FY09. The Financial Express

Friday, July 25, 2008

AGRI COMMODITY NEWS

· MCX to launch CORIANDER SEEDS (DHANIA) FUTURES from Monday. Coriander commands a market share of Rs 1100 Cr. (FE)

· Growing interest, space for Corporate for AGRI COMMODITIES: Abhijit Sen. (FE)

· FOOD PRICES under threat as major parts of India suffer deficient rains. (BS)

· COMMEXES’ turnover up despite futures ban. (The 22 Exchanges register a 33% rise in Turnover). (FE)

· FOOD prices rise unabated (despite ban on exports and relaxation of import duties) (BS)

· INFLATION will continue to haunt in second- half too. KHARIF production facing prospect of setback. (BL)

· RAIN forecast in AP, Maharashtra. (The Hindu)

· July RAINFALL lowest in 5 years. (BL)

· Low rain may hit PEPPER, CARDAMOM. (FE)

· Maharashtra’s CANE areas face heat of monsoon failure. (BL)

· SUGAR production to exceed demand in 2008. (FE)

· SPICE exports up 23% in first 3 months of FY 09. (FE)

· India, Malaysia set to clash over RICE patent. (TOI)

· CHILLI futures set to bounce back on sowing delay. (FE)

· Distribution of subsidized EDIBLE OIL to commence from July 28.
(FE)
· Farmers told to shift from COTTON. (FE)

AA : The Asian Age

BL : Business Line

BS : Business Standard

ET : The Economic Times

FE : Financial Express

HT : The Hindustan Times

IE : The Indian Express
RS : Rashtriya Sahara
TO : Times of India

Thursday, July 24, 2008

Nuclear deal – what the scientists say news

Defence scientists say that after the last tests they may no longer need to carry out further nuclear tests, should India choose to develop nuclear weapons, writes Rajiv Singh.

New Delhi: The UPA government has submitted a draft text of the safeguards agreement to the International Atomic Energy Association (IAEA) for clarification before formal ratification. The safeguards text, worked out with IAEA inspectors early this year, has been sent to the agency's 35-nation board in Vienna for approval.

The text reportedly envisages support for Indian efforts to develop a strategic reserve of nuclear fuel to guard against any disruption of supply over the lifetime of India's reactors.

The draft reportedly says that the Indian government may take corrective measures to ensure uninterrupted operation of its civilian nuclear reactors in the event of disruption of foreign fuel supplies.

The draft also says that the Indian government will ensure that none of the materials produced in the safeguarded facilities shall be used for the manufacture of any nuclear weapon, or to further any other military purpose. Such material, according to the Indian government, shall be used for peaceful purposes only and not for the manufacture of any nuclear explosive device.

These provisions are already beginning to raise eyebrows amongst the international community of 'experts'. They are pointing to a number of 'ambiguities', which they say need to be clarified by the UN watchdog body before ratification.

The draft, according to certain Washington-based think tanks, contains several points that "raise questions that board members need to get clarity on", according to a report in the International Herald Tribune. The report quotes Daryl Kimball of the Arms Control Association, as saying that the clause in the draft that says India "may take corrective measures to ensure uninterrupted operation of its civilian nuclear reactors in the event of disruption of foreign fuel supplies," could potentially restrict international monitoring of India's atomic programme.

Disruption of fuel supplies, he argues, would happen only if India were to resume testing of nuclear weapons. "Does that mean that India intends to withdraw from what are supposed to be permanent safeguards if it tests and other states decide to terminate fuel supplies?" asks Kimball. "If so, that is a big problem and the Indian government has not clarified what that means," he said.

Kimball conveniently omits to look at the other - the Indian - side of the picture, where if a consortium of states, or any member of such a consortium of states, which supply nuclear fuel around the world, should act in an arbitrary manner and impose sanctions on India for any reason. In such an eventuality, the Indian state would need provisions to safeguard its interests. This is not just a theoretical position that India may adopt for the sake of argument, because it is evident from recent history that there is nothing to prevent supplier nations, belonging to different political camps in a polarised world, from acting in a unilateral manner.

As has become evident over the previous decade or so, at times the UN umbrella appears to unify the nations of the planet only in a nominal way.

Kimball also finds it ''abnormal'' that the Indian government has omitted to submit a list of reactors that it intends to place under IAEA scrutiny. He reasons that though India's motives are not clear, it may be that "they're trying to preserve their options to put some reactors in or take some out" from IAEA scrutiny, depending on future bilateral nuclear cooperation

Reports over the years have suggested that intense negotiations, both internal, amongst the Indian scientific community, and external, with US interlocutors, have finalised the number and types of nuclear facilities that will be placed under international safeguards. Indeed, it was only once these details were finalised between Indian and US teams that the Indo-US deal moved forward to the stage where it is today. There really is no great 'secret' that the Indian government is holding close to its chest here.

Till the deal reaches a stage where such details come into play meaningfully, such details are matters of academic interest, which the Indian government very sensibly may not feel like advertising internationally - particularly to members of Washington-based think tanks.

Long time watchers of the Indian subcontinent, such as Ashley Tellis of the Carnegie Endowment for International Peace, also a supporter of the deal, is quoted as saying that fears of another Indian nuclear weapons test are theoretical and India risks too much by testing.

"With the investments that they have made in this deal, the incentives not to test actually grow," he said."

If India tests in the future, it will not be the first to test. It will test most likely in response to somebody else testing," added Tellis.



When the Buddha smiled

The debate, domestically at least, hinges around the nuclear deal ''impinging'' on our sovereignty in any way by preventing the country from testing nuclear weapons. Internationally, particularly amongst the non-proliferation lobby in the US, fears also revolve around the issue of testing and weaponisation. It may be useful to revisit the 1998 nuclear tests conducted by India for the clarifications that the scientific community had issued at that point of time.

Two years after the 1998 Pokharan nuclear explosions – the so-called 'Buddha smiles' tests - Dr R Chidambaram, then chairman, Atomic Energy Commission (AEC), confirmed some facts about the explosions in response to a persistent controversy regarding the supposed yields. He said that of the five nuclear devices exploded in Pokhran two years ago, "The 15 kiloton device was a weapon, which had been in the stockpile for several years. Others were weaponisable configurations." This then begged the question whether more tests were required to convert these "weaponisable configurations" into weapons.

For this we need to go back further in time to 1998, to a joint statement issued by then AEC chairman and the scientific adviser to the defence minister shortly after the nuclear tests. The statement said: "The three tests conducted on May 11, 1998, were with a fission device with a yield of about 12 kt, a thermonuclear device with a yield of about 43 kt and a sub-kilo tonne device. On May 13, 1998, two more sub-kilo tonne nuclear tests were carried out".

Further, the statement said, "The tests ... have provided critical data for the validation of our capability in the design of nuclear weapons of different yields for different delivery systems. These tests have significantly enhanced our capability in computer simulation of new designs and taken us to the stage of sub-critical experiments in the future, if considered necessary."

As should be evident from this last statement, the need for further testing is already significantly reduced - if not done away with altogether. In any case, if ''weaponisable configurations'' still need to be tested, the statement is unambiguous about the fact that India will conduct ''sub-critical experiments in the future, if necessary,'' as data from the tests had ''significantly enhanced'' capability in ''computer simulation of new designs.''

A Los Alamos laboratory text from September 2006 describes sub-critical testing in the following way: ''Sub-critical experiments examine the behaviour of plutonium as it is strongly shocked by forces produced by chemical high explosives. Subcritical experiments produce essential scientific data and technical information used to help maintain the safety and reliability of the nuclear weapons stockpile. The experiments are subcritical; that is, the quantity of plutonium used is below the so-called critical mass required for a self-sustaining nuclear chain reaction, thus, there is no nuclear explosion.''

If there is no nuclear explosion then a lot of debate about ''nuclear testing'', and how its absence, thanks to the provisions of the nuclear deal, may impinge on our ''national sovereignty'' dies a natural death.

Amongst the defence scientific community, the debate would still continue – whether India had reached a level of sophistication and confidence that its weaponisation programme could move ahead on the basis of computer simulations, and that ''weaponisable configurations'' would not require field testing.

But then, it stands to reason that the scientific community would have already conducted this debate a long time back. The conclusions they would have drawn would have allowed the political establishment to proceed with the Indo-US nuclear deal.

India's defence and civilian scientists have had a critical role to play in the formulation of the nuclear deal. Their reluctance was perhaps the biggest hurdle the government had to cross. Once they came on board the process of settling details with US interlocutors really took off.

These scientists do not have axes to grind, the way the various political parties do. In more ways than one the debate over the nuclear deal (not just with the US but with the entire global community) should be dominated by what these experts say rather than politicos hogging the airwaves on every TV news talk show.

Sunday, July 20, 2008

Metals & Energy News

Brace yourself with the Day’s News Headlines

Metals & Energy News

*FMC’s norms to upgrade regional commexes soon. The financial Express

*India to grow at 8% amid global slowdown: IMF. The Economic Times

*Rupee rises to three week peak bond yields crash. The financial Express

*Gold slips on steady dollar. Business Line

*Low Inventories likely to keep crude prices high. Business line

*Corn Prices seen gaining on continuing demand. Business Line

*Easing crude prices bring relief to equity markets. The financial Express

*ECB norms for core sector to be relaxed further. The financial Express

*Aluminum at 3-week low as stocks rise. Business Line

*Cash reserve deadline to put more pressure on liquidity. The Economic Times

* Public Sector firms under austerity lens. Hindustan Times

Friday, July 18, 2008

Weekly Market Recap

Continuing its trend, volatility remained the name of the
game this week. The BSE Sensex registered a gain of 1.2%
while the Nifty registered a gain of 1.1%. Foreign
Institutional Investors (FIIs) have been net sellers to the
tune of Rs. 1,203 crore, while the Mutual Funds have been
net sellers to the tune of Rs. 122 crore.

The wholesale price index inflation rose up to 11.91% for
the week ended July 05 as compared with 11.89% in the
previous week, mainly due to higher prices of some food
items and various petroleum products.


Sterlite Technologies Ltd, a leading global provider of power
transmission conductors, optical fibres and
telecommunication cables, has won four contracts with
leading infrastructure companies in Nigeria, Uganda,
Algeria and Bangladesh. The contract are worth US $ 1.55
crore. As per the requirement, the power conductor would
be supplied between July and November 2008.


BEML has received orders worth Rs. 34.50 crore from
African countries. It will supply 35 equipment worth Rs.
21.50 crore to Tunisia and 18 equipment valuing Rs. 13
crore to Malawi. The equipment ranges from small size
bull dozers to back hoes loaders, wheel loaders and
hydraulic excavators. Recently, it has also bagged mining
equipment orders worth Rs. 207 crore from Indonesia. To
increase its overseas market penetration, BEML has set up
offices in China, Malaysia and Brazil. Its current order book
stands at Rs. 4,000 crore.


TRF Ltd has received an order worth Rs 413.85 crore for
Design, Engineering, Manufacture, Supply, Erection, Testing
and Commissioning of Coal Handling Plant on Turn-key
basis, for the 2 X 600 MW Raghunathpur Power Project
(Phase-1) from Damodar Valley Corporation. The company
is engaged in the design, manufacture, supply, installation,
and commissioning of engineered equipment and systems
in the areas of handling, loading and unloading, processing,
stacking, reclaiming, and blending of bulk materials in India.

BGR Energy has secured perhaps the largest EPC contract
in the country, for the 2x600 MW Kalisindh Thermal Power
Project at Jhalawar from Rajasthan Rajya Vidyut Utpadan
Nigam Ltd.(" RRVUNL).The lump sum contract value is Rs.
4900.06 crore and includes design, engineering, supply of
Boiler,Steam Turbine Generator and complete Balance of
Plant equipment.

The rapid slide in the markets in the last six months once
again underlies the critical role of sentiments in the
investment world. Who would have imagined such a
pessimistic scenario in just six months in December? This
question gives us enough reason to be sanguine about the
ensuing future. For, to repeat the oft quoted cliché, bullish
markets are born in tunes of extreme despair, just as bearish
markets are during extreme euphoria. Finally, the patient
investor will make the profit. Here's raising a toast to her
and wishing that her tribe increases….

Friday, July 11, 2008

Metals & Energy News

* Industrial Growth slumps to 3.8% in May. Business Line

* Inflation rise continues touches 11.89%. Business Line

* Forex reserves down $3.4b. Business Line

* World economy stuck between recession and inflation. Business Line

* OECD indicators signal intensified slowdown. Business Line

* Investor interest in Uranium increasing. Business Line

* Gold hits $950 on firm oil. Business Line

* Crude rises $2 on supply threats. Business Line

* High aluminium stocks to cushion output cuts impact. Business Line

* Travel sector sees M&A on fast track. The Economic Times

* Govt to seek trust vote on July 22. Hindustan Times

* Easier security norms for ECBs to flow in capital. The Financial Express

* Double digit inflation to continue, says FM’s advisor. The Financial Express

Weekly Market Recap

Bears were in no mood to loosen their grip on markets this week.The BSE Sensex registered a gain of 0.1% while the Nifty registereda gain of 0.8%. Foreign Institutional Investors (FIIs) were netbuyers to the tune of Rs. 94.5 crores while the Mutual Fundswere net buyers to the tune of Rs. 712.4 crore.

The wholesale price index inflation rose to 11.89% for the weekended June 28 as compared to 11.63% previous week, fuelledby high prices of all essential commodities.

Deceleration in the production of the petroleum refinery products,electricity and cement pulled down the growth in the six coreinfrastructure industries to 3.5% in May 2008 compared to 7.8%in May 2007. During April May 2008-09, the growth rate for thecore industries declined to 3.5% against 6.9% during the sameperiod last fiscal.

NTPC-Bhel Power Projects (NBP-PL), the 50-50 JV between NTPCand BHEL, is investing Rs. 6,000 crore in setting up a powerequipment manufacturing facility that will churn out boilers andturbines equipped to charge up 5,000 MW of Greenfield thermalcapacities by calendar 2013. It will undertake three broadcategories of businesses which will be taken up in three phases.In the first phase, it will strive for engineering, procurement andconstruction jobs for power plants in India and abroad while inthe second phase it will manufacture critical equipment for powerunits and in the final phase it will set up a power manufacturingplant. The plant will have a capacity to manufacture criticalcomponents - boilers and turbines- for power plants with anannual capacity of 5,000 mw of 2013.

Larsen and Toubro has bagged a Rs. 1,047.6 crore order from theIndian Railways for setting up a Cast Steel Wheel Manufacturingplant in Saran (Chhapra) District of Bihar. The plant whencommissioned will have the capacity to manufacture 1,00,000 CastSteel Railroad Wheels per annum. The scope of the work involvesengineering, procurement and construction of the complete plantincluding civil works, electrical installation, design, supply erectionand commissioning of the machinery and plant. The new plant willhelp the Indian railways to meet the huge shortage of wheels forrolling stocks due to rapid growth in the passenger and freighttraffic and will reduce dependence on imports.

Bharat Earth Movers (BEML) has bagged orders worth Rs.207crore for export of hydraulic excavators, rear dump trucks andbulldozers to Indonesia. One order for 93 equipments valued atRs. 158 crore is from Fajar Bumi Sakti, Indonesia, for deploymentat its coal mines. The second order for 34 equipments worthRs. 49 crore is from Singapore`s Far East Resources & Mining Co,for its coal mines in Indonesia. BEML plans to establish a salesoffice-cum-repair facility and spares depot at Balikpapan inIndonesia in three months, to provide 24x7 after-sales support toits customers.

Infosys Technologies have registered a net profit growth of20.67% to Rs 1,302 crore for the quarter ended June 30, 2008 ascompared to Rs 1,079 crore for the quarter ended June 30, 2007on consolidated basis. The total Income has increased by 23.47%to Rs. 4,971 crore vis-à-vis Rs. 4,026 crore previous year. On astandalone basis, the net profit after tax rose by 22.76% toRs. 1,262 crore for the quarter ended June 30, 2008 vis-à-vis toRs. 1,028 crore for the previous quarter. Firstly it has uppedearnings guidance to Rs. 99.34-101.06. Secondly this was mainlyon account of depreciation in rupee and new assumption ofRs. 43 for the remaining three quarters. And lastly revenue guidancein dollar terms has remained same.

Friday, July 4, 2008

Metals & Energy News

Dear All,

Brace yourself with the Day’s News Headlines

Metals & Energy News

Investors see greater value in paper Gold. Business Line

Crude below $145 on Iran response. Business Line

July crude output may reach 27 year high. Business Line

Rising Inflation points to more rate increases. Mint

Bonds fall steepest in 8 years on price rise. Mint

Imports may rise on edible oil shortage. Mint

FMCG majors mull another round of price hikes. The Financial Express

Airlines cut down on routes to curtail losses. The Financial Express

Trouble mines deep into coal sector. The Financial Express

India is losing self-sufficiency in food produces. The Financial Express

Consumers in Punjab to shell out more for power. The Financial Express

India to seek NSG support on deal during G-8 meet. The Financial Express

G-8 to tackle inflation, concrete action elusive. The Financial Express

Trent to invest Rs.2,000 crore for 50 Star Bazaar hypermarkets. The
Financial Express

Foreign reserves fall by $691m to $311.8 bn. The Financial Express

Kingfisher may buy SpiceJet in cash deal. The Economic Times

Banks swap state govt. bonds at inflated price to book profit. The Economic
Times

India coffee prices increase on tight supply, global cues. The Financial Express

Cement Industry adds 46 mt capacity in three years. The Financial Express

Weekly Market Recap

The BSE Sensex tumbled 348 points this week, led by rising oil
prices, discouraging global cues and heavy selling pressure in
the frontliners. The Sensex and the Nifty are re-testing 13,000
and 3,900 levels, respectively. The BSE Sensex lost 2.5% while
the Nifty lost 2.9%. Foreign Institutional Investors (FIIs) were net
sellers to the tune of Rs.799 crore whereas Mutual Funds were
net buyers to the tune of Rs. 396.7 crore. The wholesale price
index, inflation rose up to 11.63% for the week ended June 21
vis-à-vis 11.42% in the previous week

GMR Infrastructure Ltd has announced that Delhi International
Airport (P) Ltd (DIAL), a Subsidiary of the Company tasked with
the modernization of the Indira Gandhi International Airport has
carried out an extensive renovation programme to enhance the
efficiency of the terminal and also improve its aesthetics and
functionality. A number of steps have been taken In order to
reduce congestion. The departure ramp on the city side has been
widened to accommodate more vehicles. In the departure checkin
area, an additional 2500m space has been added to increase
the number of check in counters. The modern 3 level in line
baggage handling system will supposedly eliminate the entire
process of getting one's luggage X-rayed before check-in. The
number of immigration counters in the departure area has been
increased from 28 to 52 and the number of security lanes has
been increased to 22 from 10 with the objective of reducing the
queue for security clearance.

BHEL has bagged a Rs. 2,080 crore turnkey order from the Ministry
of Electricity in Syria, for setting up of two units of 200 mw each,
at the Tishreen thermal power plant extension. The order placed
by the public establishment of electricity for generation and
transmission PEEGT - scheduled for the execution in 33 months,
includes manufacturing, supplying and commissioning of main
plant and balance of plant (BOP) equipment besides controls
and instrumentation (C&I)

JSW Steel Ltd has posted a 22% growth In crude steel production
in Q1 FY 2008-09, including production of Salem works for the
corresponding period. The company has also achieved 18%
growth in the Rolled Long products segment. The production of
HR Coils and Plates was -12%, mainly due to the shutdown of the
Hot Strip Mill for 17 days for modernization during June 2008.

Punj Lloyd Ltd has been awarded a contract by GVK Power Ltd,
Hyderabad to work on the 2 X 270 MW Govindwal Sahib Coal
Fired Thermal Power Project in Taran District, Punjab for a value of
Rs 1,005 crores. The scope of the project involves the Balance of
Plant Work (BOP) and the entire civil work on the EPC basis. Work
on the project is expected to be completed by mid 2011.

On the international front, the European Central Bank hiked the
key-lending rate, which is the minimum bid rate on the main
refinancing operations, by 25 basis points to 4.25%, which is in
line with the expectations amid record high inflation and slowing
growth in the Eurozone. The central bank had maintained the
rate at a six-year high of 4% since June last year.

Crude oil hit 146 dollars a barrel for the first time on Thursday, as
traders reacted to Middle East tensions, falling US crude reserves
and the weak dollar. The Brent North Sea oil for August delivery,
surged to a life-time peak of 146.34 dollars.

The current soft phase on the bourses has lasted six monthsmaking
it the first one of its kind in over three years, thus testing
both, the mettle as well as the patience of the entire fraternity of
market participants. As things stand today, the picture looks quite
tough for the next year or so at least. In case the phase lasts that
long (or more), the verdict of winners and losers would, in our
guess, throw up an entirely different picture vis-à-vis the immediate
past. As Tennyson said in his famous poem-the old order
changeth, yielding place to the new….

Thursday, July 3, 2008

S&P Nifty (3925.75 points) (-167.60 pts)

The Bears were back with a bang wiping off all the previous day’sgains. Barring banking stocks all the Sectoral heavy weight stockstumbled in the morning session. Discount once again widened butsome short covering was seen in the Futures as it took supportaround its earlier lows (3811-3818). Reliance with the support ofbanking stocks (led by SBI) gave a pullback of around 100 points.Afternoon session was highly volatile as the battle intensified butonce again sharp selling in the last half hour pushed the Bulls onthe back foot. The A/D ratio was marginally negative and thevolumes were lower.As seen from the above graph, a newly drawn trendline in pinkshows that the Nifty is moving in a “wedge” type pattern. Themarkets have become turbulent as it is getting squeezed inside thewedge. Trendline support and resistance of it is at 3779 and 4052points respectively. Since the odds are even around 3854 points(61.8% retracement of 2307-6357), we are seeing the pullbacks. TheBears need to break 3824-3854 points range decisively for freshdown swing, otherwise the markets may consolidate at currentlevels.Intraday, the 3824-3842 points’ area is the crucial support in theNifty. Pivot is pegged at 3899 points and resistance is at 3985-4014points. Protect your positions appropriately as the markets arehighly volatile.

NIFTY Intra

WeekVolatility 308 pts

S3 3738.57

S4 3617.00

R1 4573.67

R2 4739.40

Alok Inds Chance Buy CMP: 36.90 Tgt: 40-42

The daily candlestick chart of Alok Inds shows a decline from Rs.70.40 to Rs.33.25.
For the past couple of sessions it is holding above Rs.33. The downside risk is
minimal for an anticipatory bounce. High risk traders can buy preferably in
declines around Rs.34-35 with a strict stop loss below Rs.32.50 in close for a
pullback up to Rs.40-42 in the next 7-8 trading sessions. For any fresh
upmove, Rs.40 has to be sustained while downtrend continues on a decisive
breach of Rs.32.

* Trade in cash and in small quantities.

=============================
India Cem Chance Buy CMP: 124.80 Tgt: 133-136The daily candlestick chart of India Cem shows a decline from Rs.169.90 toRs.115.65. For the past couple of sessions it is holding above Rs.115. The downsiderisk is minimal for an anticipatory bounce. High risk traders can buy preferablyin declines around Rs.120-122 with a strict stop loss below Rs.116 in close fora pullback up to Rs.133-136 in the next 7-8 trading sessions. For any freshupmove, Rs.133 has to be sustained while downtrend continues on adecisive breach of Rs.115.

* Trade in cash and in small quantities.