Pre Market Report 13.06.2008

[Kence...@gmail.com]

After yesterday's stunner can bulls bowl a winner ?
Jun 13, 2008

It is happening of all sorts on Dalal Street yesterday and markets
pulled
off after opening at pathetic levels. Global Outlook appeared gloomier
than
ever with crude playing the villian role in a scream movie which
pictured
the tarnished image of global equities.

US Markets ended the day in green with Dow Jones closing at 12,141.58,
up
57.81 points and Nasdaq ending the day up 10.34 points at 2,404.35. It
was a
roller coaster ride on Wall Street with bulls in total control in the
morning session on the back of better than expected retail sales only
to
surrender majority of gains on the back of news that Microsoft walking
away
from Yahoo deal and rising crude.

Japanese markets, the best performing major Asian market in the last
one
month is currently trading down 67 points.

There is plenty of stock specific news waiting for the markets today.
A pink
paper reported that Pfizer may counter Daiichi`s Ranbaxy offer which
we see
as a baseless rumour. In a surprising move by the Reliance supremo
Mukesh
Ambani announced that the company is likely to sell KG basin gas at
one-
fifth of oil price, i.e. at $25.2 per barrel, compared with the
current
crude oil market price of $135 per barrel.

Many retail investors have gone short in F&O, thanks to the day by
day
worsening of the sentiment across the equity markets. We need to see
whether
short covering propelled with positive set of news propel Nifty above
4650
levels signalling a extreme short term bottom. Remember we were the
first to
talk about a magic level of 4440 on Nifty which was shielded two times
at
closing though broken on a intraday basis.

Inflation as usual will be higher and should be accepted by the market
like
they did the repo rate.

Global Happennings

The Baltic Dry Index, which measures drybulk shipping rates on 40
routes
across the world, sank 963 points Thursday to reach 10,142.

-- Negative for GE Shipping, Shipping Corp

Sugar output in Brazil's Center South, which makes up about 80 percent
of
the country's crop, slid 25 percent this year as rains pared yields
and
mills ensured supplies of ethanol, industry group Unica said. India
may
resume sugar imports for the first time since 2005 as farmers plant
less
cane, Indian Sugar Mills Association Director General S.L. Jain said
from
New Delhi. Egypt, Iran and Taiwan are on the market to buy sugar,
Societe
Kingsman SA said.

-- Watch out for Bajaj Hindusthan, Triveni & Balrampur Chini.s

Hopefully we end the week continuing the winning streak. Have a great
trade.

Stocks suitable for intraday trading:
<BHEL, DLF, RANBAXY, TATASTEEL, RELINFRA, HDFCBANK, SESAGOA, AXISBANK,
ADLABSFILM, MCDOWELLL-N>

MARKET CLOSE BOX:
BSE Sensex 15250.20 64.88
NSE Nifty 4539.35 15.75
USD Rs.42.81
Oil Nymex $136.7