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Thursday, October 30, 2008

TRADING CALL ON OCT 31 2008

TRADING CALLS ON OCT 31 FRIDAY

Buy Hero Honda CMP Rs 769

For short term target Rs 810.

Tuesday, October 28, 2008

UPDATE

UPDATE ON OCTOBER 28 AT 8 PM IST

* Copper rises more than 4 pct as short-covering takes hold

* U.S. housing data and short-covering dominates

* Equity markets rise as financial crisis jitters ease

Copper rose 4.1 percent to track equity markets higher on

Tuesday, as investors covered short positions and bargain

hunters entered the fray buoyed by stronger housing market

data in the United States.

Copper for three month delivery on the London Metal Exchange

was traded at $4,090 in official rings from $4,020 at the close

on Monday and compared with a session high of $4,185.

However, prices of the metal used in power and construction

have fallen about 50 percent since a record high of $8,940 in July.

INVESTMENT CALL

OUR TOP INVESTMENT PICK

FOR DIWALI ;


BUY BHARTI AIRTEL AT RS. 609

HAPPY DIWALI

Tuesday, October 21, 2008

UPDATE

MARKET PERSPECTIVE AS ON OCTOBER 21

The market action so far this week is quite a contrast

from the volatility that we have lived through since mid

September. Yesterday, the Dow closed up 3.4%, while Japan’s

Nikkei index was up 3.5%, Hong Kong’s Hang Seng index

increased 5.3%, Russia’s benchmark jumped 4.9% and

Brazil’s Bovespa gained 8.3%.

What helped support the markets yesterday? U.S. equities traded

at stronger levels on Monday as Fed Chairman Bernanke opened

the door for further interest rate cuts, and said that he supported

additional government economic stimulus. In addition to Bernanke’s

encouraging words, subtle signs that the credit interventions are

starting to work, albeit slowly, also helped support the markets

on Monday. For instance, there was a meaningful dip in the

LIBOR interest rate, which implies that banks are becoming

more willing to lend money to one another again. This is important

since many mortgages and credit lines are tied to this rate.

The positive tone in the markets prevailed and even amplified

this morning, although market watchers pointed out that

trading volume set a monthly low, reflective of investor

“skittishness.” But the rally didn’t last long and the markets

closed off a good bit. The Dow closed down 231 points, or 2.5%,

today on worries about third-quarter earnings. The NASDAQ

and S&P 500 also lost some ground falling 4.1% and 3.1%,

respectively.

Although there is a positive tone in the market, we aren’t out

of the woods yet. Be prepared for another eventful and volatile

week. Current conditions are likely to continue for some time as

markets try to digest macroeconomic and third-quarter earnings

reports, as well as get a gauge on the extent, effectiveness and

longer-term implications of governments' financial rescue and

economic stimulus plans.

So in the current economic and investment environment, what

sectors are ripe for investment? One area of interest is the oil

and gas sector. The prices of commodities have been falling, right

along with demand and economic output. This is making for some

relatively cheap shares of oil and gas companies. And some

investors want to jump onboard now…but I say, "Not so fast!"


It's a tough call on oil and oil and gas companies at the moment as

far as the near-term direction. For one thing, it's possible that

worried consumers may continue to hang on tight to their

wallets until they have more confidence about what's going

on in the markets. So I think we should continue to wait for

signs of a solid bottoming -- in the economy as well as oil prices

-- before making any bets in this sector.

UPDATE

POST MARKET REPORT FOR OCTOBER 21

The central bank's rate cut, higher global markets and

shortcovering on the stock market regulator Securities &

Exchange Boardof India (Sebi)'s warning to foreign funds against

overseas lendingand borrowing of Indian securities, boosted the

domestic boursestoday. But intraday volatility was high. The

BSE Sensex rose 460.30points or 4.5%, extending Monday's

(20 October 2008) 2.48% gain. Index heavyweight Reliance

Industries spurted. Tata ConsultancyServices rose more than

12.5%. Jaiprakash Associates spurted morethan 16% on good

Q2 September 2008 results. Tata ConsultancyServices rose

more than 13%, Tata Steel rose more than 10% andReliance

Communications rose more than 11%. The market breadth was

strong. European markets and some Asian markets rose as France

said it willinvest $14 billion in banks and the US moved toward a

secondstimulus package. Sebi has disapproved of the overseas

lending and borrowing activityof FIIs and the consequent selling

pressure in the cash market inIndia. The Sebi warning to FIIs

against overseas lending andborrowing came after the data

showed FIIs had lent equities worthRs 348 crore to overseas

entities for the purpose of short selling,during 10 October-14

October 2008.

UPDATE

MARKET UPDATE AT 1 PM IST

The key benchmark indices remained rangebound at higher

levels inafternoon trade. The BSE Sensex was up 322.15 points

or 3.15%. Themarket had pared gains in early afternoon trade

after a sharpsurge. The central bank's rate cut, higher Asian markets

and shortcovering on the stock market regulator Securities &

Exchange Boardof India (Sebi)'s warning to foreign funds against

overseas lendingand borrowing of Indian securities, boosted the

domestic bourses. IT stocks surged. Rate sensitive banking stocks

rose. Indexheavyweight Reliance Industries came off from day's

high.Jaiprakash Associates spurted more than 12% on good Q2

September2008 results. Stelite Industries, Reliance Communications

rose morethan 7% each. The market breadth was strong. European

markets which opened after Indian market were mixed, Keybenchmark

indices in France and Germany were up by between 0.91% to2.21%.

In UK, the FYSE 100 index was down 0.12%.

Monday, October 20, 2008

TRADING CALL

TRADING CALL AT 10 AM ON OCTOBER 21

BUY PNB AT RS.500 WITH SL RS.488

FOR SHORT TERM DELIVERY TARGET RS.530.

TRADING CALL

TRADING CALL ON OCTOBER 20

Satyam Computer Services Ltd (Q2 FY09): ‘Quarter in-line;

remain positive’ CMP Rs266 , BUYTarget price Rs300,

Upside 12.9%


Revenue growth of 2.3% qoq in dollar terms was in-line


Healthy growth was witnessed in ADM services, TIMES vertical,

US region and amongst Top clients OPM decline of 100 bps

qoq was on expected lines; lower forex loss pushes net profit

growth Employee addition weaker than expected; FY09 gross

hiring target lowered significantly .More than expected

downgrade in revenue growth outlook but earnings growth

revised upwards in dollar terms .

Short-term negatives likely in the price; remain positive .

UPDATE

UPDATE FOR OCTOBER 20

Central bank's repo rate cut provided a much needed respite

rallyto the investors which have seen a massive erosion in

their wealthin the past few days. The volatility was high and

the marketbreadth was weak, indicating a cautious undertone.

The BSE Sensexrose 247.74 points or 2.48%. Firm Asian and

European marketsprovided added support to domestic bourses.

Fall in interest rate boosts stocks as it results in lowerborrowing

costs for corporates. The Reserve Bank of India (RBI),today,

cut the repo rate, by 100 basis points to 8% with immediateeffect.

Repo rate is the rate at which the RBI provides funds tobanks

against the collateral of government bonds for a day to threedays.

Banking stocks and IT stocks rose. Satyam Computer Services

andWipro rose more than 8.5% each while Tata Consultancy

Services rosemore than 9%.

Asian and European stocks were firm as investors took comfort

inglobal efforts to prop up the banking system, allowing for

somebargain hunting. Trading in US index futures suggested the

Dowwould rise 141 points at the opening bell.

Sunday, October 19, 2008

UPDATES ON OCT 20 2008

TRADING CALLS

1. Sell HDFC Bank CMP Rs 1026 ,

Short term delivery target Rs 840.

Monday, October 13, 2008

Trading call for Oct 14 Tuesday

Buy Sail CMP Rs 115 TO 118

Short term delivery Target Rs 127.

Indian market started off the week with smart

gains on the back of a strong rally witnessed

in global markets.

Sunday, October 12, 2008

OCT 13 MONDAY

Caution is advised .Investors should stay on

sidelines till global markets stabilise.

Sell Sun Pharma between Rs 1350 to 1390

Stop loss Rs 1465

Short term delivery Target Rs 1180.

UPDATES ON OCT 13 2008

OCT 13 MONDAY

Sensex crucial support for week is at 10239 , if

maintained a bounce back could be expected , negative

below 10239 , Target would be 9898.

TRADE RECOMMENDATION.

1. Sell Rcom below Rs 229 ,

Stop loss Rs 240

Target Rs 216 to 210.

2.Buy Can bank at Rs 165

Stop loss Rs 154

Target Rs 183 to 191.



Friday, October 10, 2008

UPDATE

MARKET UPDATE FOR OCTOBER 10

There is fear and panic on the stock markets. The bourses

suffered heavy losses today on the back of global sell-off and

on datashowing dismal industrial production growth in August

2008. The BSE30-share Sensex lost 800.51 points. IT stocks

suffered on downwardrevision in guidance in dollar terms by

IT bellwether InfosysTechnologies. Banking stocks were volatile

reacting to a slew of news such as cutin cash reserve rate, slowdown

in industrial production and fall ininflation. Reliance Communications

declined 21.02%, RelianceInfrastructure and ICICI Bank lost

more than 19% each andJaiprakash Associates shed 16.27%.

Securities & Exchange Board of India (Sebi) chief C B Bhave today

said there was no unusual activity in the stock market. He further

said there has been no shorting by institutions in cash markets.

Inflation based on the whole price index rose 11.8% in 12-months to

27 September 2008, lower than previous week's 11.99% rise, data

released by the government during trading hours today, showed.

Stocks fell across the globe despite worldwide central bank

measures to stave off a crisis. Bank bailouts, liquidity injections

and interest rate cuts across the world have failed to quell

investor anxiety with Asian stocks tumbling today, following

overnight setback in US stocks. Back home, the Reserve Bank

of India (RBI) toady cut the cashReserve Ratio (CRR) second

time in the week. The central bank cutCRR by 100 basis points

after 50 basis point cut earlier in theweek.

Tuesday, October 7, 2008

UPDATE

UPDATE AT 11AM ON 0CTOBER 8

The key benchmark indices slumped to their lowest level

in morethan two years on fresh setback in global markets

caused by growingcredit market worries. The BSE 30-share

Sensex was down 599.96points. The barometer index fell close

to 700 points at intradaylow. Reliance Industries (RIL) hit

fresh 52-week low. Among thesectoral indices capital goods

and IT stocks were the key losers.Sterlite Industries fell more

than 12% and Satyam Computer Serviceswas down more than

10%. Key benchmark indices in Asia were down by between 3.08%

to 6.63%today, 8 October 2008, even as central banks across Asia

stepped upto offer more support to commercial banks to try to ease

painfulpressure on funding costs from a vicious global credit squeeze.

At 10:23 IST, the BSE 30-share Sensex was down 599.96 points or

5.13% to 11,095.68. The index slipped 687.04 points at the day'slow

of 11,008.20, its lowest level since 9 August 2006. The Sensexfell

379 points at day's high of 11,316.24, in early trade. The S&P CNX

Nifty was down 177.70 points or 4.93% to 3,428.90. Theindex hit

a low of 3,405.80 its lowest since 13 September 2006. The BSE

Mid-Cap index was down 5.4% at 4,027.10 underperforming the

Sensex. The BSE Small-Cap index was down 4.23% at 4,765.92

outperforming the Sensex. The market breadth was extremely

weak. On BSE, 168 shares advancedas compared to 1,360 that

declined. 19 shares remained unchanged.

UPDATE

OUTLOOK FOR OCTOBER 8

Considering the unprecedented carnage in the global

financial markets and uncertainty over the fate of the US

and other major economies, we would like to refrain from

giving any intra-day trading ideas. We continue to advise

caution at this stage.


Investors should stay on the sidelines till the global sell

off abates and markets stabilise. One should not get carried

away if there is any kind of a relief rally, as further selling is

expected. Any advance in Indian stocks can only be sustained

if global markets recover.

UPDATE

MARKET OUTLOOK IN NEAR FUTURE - OCTOBER 8

Are We Nearing a Bottom?

Last Friday, financial industry executives, Treasury


Secretary

Paulson, Fed chairman Bernanke, the Bush administration and

a majority in Congress all clamored for quick passage of the bailout

plan. Their goal: Rejuvenate the economy, re-liquidate the financial

system and prevent severe stock market drops like the 778-point

fall that followed the first failed attempt to pass the bailout bill.


While it was necessary for the U.S. government to take action to

support the collapsing banking system and financial industry, it's

clear that even a potential $700-billion bailout wasn't enough. At

least in isolation the rescue plan wasn't enough to allay fears of an

impending global recession. And it wasn't enough to stem the growing

financial stresses across the Atlantic, either. The metastasis known

as the U.S. credit crisis continued to spread to other countries and

regions over the weekend. European governments and central banks

even took the extraordinary step of announcing that they would

guarantee bank deposits, to no avail. So on the back of more bank

and financial services industry bailouts in Europe, as well as fears

that a global recession was inevitable, stock markets from Asia to

Europe to Latin America plunged this week.

Japan's Nikkei index fell to a four-and-a-half-year low and Hong Kong's

Hang Seng dropped 5% on Monday, which was then followed by 3% and

5% drops, respectively, today. European stocks were also down 4% to

5% in early Monday trading, while Russia and emerging markets'

stocks plunged 7% in the first 20 minutes of trading. Following suit,

the Dow plunged below 10,000 for the first time in four years on

Monday. At its low point during the day, the Dow was down

more than 800 points!

Easing the Sharp Financial Pain


Now, as we wait for government bailouts to have some positive effec

t on the financial system, other remedial actions need to be taken to

help alleviate even sharper financial pain in the meantime. Monday's

sharp global market declines proved that the rescue plan wasn't going

to be enough, in and of itself, to rejuvenate the world's ailing financial

system. Some are already contemplating what steps to take next...

There's speculation that central bankers from around the globe will

make coordinated interest rate cuts soon, . In addition, the recent

sell-off may prompt U.S. Securities and Exchange Commission to

reconsider lifting the short-selling ban it imposed. The Commission

will meet on Thursday to discuss this very topic.

Discussions Abound


While the U.S. government is taking steps to ease the financial

crisis, revive the U.S. economy and renew investors' confidence,

the entire worldwide economy—at least as far as equity markets

are representative of it—is going through a painful and likely to be

protracted revaluation. Things have taken such a bad turn so fast

that the vast majority of investors have been caught holding the bag.

UPDATE

UPDATE FOR 0CTOBER7

The key benchmark indices ended mixed on a highly volatile day of

trade today. The BSE Sensex lost 106.46 points while Nifty rose4.25

points. The market swung between positive and negative zone

throughout the day. European stocks were green amid choppy trade

amid reports the UK government may be forced to provide funding

forRoyal Bank of Scotland. The BSE Sensex and the S&P CNX Nifty

both hit two-year lows inmid-afternoon trade today, 7 October 2008.

This was in contrast toan initial surge on the bourses that was triggered

by liquidityboosting measures by Indian financial regulators announced

aftertrading hours on Monday, 6 October 2008. Reliance Industries

recovered sharply from 52 week low hit today. Bharat HeavyElectricals

came off from the session's lows. The market breadthwas negative US

futures were up. Nasdaq futures were up 19.25 points and DowJones

futures were up 33 points. The BSE 30-share Sensex lost 106.46

points or 0.9% to 11,695.24.The index fell 299.85 points at the day's

low of 11,501.85, hit inmid-afternoon trade, its lowest level in more

than two years.

Monday, October 6, 2008

UPDATE

UPDATE AT 11AM ON OCTOBER 7

The market regulator Securities & Exchange Board of India

(Sebi)'sdecision to lift restriction on issue of participatory notes

andthe Reserve Bank of India's surprise steep 50 basis cut in the

cashreserve ration triggered a rebound on the bourses after steep

losses of the past two trading sessions. The Sensex was up 351.70

points. Both the Sebi and RBI announcements were made after trading

hours on Monday, 6 October 2008. A recovery in Asian stocks following

a larger than expected 100basis points cut in interest rate by

Australia's central banktoday, 7 October 2008, and higher US futures

contributed to earlysurge on the domestic bourses. Rate sensitive

banking and realtystocks rose. Reliance Industries recovered from

52-week low. US futures were up. Nasdaq was up by 20 points and

Dow Jonesfutures were up 121 points. At 10:21 IST, the BSE 30-share

Sensex was up 351.70 points or 2.96%to 12,151.60. The index rose

253.92 points at the day's low of12,055.62, hit in early trade,. The

Sensex surged 379.73 points atday's high of 12,181.43, in early trade.

The S&P CNX Nifty was up 117.35 points or 3.26% to 3,719.70. The

BSE Mid-Cap index was up 1.63% at 4,415.10 and the BSESmall-Cap

index was up 1.29% at 5,152.80.

UPDATE

TECHNICALS FOR OCTOBER 7


MCX COPPER NOVEMBER


SHORT TERM TREND : BEARISH

LONG TERM TREND : BEARISH

SUPPORTS : S1 264, S2 262

RESISTANCES :R1 268, R2 271

SELL AT 268 TO 268.50, SL 271 , TGT 264.

UPDATE

MARKET REPORT FOR OCTOBER 6

The key benchmark indices extended steep losses of the

previoustrading session as stocks fell across the globe as global

financialcrisis deepened. A sell-off in index pivotals pulled

down Sensex by724.62 points today, 6 October 2008. US futures

were downindicating of lower opening of US markets. The Sensex

hit itslowest level in more than two years and the S&P CNX Nifty

hit 1-½year low. In a major development, the market regulator

Securities & ExchangeBoard of India (Sebi) today, 6 October 2008

, announced removal ofrestriction on issue of participatory notes

(P-notes) by foreigninstitutional investors (FIIs) against

securities, includingderivatives, as underlying. The announcement

was made shortly aftertrading hours. P-notes are issued by foreign

funds registered inIndia to unregistered overseas investors. Consumer

durables and realty stocks plummeted. Sterlite Industriesfell more

than 15%. Reliance Infrastrucutre and JaiprakashAssociates fell more

than 13.5% each. Reliance Industries (RIL)fell more than 6.5% while

Infosys fell more than 5%. The marketbreadth was weak as selling

was witnessed across the board.

UPDATE

UPDATE AT 1 PM ON OCTOBER 6

Key benchmark indices slipped deep into red in early afternoon

trade after trading resumed at 12:10 IST after 45-minutes stoppage

due to sun outage. The 30-share BSE Sensex fell below 12,000 mark

and lost close to 575 points at day's low. Many Asian markets were

down more than 4% each. The Sensex hit its lowest level in more

than two years while the S&P CNX Nifty hit 1-½ year low. Power

and realty stocks plummeted. Jaiprakash Associates lost more

than 12%. Tata Power Company and Sterlite Industries fell more

than10% each. Reliance Industries (RIL) hit 52-week low. The market

breadth was weak as selling was witnessed across the board.

Sunday, October 5, 2008

UPDATE

UPDATE AT 11 AM ON OCTOBER 6

The market extended Monday's (3 October 2008) steep fall

on weakAsian stocks. Sensex hit its lowest level in more than

two yearswhile Nifty hits 1-½ year low. Sensex was down

313.50 points.Metal, banking and realty stocks plummeted.

Jaiprakash Associateswas down 6.5% and Sterlite Industries was

down by more than 7%. The financial crisis spread further to Europe

and doubts persistedabout the effectiveness of the US administration's

$700 billion USfinancial sector bailout plan. The uncertainty over the

nucleardeal with the United States persisted Condoleezza Rice, US

secretary of state, left New Delhi at the weekend without signing

the US-India nuclear deal. The domestic bourses also ignored

reports that the market regulator Securities & Exchange Board

ofIndia (Sebi) may relax norms of participatory notes. The market

also ignored fall in inflation and further fall in oil & commodityprices.

At 10:19 IST, the BSE 30-share Sensex was down 313.50 points or

2.5% to 12,212.82. The index shed 406.13 points at the day's low

of12,120.19, hit in early trade, its lowest level since 20 September

2006. The Sensex fell 241.83 points at day's high of 12,284.49, in

early trade. The S&P CNX Nifty was down 110.65 points or 2.9%

to 3,707.65. Niftyhit a low of 3,688.65, its lowest level since 3 April 2007.

UPDATE

UPDATE FOR PREMARKET ON 6 OCTOBER

The market is likely to extend Monday's (3 October 2008)

steep fall on weak Asian stocks. Asian stocks fell today, 6

October 2008, led by shares of exporters, after a hectic weekend

in Europe as the financial crisis gathered steam there, knocking

the euro to the lowest in a year. Fears that damage from dysfunctional

financial systems in developed economies would almost certainly

push them closer to recessions, weighed on Asian stocks. Key

benchmark indices in Hong Kong, China, Japan, South Korea, Singapore

and Taiwan were down by between Germany gave blanket bank

deposit guarantee on Sunday, 5 October 2008, to prevent panic

as officials clinched deals to rescue Germany's Hypo Real Estate -- after

an initial bailout failed -- and recapitalize two other European banks.

US stocks declined in volatile trade on Friday, 3 October 2008, on

concerns about whether the $700 billion rescue plan, which was

approved by the US Congress would be quickly implemented and

whether it would be enough to shore up the economy. Dow Jones

Industrial Average slid 157.47 points or 1.5% at 10,325.38. The tech

laden Nasdaq Composite index shed 29.33 points or 1.48% at 1,947.39.

Back home, inflation based on the wholesale price index rose 11.99% in

12 months to 20 September 2008, below the previous week's annual

rise of 12.14%, government data released after trading hours on

Friday, 3 October 2008, showed. Inflation for the week ended 26

July 2008 was revised upwards to 12.53% from 12.01%.

Friday, October 3, 2008

UPDATE

UPDATE FOR OCTOBER 3

Bearish sentiment prevailed today as key benchmark indices snapped

last two days' rally on weak global cues. Sensex fell close to 600points

at the day's lows hit in late trade. The barometer index hadrisen 459.92

points in the preceding two trading sessions. Indexheavyweight

Reliance Industries (RIL) hit 52-week low, falling morethan 7.5%.

Tata Steel fell more than 10% while Sterlite Industriesfell more than

8.5%. Ranbaxy Laboratories rose more than 4.5%. Themarket

breadth was weak.

The BSE 30-share Sensex plunged 529.35 points or 4.05% to12,526.32.

The index shed 583.06 points at the day's low of12,472.61, hit in

late trade. The Sensex fell 54.48 points at day'shigh of 13,001.19, in

early trade. The S&P CNX Nifty ended down 132.45 points or 3.35%

to 3,818.30. BSE clocked a turnover of Rs 4,767 crore today as compared

to aturnover of Rs 4,358.87 crore on 1 October 2008. Nifty October

2008 futures were at 3851, at a premium of 32.70points as compared

to spot closing of 3818.30. NSE's futures &options (F&O) segment

turnover was Rs 44,983.07 crore, which waslower than Rs 47,733.85

crore on Wednesday, 1 October 2008. The BSE Sensex is down 7,760.67

points or 38.25% in the calendaryear 2008 so far from its close of

20,286.99 on 31 December 2007.It is 8,680.45 points or 40.93% below

its all-time high of21,206.77 struck on 10 January 2008.

UPDATE

UPDATE AT 2 PM ON OCTOBER 3

The key benchmark indices extended losses in mid-morning

trade onweak global cues. Reliance Industries fell further. The

BSE Sensexwas down 172.10 points. Shares of suppliers of equipment

fornuclear power plants were mixed after the US Senate on

Wednesday, 1October 2008, approved the Indo-US nuclear deal

with overwhelminglymajority. IT and metal stocks declined. PSU

OMC rose on falling crude oilprices. Ranbaxy Laboratories rose

close to 7%. Sterlite Industriesand Steel Authority of India fell

more than 7.5% each. The marketbreadth was weak. The Indo-US

nuclear deal on Wednesday, 1 October 2008, secured theapproval

of the US Senate which overwhelmingly voted a billrejecting all the

killer amendments and paving the way for itsimplementation. The

landmark civil nuclear cooperation agreement,entered into between

Prime Minister Manmohan Singh and US PresidentGeorge W. Bush

in 2005, secured 86 votes while 13 Senators votedagainst it. The

legislation, which has already been cleared by theHouse of Representatives,

will now head to the White House for Mr.Bush signing it into a law.

Most of the Asian stocks dropped today, 3 October 2008, on fearsthat

the global economy will worsen even if the US Congress passesa $700

billion bank rescue bill. Key benchmark indices in HongKong, Japan,

Singapore were down by between 1.39% to 2.12%. The keybenchmark

index in Taiwan rose 0.68% as state funds bought indexheavyweights

to boost the market. Stock markets in China and SouthKorea were closed.

Thursday, October 2, 2008

UPDATES ON OCT 3 2008

OCT 3 FRIDAY

We expect our market to soften at the opening bell.

Key Indices may turn choppy later in the day as global

cues continue to determine the overall market trend.
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