The trend of market is up and will remain so till the time Nifty level of 4749 is not broken on the downside. However profit booking will occur at every level. Thus one must keep an eye on support and resistance of Nifty and Sensex. Sensex support exists at 16030-15950 with resistance at 16404. Nifty support exists at 4780-4730 with resistance 4905. On 11 Sep 2009 Indian market ended modestly higher after moving choppily all through the day due to intermittent profit taking ahead of the weekend. The BSE Sensex closed at 16,264, up 47 points or 0.29% and the S&P CNX Nifty followed with a gain of 10.15 points, or 0.21%, at 4830.
IPO Update
(a) Pipavav Shipyard has fixed its initial public offering (IPO) price band between Rs 55-60 per share. As per CNBC TV 18 issue may open for subscriptions on September 16 to raise around Rs 550 crore by diluting nearly 12% equity. However as per our advice it is better to avoid entering in this stock.
(b) Godrej Properties (GPL) is going to raise money in coming one month.
(c) GSPC likely to file IPO papers in Oct.
News of Use
(a) Big dent in Jet’s revenues i.e. a loss of Rs 100 cr since strike.
(b) Home loan seekers have a reason to cheer as now they can save up to Rs 10,000 on their monthly repayments for one year as the government today approved one per cent interest subsidy for houses that cost less than Rs 20 lakh. This scheme is likely to cost the exchequer Rs 1,000 crore and would benefit about 10 lakh borrowers. This move is likely to povide stimulus to economy as a single housing loan gives impetus to 165 industries.
Subscribers Profit from Day Trading Tips: 11 Sep
DLF profit for the day for subscribers was Rs 940, ICICI bank gains were Rs 2400, BOB gains were Rs 200, 2 stocks opened gap up and thus were not traded and similarily 2 stocks did not reach the entry price and thus those trades were not entered by traders.
BSE NSE stock tips for Day Trading
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