Visit http://indiaer.blogspot.com/ for complete details �� ��
9am with Emkay |
Contents
Auto – November 2010 volume update
Bajaj Auto Ltd (BAL)
n Total sales increased by 8.2% YoY to 299,231 units
n Motorcycle sales grows by 9.3% YoY to 265,036 units
n Three wheelers sales was flat YoY at 34,195 units
n Exports sales declined by 7.8% units to 90,869 units
Cement Sector Update; Top 5 players report dispatches decline of 3.2% yoy
n Unseasonal rains, labor shortage due to festive season impact dispatches in November. Top 5 players report aggregate dispatch decline of 3.2%
n Cement prices see some softness across regions - cuts of Rs 2-10/bag; across North, central & south. Dealers expect prices to remain sluggish till mid December owing to poor demand
n Demand growth remains key to sustain prices hikes taken in October. Seasonal logistical bottlenecks (wagons supply to food grains & crop) could provide some support to prices
n Remain NEUTRAL on sector, positive on ACC, Grasim & Shree, negative on Ultratech, India Cement & Madras Cement
n Technical Comments
Resistance at 50% retracement area
After a gap up opening, Nifty wasted the entire day going no-where and just stayed within a narrow range of 50 odd points. Tomorrow the key cue to watch out for is the breakout from the range of 6030-5986. Either side breakout will lead to a good move in that particular direction. Moreover, Nifty is also finding resistance and is facing selling pressure on every approach to pass its 20-DSMA (and the 50% retracement area of the previous fall), which is a sign of caution. Moral of the story is that the current trend is fairly mature and risk-reward ratio is not in the favour of the bulls and hence fresh buying is recommended only on pull backs.
BSE Auto:
A classical "M" formation on daily charts of BSE Auto, with first high outside the upper Bollinger band and the second high inside the upper Bollinger, meaning second high is lower on relative basis. Also the hourly MACD cycle has turned bearish, which means that from current levels this index can correct upto 9930 level.
No comments:
Post a Comment