Jaypee Hotels' shareholders & creditors to approve scheme of amalgamation

The meeting of equity shareholders & creditors of Jaypee Hotels will be held on 28 March 2009 to approved the proposed scheme of amalgamation of Jaypee Hotels, Jaypee Cement, Jaiprakash Enterprises & Gujarat Anjan Cement with Jaiprakash Associates.

Next week market

On the daily charts, NIFTY is witnessing an inverse head and shoulder formation,
which suggests further upside and NIFTY likely to take resistance at 2854 and 2970
or even 3147 in near term. In the forthcoming week NIFTY may be considered robust
in the higher side but it is also rare to move more upside owing to a tug of war
between buyers and sellers. On the higher side, the Nifty should take resistance at
2798 and 2814 levels. Breaching 2814 level on closing basis, NIFTY can move
towards 2854 or even 2953 levels, while on downside, the support comes in at the
2708 and 2678 levels. A break of 2662 level, it may test 2646. If global market
continues to fall in the coming week, then NIFTY might test 2612 and 2570 or even
2503 levels.

Dow breakdown signals move into depression

Tuesday saw a huge big breakdown in global markets. The Dow has plunged to 12-year lows and S&P has also broken 750, which was its November low.

todays tip

buy century text. around 175 spot ; sloss below 167 spot ; target at 185 ; 191 spot

todays market

Wall Street fell on Wednesday as negative sentiment was
generated by a report showing an unexpected decline in existing
home sales in the month of January. The key benchmark indices,
Dow Jones and NASDAQ fell by 1.09% and 1.14% respectively.
The Asian bourses are trading mixed with Nikkei up by 1.33%,
Hang Seng down by 0.71%and Singapore Nifty up by 13 points.

With Mixed global cues the domestic markets are expected to trade
range bound with high volatility – considering F&O expiry.
Technically nifty may take resistance at 2790/2815/2875 levels and
support at 2735/2705/2650 levels

midday tip GMR AND THOMASCOCK

THOMASCOCK 33.80 BUY AND SL 33.30 TARGET 34.80
GMR INFRA BUY 76.80 SL 75.80 TGT 78.50

today intraday tips

Postive side
BHEL had received a 31.5 billion rupee ($635 million) order for
supplying two 600-megawatt plants for a power project in central
India.

BGR ENERGY SYSTEMS LTD has won an $8.57-million order
from State Company of Oil Projects, Iraq.

ANDHRA BANK aims to enter the mid-size category of banks in
the country by the end of this fiscal by crossing a total business
volume of Rs 1,00,000 crore.
negitive side
MRF Ltd has declared lock out at the manufacturing plant situated at Puducherry with effect from
February 22, 2009 on account of labour unrest in the factory.

ONGC has trimmed its crude oil output target by around 3.5% for the current financial year to end-
March because of infrastructure shortages and technical issues.