The FOMC meet spread the blood of the bulls across the D-street. As expected Mr. Ben Bernanke did not announce any pull back of QE, but a mere hawkish stance put markets across globe in a tail spin. The Dow Jones closed 1.4% down and the dismal Chinese PMI data only added to the woes. Nifty opened 68 points or 1.2% down to break 5770 and kept moving in the range of 15-20 points till the noon, respecting the 5690 support level. It was only the European markets, which took nifty down. Nifty made a low of 5645, which is an extremely crucial support level.
As shown below nifty has formed a wedge pattern on the weekly charts. The entire move from 4531 to 6229 is in the form of a wedge.
The lower trend line of this wedge is at 5644 which is the low of today. A closing below this level will indicate the pattern break down as it will also be the weekly closing. With the huge sell off that happened today and strong support tested, I don't expect nifty to slide any further. I expect nifty to take a breather, either it will consolidate near support and then move up OR it will move up and then consolidate. It might also be possible that we will see levels of 5610 intraday and then pull back to close within the wedge.
The support for nifty is at 5640-5580-5535 and the resistance is at 5700-5775-5830. Nifty June Future has been trading at 7-8 points discount to the spot. The implied volatility on the Nifty June Options of ATM strike calls were at 15.81 and for puts were at 22.86. India VIX closed at 19.19. PCR for Nifty based on open interest was at 0.93 and PCR for the day based on volumes was at 0.97 for the market.
CASH MARKET:
FII 2283.48 - 4377.54 = ( 2094.06)Cr.
DII 2605.19 - 1272.69 = 1332.5 Cr.
FII DERIVATIVES MARKET:
CORPORATE ACTION:
STOCKS IN NEWS:
Gas price hike may not be considered at CCEA today: CNBC-TV18 exclusive govt sources say
-Gas price hike deferred for further prior consultations
- Neyveli Lignite divestment, ethanol blended petrol on agenda
-Allocation of wheat and rice for open market sale on agenda
-Price mechanism for imported coal on agenda
-NH148D 2-laning, revised APDRP scheme for power on agenda
-Oil ministry to seek hiking gas price to USD 6.775/mmbtu
-Oil ministry proposal to revise gas prices on a quarterly basis
-Oil ministry proposal for APM gas price of USD 6.775/mmbtu
-Power ministry still against a gas price of above USD 5/mmbtu
Hindustan Unilever (HUL) (CMP Rs 593)
-Unilever's USD 5.4 billion open offer for HUL to begin today
-Open offer close on July 4th, 2013
-Unilever made an open offer at Rs 600/share for HUL stake (of over Rs 29000 crore)
-Unilever PLC to raise stake in HUL
-Unilever makes open offer to acquire 22.5 percent in HUL
-Unilever offers to up stake to 75 percent
-Unilever to acquire up to 48.7 crore shares via open offer
FIIs bid Rs 39171 crore for government-securities versus Rs 42022 crore on Offer: Sources from Reuters
-FII debt quota cut-off at 0.0001 bps versus 10.25 bps in May
Cabinet panel to take up Neyveli Lignite divestment today: Govt sources - cogencis
-Cabinet panel to mull 5 percent divest in Neyveli Lignite
-Neyveli Lignite current market price at Rs 58, down 3.5 percent
-Govt stake at 93.56 percent - may be able to raise over Rs 400 crore
Coal Scam: CBI sources say
-Sent notice to 4 Jindal group companies to join coal scam probe
Alert: 4 Jindal group companies: Jindal Steel (JSPL), Gagan Sponge, Jindal Realty, ND Exim
-Have received documents from 4 Jindal group companies in response
-Expecting Jindal to return to India by June 30
To ask SEBI to exempt PSUs in loss from 10 percent public float: Finance ministry sources
-Other PSUs to meet August 2013 deadline for 10 percent public float
Alert: -Loss making PSUs include FACT , HMT , Hindustan Photo Films
- Hindustan Copper , ITI , STC India to meet 10 percent public float norm by August 2013
- National Fertiliser , Neyveli Lignite to meet 10 percent public float norm by August 2013
-Finance ministry met earlier yesterday to discuss PSU compliance with SEBI norms
Petroleum and Natural Gas Regulatory Board (PNGRB)
-Seeks bids to develop gas pipeline from Ennore to Nellore
-Seeks bids to develop Kakinada-Vizag-Srikakulam gas pipeline
Infosys on rupee-'We are back to 1990s with high current account deficit (CAD), declining GDP growth'
-Chances of rupee remaining above 60 per dollar very high in near-term
-Need substantial reforms to attract long-term investments
May telecom data -India GSM user additions at 31 lakh versus 35 lakh (MoM)
- Bharti Airtel adds 8.5 lakh GSM users versus 6.01 lakh (M-o-M)
- Idea Cellular adds 8.67 lakh GSM users versus 12.8 lakh (M-o-M)
Tata Motors gives average pay hike of 8 percent in 2013 versus 10-11 percent (Y-o-Y): Sources
-Pay revision with retrospective effect from April
-Wage negotiations on for Tata Motors' Jamshedpur plant
Foseco India (CMP at Rs 470.50, down 4 percent)
-Company's floor price for offer for sale (OFS) set at Rs 450/share
Ex-Dividend- Atul Rs 6/share
- Shriram Transport Rs 4/share
- Vijaya Bank Rs 2.5/share
Other stocks and sectors that are in news today:- Idea Cellular reduces data tariff by 90 percent in 8 circles
-Adani group to launch USD 2 billion dollar bonds BS
- Mahindra Forgings open offer at Rs 81/share; opens on August 5, closes August 20
- Mahindra Composites open offer at Rs 74.5; opens on August 5, closes August 20
-IMD says monsoon rains 89 percent above average in June 19 week
- RAS Resort board to meet to announce bonus issue in ratio of 1:5 (CMP at Rs 48, up 5 percent yesterday)
-NSE to suspend trading in KS Oils shares from June 21 on listing norm non-compliance
Oil Ministry proposal for gas price revision w.e.f April 1, 2014: Sources
-ONGC, Oil India APM gas price also w.e.f April 1, 2014
-Oil ministry proposal for cabinet committee on economic affairs (CCEA): new gas price regime April 1, 2014
-Proposal seeks approval for new gas price formula
-Oil ministry believes new formula to provide clarity
-Oil ministry believes new formula to incentivize investments
-Oil ministry formula gives current gas price of USD 6.775/mmbtu
-Finance ministry formula gives gas price of USD 8-10/mmbtu
Stocks In Ban Period:
nil
As shown below nifty has formed a wedge pattern on the weekly charts. The entire move from 4531 to 6229 is in the form of a wedge.
The lower trend line of this wedge is at 5644 which is the low of today. A closing below this level will indicate the pattern break down as it will also be the weekly closing. With the huge sell off that happened today and strong support tested, I don't expect nifty to slide any further. I expect nifty to take a breather, either it will consolidate near support and then move up OR it will move up and then consolidate. It might also be possible that we will see levels of 5610 intraday and then pull back to close within the wedge.
The support for nifty is at 5640-5580-5535 and the resistance is at 5700-5775-5830. Nifty June Future has been trading at 7-8 points discount to the spot. The implied volatility on the Nifty June Options of ATM strike calls were at 15.81 and for puts were at 22.86. India VIX closed at 19.19. PCR for Nifty based on open interest was at 0.93 and PCR for the day based on volumes was at 0.97 for the market.
CASH MARKET:
FII 2283.48 - 4377.54 = ( 2094.06)Cr.
DII 2605.19 - 1272.69 = 1332.5 Cr.
FII DERIVATIVES MARKET:
| BUY | SELL | NET | |
| INDEX FUTURES | 2241.95 | 3312.53 | -1070.57 |
| STOCK FUTURES | 2893.44 | 2571.45 | 321.99 |
CORPORATE ACTION:
| Ex-Date | Company | Purpose |
| 21-Jun-13 | Dabur India Limited | Annual General Meeting / Final Dividend Re.0.85/- Per Equity Share |
| 21-Jun-13 | Visaka Industries Limited | Annual General Meeting And Dividend Rs.3.50 Per Share |
| 21-Jun-13 | Future Retail Limited | Scheme Of Arrangement |
| 21-Jun-13 | Future Retail Limited | Scheme Of Arrangement |
| 21-Jun-13 | Shriram Transport Finance Company Limited | Annual General Meeting And Dividend - Rs.4/- Per Share |
| 21-Jun-13 | Plethico Pharmaceuticals Limited | Annual General Meeting |
| 21-Jun-13 | Sterling Biotech Limited | Annual General Meeting |
| 21-Jun-13 | Atul Limited | Annual General Meeting/Dividend Rs 6 Per Share |
| 21-Jun-13 | Vijaya Bank | Annual General Meeting And Dividend Rs.2.50 Per Share |
STOCKS IN NEWS:
Gas price hike may not be considered at CCEA today: CNBC-TV18 exclusive govt sources say
-Gas price hike deferred for further prior consultations
- Neyveli Lignite divestment, ethanol blended petrol on agenda
-Allocation of wheat and rice for open market sale on agenda
-Price mechanism for imported coal on agenda
-NH148D 2-laning, revised APDRP scheme for power on agenda
-Oil ministry to seek hiking gas price to USD 6.775/mmbtu
-Oil ministry proposal to revise gas prices on a quarterly basis
-Oil ministry proposal for APM gas price of USD 6.775/mmbtu
-Power ministry still against a gas price of above USD 5/mmbtu
Hindustan Unilever (HUL) (CMP Rs 593)
-Unilever's USD 5.4 billion open offer for HUL to begin today
-Open offer close on July 4th, 2013
-Unilever made an open offer at Rs 600/share for HUL stake (of over Rs 29000 crore)
-Unilever PLC to raise stake in HUL
-Unilever makes open offer to acquire 22.5 percent in HUL
-Unilever offers to up stake to 75 percent
-Unilever to acquire up to 48.7 crore shares via open offer
FIIs bid Rs 39171 crore for government-securities versus Rs 42022 crore on Offer: Sources from Reuters
-FII debt quota cut-off at 0.0001 bps versus 10.25 bps in May
Cabinet panel to take up Neyveli Lignite divestment today: Govt sources - cogencis
-Cabinet panel to mull 5 percent divest in Neyveli Lignite
-Neyveli Lignite current market price at Rs 58, down 3.5 percent
-Govt stake at 93.56 percent - may be able to raise over Rs 400 crore
Coal Scam: CBI sources say
-Sent notice to 4 Jindal group companies to join coal scam probe
Alert: 4 Jindal group companies: Jindal Steel (JSPL), Gagan Sponge, Jindal Realty, ND Exim
-Have received documents from 4 Jindal group companies in response
-Expecting Jindal to return to India by June 30
To ask SEBI to exempt PSUs in loss from 10 percent public float: Finance ministry sources
-Other PSUs to meet August 2013 deadline for 10 percent public float
Alert: -Loss making PSUs include FACT , HMT , Hindustan Photo Films
- Hindustan Copper , ITI , STC India to meet 10 percent public float norm by August 2013
- National Fertiliser , Neyveli Lignite to meet 10 percent public float norm by August 2013
-Finance ministry met earlier yesterday to discuss PSU compliance with SEBI norms
Petroleum and Natural Gas Regulatory Board (PNGRB)
-Seeks bids to develop gas pipeline from Ennore to Nellore
-Seeks bids to develop Kakinada-Vizag-Srikakulam gas pipeline
Infosys on rupee-'We are back to 1990s with high current account deficit (CAD), declining GDP growth'
-Chances of rupee remaining above 60 per dollar very high in near-term
-Need substantial reforms to attract long-term investments
May telecom data -India GSM user additions at 31 lakh versus 35 lakh (MoM)
- Bharti Airtel adds 8.5 lakh GSM users versus 6.01 lakh (M-o-M)
- Idea Cellular adds 8.67 lakh GSM users versus 12.8 lakh (M-o-M)
Tata Motors gives average pay hike of 8 percent in 2013 versus 10-11 percent (Y-o-Y): Sources
-Pay revision with retrospective effect from April
-Wage negotiations on for Tata Motors' Jamshedpur plant
Foseco India (CMP at Rs 470.50, down 4 percent)
-Company's floor price for offer for sale (OFS) set at Rs 450/share
Ex-Dividend- Atul Rs 6/share
- Shriram Transport Rs 4/share
- Vijaya Bank Rs 2.5/share
Other stocks and sectors that are in news today:- Idea Cellular reduces data tariff by 90 percent in 8 circles
-Adani group to launch USD 2 billion dollar bonds BS
- Mahindra Forgings open offer at Rs 81/share; opens on August 5, closes August 20
- Mahindra Composites open offer at Rs 74.5; opens on August 5, closes August 20
-IMD says monsoon rains 89 percent above average in June 19 week
- RAS Resort board to meet to announce bonus issue in ratio of 1:5 (CMP at Rs 48, up 5 percent yesterday)
-NSE to suspend trading in KS Oils shares from June 21 on listing norm non-compliance
Oil Ministry proposal for gas price revision w.e.f April 1, 2014: Sources
-ONGC, Oil India APM gas price also w.e.f April 1, 2014
-Oil ministry proposal for cabinet committee on economic affairs (CCEA): new gas price regime April 1, 2014
-Proposal seeks approval for new gas price formula
-Oil ministry believes new formula to provide clarity
-Oil ministry believes new formula to incentivize investments
-Oil ministry formula gives current gas price of USD 6.775/mmbtu
-Finance ministry formula gives gas price of USD 8-10/mmbtu
Stocks In Ban Period:
nil
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