Snapshot of the morning mail that we have sent to our paid members,

Hi All, 

Last week  Nifty traded in narrow range of in between 5472-5605 and closed below the last week closing i.e at 5544 and it closed below the crucial level of 5550 which again gives the bearish signal.

The range for the coming  week may be at 5495-5605 with the resistance 5638/5752 and the support levels for the Nifty may be at 5460 and if it breaks the level of 5460 then the next level may be 5364/5348 and at last 5260 for the week.

The stock market is likely to be range-bound this week as investors weigh positive cues like declining food inflation and better-than-expected industrial growth against the recent hike in key short-term interest rates, say experts.

Hike in petrol prices to the extent of more than Rs.5 per litre is definitely going to impact the auto sector growth going forward and going to impact the very short term sentiment of the market.

Sutlej Textiles & Industries Ltd:  As expected the company posted excellent results, the results beat market expectation. The company reported a net profit of Rs.52.59 Crores reported an increase of 261% when compared to Q3 FY11 net profit of Rs.14.53 Crores. For the entire Year FY11 the company reported a net profit of Rs.114.34 Crores as against 26.31 Crores for the full year FY10 showing 334% increase in its Net profit. EPS for entire year ending March 2011 stoods at  whooping 104.69.

This week we are not recommending any counter as there is no clear direction for market in very short term and the bias is still negative only, and there is no point in buying and holding the counters with out decent gains in short term to medium term. If market gives decisive direction during the week we will recommend a counter for short to medium term gains.

Regards
VenkiStockCalls.
http://venkistockcalls.blogspot.com