ORCHID CHEM BREAKOUT - TARGET 220
Today ORCHID brokeout from previous intermediate high with reasonably high volumes and more importantly it held onto the gains even in the volatile day by closing very close to day's high. However it has to sustain this breakout in the next few trading sessions by closing above 185 to qualify for next target of 220 and then 270.
Nifty :: Even after breakout of 5113 Nifty unable to given close above it.. Due to volatility of FNO expire volume slightly up.. As far as Nifty stay above rising channel bottom 5016 momentum looks positive.. For 26th Nov. Watch one level 5113 above 5113 momentum seems up, below 5100 momentum turn down.. Our strategy for 26th if Nifty turn down watch strong support 5055/5048 and buy in deep (S.L 5048) Sell at high.. If Nifty move up above 5113 watch strong resistance zone 5137 to 5168 and sell at high near resistance (S.L 5174) buy in deep (S.L 5100).. Resistance for up move at 5137/5150/ 5160/5168/ 5174/5209.. Supports at 5078/5055/5048/5016..
About The CompanyLanco Infratech is one of the most admired and preffered stock in Infrastructure sector among the domestic and foreign investor in Indian Capital market.
In power, it currently has an operating power generation capacity of 511MW comprising two gas-based plants, two wind energy plants and one hydro power project, spread over Andhra Pradesh, Tamil Nadu, Karnataka and Himachal Pradesh. It has at least 7,195MW of new generation capacity under various stages of execution, with secured off-take agreements and fuel linkages for half.
About The Financial Results
Lanco Infra has posted a good set of results for the second quarter ended 30th Sept 2009. That is the perception you form when looked at from a YoY angle but QoQ, there are signs of pressure.
Net sales rose 51% (YoY) at Rs.1926.50 crore but QoQ was down 12%. The biggest contributor was construction, which grew 132%, power unit which had grown 141% in Q1FY10, in current Q2 grew just 5%. Property development unit continues to show a fall and it showed a de-growth of 77% v/s 62% fall in Q1FY10. Income from power trading was at Rs.473.90 crore, up 34% on a YoY but QoQ, this income took a hit and it was down 31%.
EBITDA was up by 60% on a YoY at Rs.196.60 crore but QoQ, it slipped 29%. The company had a forex loss of Rs.19.10 crore as against gain of Rs.23.70 crore in Q1FY09. Net profit was up 98% at Rs.98.10 crore but QoQ, it was actually down 15%.
The generation at Kondapalli Power Station for the quarter increased by around 30% on YoY basis however sales realisations continues to remain down. This plant currently has a capacity of 368MW at phase 1, operating at 94% of its load factor after it started receiving natural gas from Reliance Industries. It plans to add another 366MW of capacity in two phases—233MW by October and the balance 133MW by the last quarter of fiscal 2010. It is now firming up plans to add another 750MW capacity here once it starts receiving more gas from RIL. This expansion would cost around Rs.2,625 crore, based on an estimated Rs3.5 crore/MW.
As of 30th Sept 2009, for all the project under construction, the total capex spent has been Rs.11875.90 crore of which the debt component has been Rs.8050.40 crore.The Construction and EPC order book position as on Sept 30th 2009 is Rs.14711.30 crore
It was a mildly choppy but relatively quiet day of trade as market closed in the positive despite some profit booking. Sensex shut shop at 17198, up 67 points and Nifty at 5108, up 17 points from the previous close. CNX Midcap index was up 0.01% and BSE Smallcap index was down 0.16%. The market breadth was negative with advances at 546 against declines of 714 on the NSE. Top Nifty gainers included BPCL, GAIL and Hero Honda while losers were DLF, Suzlon and Unitech.
NIFTY (5108.15)
Resistance : 5140 / 5165 / 5190
Support : 5080 / 5045 / 5000
SENSEX (17198.95)
Resistance : 17285 / 17370 / 17410
Support : 17115 / 17040
NIFTY FUT (5120.6) : For NIFTY 5070-80 Is The Key Support, If Broken With Huge Volumes Can Create A Panic
Resistance : 5145 / 5170 / 5195
Support : 5075 / 5050 / 4980
MKT COMMENTS
NIFTY FUT OI (both series) up with decreasing volumes indicating forming of long positions.
We expect NIFTY FUT to trade volatile due to expiry.
On Thursday,Opening Is Flat To Positive,
Buy NIFTY Above 5110,Sl Below 5085,Tgt 5135/5160/5195
Sell NIFTY Below 5080,Sl Above 5105,Tgt 5065/5040/5005
BUY
SBIN (2322),Sl Below 2310,Tgt 2335/45+
TATAPOWER Above 1355,Sl 1335
BIRLACORP Above 315,Sl 310,Tgt 320/25/30
GESHIPP Above 290,Sl 285,Tgt 295/300
APTECH Above 170,Sl 165,Tgt 175/80
BHARTI Above 280,Sl 275,Tgt 285/90+
POLARIS Above 170,Sl 165,Tgt 175/80
SELL
TATASTEEL Below 565,Sl 570,Tgt 560/55/50/45
ZEETELE Below 265,Sl 270,Tgt 260/55
RANBAXY Below 425,Sl 430,Tgt 420/15/10
The minutes of the meeting that the Federal Open Market committee conducted recently, was published yesterday. In this report, Fed, for the first ever time has accepted the negative implications of its decision to hold the benchmark rates at near zero. Fed policy makers have commented that their decision to cut rates to zero may be fueling undue financial market speculation. The dollar weakened as investors around have been taking it for a ride as if the slide in dollar value is given to them. The currency has slid by more than 6% against the yen in just 3 months. Fed has accepted that it is wary of fueling another asset price bubble. Last week, policy makers in China and Japan said that the low US interest rates are fueling surging prices of commodities as well as financial assets in emerging markets. The decline of the US dollar and the decision in the US not to raise rates has caused huge speculation in foreign exchange trading and global asset prices. Gold prices have touched an all time high of more than 1170 USD an ounce, days back as a slumping dollar boosted the appeal for alternate assets.
Fed policy makers at their meeting this month repeated their commitment to keep the benchmark rates “exceptionally low” for an “extended period”. The US economy grew less than initially estimated last quarter as consumer spending trailed forecasts, according to a commerce department report released yesterday. The economy expanded at a 2.8% annual rate, less than the initial estimate of 3.5% pace of expansion.
The minutes report said that “Most participants are now viewing their growth forecasts as being roughly balanced rather than tilted to the downside, but uncertainty surrounding these forecasts was still viewed as elevated”. Job market not recovering is considered as one of the risks that may affect the forecasts in an adverse manner.
Fed officials trimmed their forecasts for the US jobless rate in the next 2 years. However, still the rates are higher that what 2 years ago were. Fed predicted that the rate will range from 9.3% to 9.7% in the fourth quarter of 2010. The US economy has lost almost 7.3 million jobs since the recession began in Dec 2007. The unemployment rate has rose to a 26 year high of 10.2% in the recent months.
Peninsula Land Facing Resistance @ 50-Day Moving Average
- Peninsula Land is struggling to regain its 50-day moving average support line; its relative strength index continues to lag
- The stock showed plenty of sell signs, as highlighted in the chart below, before it crashed along with the general market. However unlike Peninsula Land, the general market and benchmark indexes have almost recovered to their previous levels
Peninsula Land Daily Chart - 24/11/2009
52 Week High: 100.90 (September 04, 2009)
52 Week Low: 15.20 (November 26, 2008)
BSE Scrip Code: 503031
BSE Scrip ID: PENINSULA
NSE Scrip ID: PENINSULA
"5040" is the channel support.
Below which a deeper correction possibility..
Below which a deeper correction possibility..
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