6:16 PM
BUZIBIZ
For the week ahead chartists predict trading range of 5,320-5,550 for the Nifty.
Cut short term longs if indices trade below the key support levels at 5,340.
Expect resistance to the indices at 5,460 and
5510.
Expectedly after the recent euphoric run, profit booking was seen in the banking and auto counters. Range bound consolidation is indicated for some more time. Rumours of impending price hike in petro products have propelled OMCs to new highs. Use corrections to buy IOC, BPCL, HPCL and GAIL for medium term.
FMCG stocks continue to be good defensive bets. Stay invested in ITC and Dabur. Improvement in prices at LME may trigger relief rally in select metal counters. Hold Tata Steel for further gains. From the PSU stable PFC, REC, Power Grid, BEL and BHEL may seek higher levels in near term.
Comeback rally likely in ADAG companies punters. Speculative buying likely in Reliance Capital, Reliance Power and Reliance Comm.Selective buying seen in pharma counters. Buy Aurobindo, Dr Reddy and Divi Labs for near term gains.
Aditya Birla Nuvo, Ashok Leyland, Bharat Forge, BGR Energy, Cummins (I), Firstsource, IFCI, Pantaloon, Indusind Bank, Opto Circuits looks good for buying.
Expectedly after the recent euphoric run, profit booking was seen in the banking and auto counters. Range bound consolidation is indicated for some more time. Rumours of impending price hike in petro products have propelled OMCs to new highs. Use corrections to buy IOC, BPCL, HPCL and GAIL for medium term.
FMCG stocks continue to be good defensive bets. Stay invested in ITC and Dabur. Improvement in prices at LME may trigger relief rally in select metal counters. Hold Tata Steel for further gains. From the PSU stable PFC, REC, Power Grid, BEL and BHEL may seek higher levels in near term.
Comeback rally likely in ADAG companies punters. Speculative buying likely in Reliance Capital, Reliance Power and Reliance Comm.Selective buying seen in pharma counters. Buy Aurobindo, Dr Reddy and Divi Labs for near term gains.
Aditya Birla Nuvo, Ashok Leyland, Bharat Forge, BGR Energy, Cummins (I), Firstsource, IFCI, Pantaloon, Indusind Bank, Opto Circuits looks good for buying.
RECL licences cancelled 30-08-2010
The Petroleum and Explosives Safety Organisation (PESO) has suspended the licenses of Rajasthan Explosives and Chemicals Limited, Dholpur, pending investigation into the missing explosive trucks. According to Dholpur collector Sarawan Kumar, the PESO headquarters in Nagpur suspended all thelicenses of RECL on Saturday. Licences of six other companies in India were also suspended by PESO.
“All four licenses of RECL have been suspended. Usual suspension period is 90 days but the time period has not been specified in this case,” he said.
The licenses are related to the chemicals manufactured at the unit. A separate license is given for each chemical manufactured at the unit. RECL manufactures fuses, fuse wires, detonators and explosives gel. Kumar said there has been a previous instance of RECL’s licenses being revoked. RECL is at the centre of the controversy after trucks carrying explosives went missing.
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