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Shyam Advisory

On the corporate front, Shyam Advisory rose by 5.88% to Rs 12.79 after the company bagged a contract worth Rs. 3.33 crore from Utkal Steels to supply GI lattice & pipe and foundation bolts along with all other accessories.

JSW Steel Ltd. rose by 1.57% to Rs. 934.00 after the company booked 8% surge in crude steel production to 5.41 lakh tons in February 2011 in comparison to the corresponding quarter of the previous year.

At present, the market breadth indicating the overall health is positive with 1,626 stocks advancing, 852 share declining and 119 stocks are left unchanged. Further, the overall market breadth is positive as all the 13 sectoral indices are trading higher.

Gainers from the Sensex Pact till now are Jaiprakash Asso (2.86%), Reliance Infra (2.65%), Bharti Airtel (2.35%) and Bajaj Auto (2.16%).

The BSE TECK was at 3,647.42 up by 42.85 points or by (1.19%). The main gainers were Tech Mahindra (5.66%), Onmobile Global (3.34%), MTNL (3.19%) and HT Media (2.8%).

The BSE CD was at 5,728.92 up by 63.19 points or by (1.12%). The main gainers were Whirlpool (2.53%), Titan Inds (1.46%), VIP Inds (1.42%) and Bajaj Elect (0.97%).

The leading Asian bourses are trading positive as Hang Seng, Taiwan Weighted and Nikkei 225 are trading higher by 0.37%, 0.39% and 0.26% respectively. The Asian market opened with a mixed breadth but soon got a momentum to jump to the positive zone. 

However the gains are limited as Investors are lacking in confidence following the rising unrest in Middle East and the surging prices of the crude oil. The sentiments were further dampened after reports that Europe and China might tighten their monetary policies.

The overall stock market added 0.19% in open interest with an increase in average cost of carry from 3.47% to 4.88%.

Metals and Pharma sectors witnessed the highest addition in open interest at 6.19% and 1.92% while the Infrastructure space shed 1.21%.

In the Metals space, SAIL and National Aluminum saw the highest addition in open interest at 7.49% and 4.32% due to short accumulation while GMDC Ltd. shed 3.42% in open interest.

In the Pharma space, Orchid Chemicals and Sun Pharma saw the highest addition in open interest at 5.54% and 5.03% on the back of short accumulation while Lupin and Ranbaxy shed 1.22% and 1.16% respectively.

In the Infrastructure space, Nagarjuna Constructions saw the highest addition in open interest at 5.06% due to short accumulation while LITL and JP Associates shed 5.44% and 2.69% in open interest respectively.

JP Associates March series OTM call options strikes saw fresh addition of short positions, indicating that the stock is likely to trade range with a negative bias in the near term.

Shyam Advisory : Shyam Advisory witnessed fresh addition of short positions in the last session. The stock added 17.60% in open interest along with a decrease in cost of carry from -8.10% to -20.56%. Short positions can be assumed in the stock at 2050-2060 levels for targets of 2020 and 2000 levels with a stop loss placed at 2080 (Spot) levels.

US Stocks dipped in yesterday’s trade as higher oil prices raised concerns about its ill effects on the economy. The Dow Jones industrial average tanked 0.7%. The S&P 500 fell 0.8% and The Nasdaq Composite slipped 1.4%. 

Brent Crude prices fell from Intra-day highs of $118 as reports suggested that Libyan leader was looking for an agreement allowing him to step down. Currently Nymex Crude is trading below $105 while the Brent Crude is trading below $115 per barrel.

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