Profit with Phoenix as on 09/10/2009

Dear All,

Market expected to open positive today due to the supports of the Global markets. Nifty shows a gud strength at these levels such as 5023/5053, i hope to have a positive ralley till 5073/5099/5153 levels. We may sure witness a fall shortly after nifty(Fut) touching these levels. Clients may start booking ur positions here. I hope nifty may fall till 4600/4400 levels. If there is no fall witnessed after Nifty(Fut) reaching 5153 levels we may expect nifty to travell till 5300 levels.Today market may trade on a fishy trend but hope it falls gradually by the closing of market hours. Lets wait to watch the game on Nifty.

Global Market Indicates:

DOW +61, NASDAQ +13, HANGSEHG -12, NIKKE1 +91, SHANGHAI +106, STRAITS +0.84, KOSPI +26, DAX +75, FTSE +45, CAC40 +50.

Todays Nifty(Fut) trading levels:

Base: 5011
Res: 5017/5033/5054/5075
Mid Res: 5014/5025/5043/5064
Supp: 4996/4990/4969/4948
Mid Supp: 5003/4993/4979/4958

Todays Bank Nifty trading levels:

Base: 8853
Res: 8876/8907/8962/9016
Mid Res: 8864/8892/8935/8989
Supp: 8821/8798/8744/8689
Mid Supp: 8837/8810/8771/8717

NCDEX to extend evening trading session from Nov 2

MUMBAI (Reuters) - National Commodity and Derivatives Exchange said on Thursday it will extend the evening trading session by 25 minutes to 11:55 p.m between Nov. 2, 2009 and March 13, 2010.

Metal and energy futures, which are traded between 10 a.m and 11:30 p.m on Monday to Friday, will now be traded till 11:55 p.m, it said in a statement on its website (http://www.ncdex.com/).

There is no change in timing of Agri-commodities trade, held between 10 a.m and 5 p.m during Monday to Friday.

The bourse said Saturday's trading, between 10 a.m and 2 p.m, remains unchanged.
The bourse said the extension in trading hours is due to international daylight saving timings.

Tata Steel first half sales surges 21%
Tata Steel (TATASTL.BO : 535.1 0) has registered a 21% rise in its sales at 28.75 lakh tonne in the first half of the current fiscal on the back of robust demand from the construction sector. In the corresponding period last year, the steel major's sales stood at 23.80 lakh tonne. Its sales rose by 19% to 14.56 lakh tonne in the second quarter this fiscal, compared to 12.20 lakh tonne in the corresponding period last fiscal.

"Tata Steel has completed the second quarter and first half of FY'10 on a buoyant note with a considerable increase in its production and sales volume as compared to the corresponding period last year," the company said in a statement on Wednesday.

Its production of long-rolled steel products, primarily used by the construction sector, surged by 49 % in the first half of the fiscal compared to the same period last fiscal. During the second quarter of the fiscal, the company saw its crude steel output rising by 21% to 16.40 lakh tonne as compared to the 13.56 lakh tonne in the same period last fiscal.

In the first half of the fiscal, the company reported 21% increase in crude steel production to 31.43 lakh tonne compared to 26.08 lakh tonne in the same period in the previous fiscal. Its saleable steel production increased by 14% to 15.19 lakh tonne during the second quarter as against 13.30 lakh tonne in the corresponding period previous fiscal. The company's hot metal production too went up to 17.95 lakh tonne during the period as compared to 14.86 lakh tonne in the previous fiscal - a growth rate of 21%.

Speaking about major highlights during the first half of the current fiscal, the company said, "In line with Tata Steel's expansion plans, the capacity enhancement of 'C' blast furnace from 0.4 mtpa to 0.7 mtpa was commissioned in September, 2009."

RIL refutes RNRL's claim on gas sale pact

Reliance Industries Ltd (RELIANCE.NS : 2119.65 0) has strongly refuted allegations by Reliance Natural Resources that the Mukesh Ambani-controlled firm is motivated by commercial greed and was attempting to back out of the gas supply obligation to the Anil Ambani-led company.

RIL, in a special leave petition with the Supreme Court, notes, "In all sincerity put in place the gas sale master agreement (GSMA)/ gas sale purchase agreement (GSPA), which contained the $2.34 per million British thermal unit (mmBtu) price, and created the obligation to supply gas on the terms stated therein, which were approved by the board of directors of RIL as being suitable, fair and equitable to RIL, the resulting company and the shareholders." The price of $2.34 per mmBtu was submitted to the government for approval in 2006.

RIL said the gas agreements do not impose any obligation upon RNRL (RNRL.NS : 84.2 0). The pacts obligate RIL to supply gas if its terms are complied with, but it does not oblige RNRL to take any gas. The agreements are in the nature of an option which may be exercised by RNRL as it deems fit.Thus, it cannot be argued that the GSMA/GSPA has been "thrust" on RNRL. Further, RIL argued that given the fact that the parties had been negotiating for more than seven months, RNRL's contention that the Anil Dhirubhai Ambani Group (ADAG) was not given adequate time to review the GSMA and the GSPA is false and baseless. Commenting on one of RNRL's charges that ADAG was not given adequate time to review the GSMA and the GSPA is false and baseless, the RIL petition states, "Though the MoU stipulated that a binding gas supply agreement would be finalised not later 45 days, ADAG dragged on discussions on the GSPA for over seven months."

Ur valuable comments & suggestions are welcomed. Interested clients may cal me on 9894523386/9843974524. For news on market levels, market updates & calls you may add urself to my yahoo messenger id vk83_03@yahoo.co.in. U may also reffer this blog to ur friends/relatives if ur satisfied.

ALL MY MARKET INFORMATIONS & CALLS ARE FREE OF COST THAT U RECEIVE THROUGH BLOG. U MAY REFFER PEOPLES TO ENJOY IT.

Have a Happy Trade.......