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Dear Friends,
After successful pre-emptive analysis of Suzlon and the Telecom stocks in last few weeks we have received requests from patrons to keep quoting the misquoted stories in the Indian stock market. Almost everyone who has been around knows the kind of pumping and dumping carried about by certain segment of the markets. Henceforth I would try and write about such stories on a frequent basis, which have either been misquoted or have been quoted on a wrong pitch by the market participants. Do watch the Misquoted section on a frequent basis henceforth.
Misquoted: - Reliance communications has reported a net profit of Rs 7403 millions as compared with 16366 millions on a quarter on quarter basis. The company has provided for MTM losses of 2832 millions on Foreign contracts and derivatives. The above fact has been quoted very well in the print media. What has been misquoted is the fact that the company has underreported depreciation of 3760 millions. As per the results note:-3. What has been mentioned in the note is quite surprising the company has extended the depreciation period for its equipment to 18 odd years. 10 years before Landline was a compulsion. No-one knows what will be the future of Cdma and 2g service providers 10 years hence. The problem with telcos is that they are still in heavy investment cycles. For the first time post its IPO Bharti airtel gave dividends last year. Seeing cash flows of Rcom one seems to strongly believe that the company going forward will have trouble reporting sustainable cash flow positive results. As far as the legal case for Rcom and the Dot audit is concerned my simple take is that Rcom has many more services, which are not covered under revenue sharing agreement with the Government.
Coming to Nifty what happened last week was very much anticipated. Nifty has closed below 50dema for three consecutive sessions. Turn Bullish only when nifty crosses and sustains 50dema for three consecutive days. Nifty will see minor pullbacks for higher levels but it is unlikely that those pullbacks will sustain beyond a week or two. Traders should note that markets would be range bound in coming months until markets get a trigger to move beyond the range on either side.
On valuation side do note that Banks have reported one of their best quarterly earnings. With interest rates rising earning from Treasury operations will decline for most of these banks. One analyst correctly pointed out that it is a recovery in which the industrial sector is not participating. Is the Indian economy entering the final stage of growth: - stage of mass consumption. Do let me know your response at the chat room or the comments section.
NIFTY SUPPORT:- 4624,4577
Nifty resistance :-4853,4791
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TSR SEPTEMBER SERIES REPORT.
PROFIT 82945 = IN 1 LOT
REFER
http://www.future-friend.blogspot.com/
TSR INTRA NIFTY
PROFITS 32840 (688 POINTS IN 1 LOT)
REFER
http://www.tsrnifty.blogspot.com/
TSR OPTIONS PLAN
PROFITS 38450
REFER
http://www.tsroption.blogspot.com/
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