Future Outlook: In view of the bullish candlestick pattern both on weekly as well as on the daily chart suggests high probability of upside momentum. In coming trading session if nifty trades and close above 4908 level then bullish engulfing pattern would get activated. In such scenario nifty is likely to test 4950 – 5000 - 5120 level. However a weekly close above 4957 would be encouraging and one may expect momentum on the upside to continue further. On the flip side below
4761 the next support is at 4656 level. Since the corrective move on the daily chart is making lower highs, rallies are likely to attract selling pressure. Hence one has to adopt cautious approach towards the market and trade with strict stop loss.
Domestic Sector News –
• AVIATION: Air India's pilots' strike entered its 13th day on Sunday, with pilots ignoring the government's plea to return to work. Government plans to make it mandatory for airlines to fly
feeder flights into big cities from nearby places, making it mandatory for them to have small turbo-prop aircraft in their fleet. Airports Authority of India will develop 225 airports across
the country by 2020.
• TELECOM: Augere Wireless, a company backed by France Telecom and private equity funds, plans to sell its 4G internet and data network spectrum in two states and quit India on
regulatory uncertainty in the country.
Domestic Stock Specific News
• India Apr CPI combined inflation rate 10.36% vs 9.38% Mar.
• Rupee hits new all-time low against dollar.
• Govt says may issue compliance orders on austerity measures.
• Suzlon asks FCCB holders to extend maturity by up to 45 days.
• Sun Pharma gets US FDA OK for generic of Plavix tablets.
• Prism Cement arm H&R Johnson ups capacity of Andhra JV tile unit.
• Redington arm in pact to sell Samsung's handsets in Africa.
• GEI Industrial close to buying fabrication co for 200 mln rupees.
• Cola India hopes to break fuel pact deadlock in two weeks.
• Reliance Ind, Himachal Futuristic Communications tie up for 4G launch.
• Ranbaxy plans to relaunch skincare brand Sotret in US
International News -
German producer prices rose at a slower than expected pace in April in both monthly and annual terms, up only 0.2% on the month and 2.4% on the year
Today’s Result –
Adanient, IVP, Tatacomm, Akzoindia, Kalpatpowr, Vasconeq, Alkali, Laopala, Vimtalabs, Banswras, Manjushree, Voltamp, Gitanjali, Nationalum, Wyeth, Gokex, Pfizer, Zeel, Impexferro, Raneengine.
Results Announced on 18-05-2012 -
• State Bank of India Jan-Mar net profit 4050.27 cr rupee vs 20.88 cr rupees (Y-o-Y).
• Tata Steel Jan-Mar net profit 1560.51 cr rupee vs 1707.71 cr rupees (Y-o-Y).
• Coal India Jan-Mar standalone net profit 1223.52 cr rupees vs 1385.79 cr rupees (Y-o-Y).
• Deepak Fert Jan-Mar net profit 45.48 cr rupees vs 52.72 cr rupees (Y-o-Y).
• EClerx Services Jan-Mar cons net profit 30.41 cr rupees vs 29.53 cr rupees (Y-o-Y)
