TECHNICAL ANALYSIS TRAINING

TARUN KESHRANI A TECHNICAL ANALYST WHO RUNS A BROKING FIRM HAS NOW STARTED TO TEACH TECHNICAL ANALYSIS

WHAT HE SAYS IS "LEARN BEFORE YOU LOOSE"

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PREDICTIONS

Transiting Jupiter is in Capricorn with transiting Rahu shows major up-down in Stock Market. Investor should see where the market moves, if it will move toward bearish trend then major bearish trend will be indicated. Stock Market may change his trend after 10th January 2009, if it will show bullish trend then bullish trend will continue up to 20th January 2008. Stock Market will show ups down toward both extremes. Stock Market will under bearish trend after 15th February 2009, however it will show some recovery after 10th March 2009 and bullish trend will continue up to 27th March 2009. April will not be so good for Market.

Saturn is in transit, will be in Leo and will be in Virgo later part of 2009. Saturn and Mars aspect, Mars and Uranus conjunction, will change Market trend. May 2009 and June 2009 will give some strength to Market. Stock Market may try to come in green signal during May 2009 and June 2009. If first half of these month will be in bearish trend then make some position, you may get some benefit later part of these months.

A New Moon Solar Eclipse in July 2009 will not be good for Stock Market; there may be some crisis in Stock Market. Stock Market will be under Bearish tone during August 2009 and September 2009. There may be big down fall during these months. Investor should be careful and do business with strict stop loss. Saturn in transit will enter in Virgo, will give some Oxygen to Stock Market and during Diwali Stock Market will move toward Bullish trend. Astrology18 wishing you a very happy Diwali 2009.

25-3 updates

Hot Pursuit

Unitech leads gainers in 'A' group
Receipt of funds from stake sale in group firm powers Tata Power
Firstsource Solutions gains on restructuring buzz
Expansion buzz fuels GAIL India
Mangalam Timber gallops as a promoter hikes stake
Booster dose for Glenmark Pharma foreign fund HSBC hikes stake
New order lifts Astra Microwave
RIL spurts on a likely increase in weightage in Nifty
India Cements moves north after block deal
Anu's Lab extends gains on stock-split plan
Strides Arcolab strengthens as a promoter revokes some of the pledged
shares
Infosys, ITC celebrate NSE's move towards free float indices
Corporate governance issue rattles Crompton Greaves counter
Sadbhav Engineering builds on rights issue plan
Novartis India in the pink of health as parent makes open offer
Interest rate cut hurts HDFC
Overseas expansion boosts 3i Infotech


Other Markets

Upsides still capped for yellow metal
Rupee bounces off 1-week low
Call money remains unchanged
Rupee at 1-week low
Call money opens higher
Copper goes down
Crude sheds some glaze
Bullion metals end lower

Mutual Funds

Balanced funds falls marginally over 3 moths period
NFO: Reliance Fixed Horizon Fund –XII-Series 4
Magnum Gilt Fund declares dividend
SBI MF declares dividend for 24 Months debt fund
SBI MF declares dividend for 370 days debt funds
SBI MF declares dividend
SBI MF declares dividend for 18 Months debt fund
SBI MF declares dividend for 13 Months debt funds
IDFC Money Manager Fund offers dividend
IDFC All Seasons Bond Fund (A) announces dividend
IDFC MF declares dividend for Government Securities Fund
IDFC Dynamic Bond Fund offers dividend
IDFC MF declares dividend for Super Saver Income Fund
ICICI Pru Liquid Plan declares dividend
ICICI Prudential MF declares dividend
UTI-Equity Fund (G) outperforms the Sensex over all time periods
ICICI Prudential MF declares dividend for QIP
SBI Arbitrage Opportunities fund declares dividend
HDFC MF launches 367 days plan
JP Morgan India Alpha Fund declares dividend
Escorts Income Plan declares dividend
UTI MF declares dividend under Short Term FMP
Tata Fixed Income Portfolio Fund declares dividend
Reliance MF launches Fixed Horizon Fund –XII-Series 4
Magnum Mid Cap Fund (G) buys Indiabulls Real Estate, Aban Offshore


Corporate News
GAIL signs annual MOU with Ministry of Petroleum and Natural Gas
Satyam wins Corporate University Xchange Awards
Graphite India to consider scheme of arrangement
Shri Chlochem appoints additional director
Hikal's board approves scheme of arrangement
Vintage Cards & Creations postpones board meeting
Indusind Bank launches new look branch model at Bandra
Zee News appoints additional director
Tata Power announces sale of partial holdings in Tata Teleservices
Anil Special Steel Industries allots equity shares
Span Diagnostics allots equity shares
Dishman Pharmaceuticals signs co-operation & joint API development
agreement
Ranbaxy Laboratories receives approval from TGA-Australia
Prraneta Industries to increase authorized capital
Tyco Telecommunications successfully transmits 40 gigabits per second
signal on Tata Communications' Trans Pacific undersea system
Mindteck India appoints additional directors
Astra Microwave Products secures order worth Rs 26 crore
Ministry of Corporate Affairs sanctions of amalgamation of Bongaigaon
Refinery & Petrochemicals
EPIC Energy receives 100 kVA order from Konkan Railway Corporation
Tata Communications announces sale of partial holdings in Tata
Teleservices
Sadbhav Engineering to issue securities
Bongaigaon Refinery & Petrochemicals to merge with Indian Oil Corporation
NDTV's equity shareholders, secured creditors & unsecured creditors
approves scheme of arrangement
Dharani Sugars & Chemicals appoints director
Bombay High Court approves scheme of amalgamation of Chembond Chemicals
Essel Propack appoints additional director
Diamant Investment & Finance adjourns board meeting
International Conveyors to issue equity shares
Bombay Cycle & Motor Agency to hold board meeting
Larsen & Toubro allots shares
PI Drugs & Pharmaceuticals appoints MD
GM Breweries to consider dividend

Obama Repeats Bush's Worst Market Mistakes

Bad accounting rules are the cause of the banking crisis.

What is most astounding about President Barack Obama's radical economic recovery program isn't its breadth, but its continuation of the most destructive policies of the Bush administration. These Bush policies were in themselves repudiations of Franklin Delano Roosevelt, Mr. Obama's hero.

The most disastrous Bush policy that Mr. Obama is perpetuating is mark-to-market or "fair value" accounting for banks, insurance companies and other financial institutions. The idea seems harmless: Financial institutions should adjust their balance sheets and their capital accounts when the market value of the financial assets they hold goes up or down.

That works when you have very liquid securities, such as Treasurys, or the common stock of IBM or GE. But when the credit crisis hit in 2007, there was no market for subprime securities and other suspect assets. Yet regulators and auditors kept pressing banks and other financial firms to knock down the book value of this paper, even in cases where these obligations were being fully serviced in the payment of principal and interest. Thus, under mark-to-market, even non-suspect assets are being artificially knocked down in value for regulatory capital (the amount of capital required by regulators for industries like banks and life insurance).

Banks and life insurance companies that have positive cash flows now find themselves in a death spiral. Of the more than $700 billion that financial institutions have written off, almost all of it has been book write-downs, not actual cash losses. When banks or insurers write down the value of their assets they have to get new capital. And the need for new capital is a signal to ratings agencies that these outfits might deserve a credit-rating reduction.

So although banks have twice the amount of cash on hand that they did a year ago, they lend only under duress, or apply onerous conditions that would warm Tony Soprano's heart. This is because they know that every time they make a loan or an investment there is a risk of a book write-down, even if the loan is unimpaired.

If this rigid mark-to-market accounting had been in effect during the banking trouble in the early 1990s, almost every major commercial bank in the U.S. would have collapsed because of shaky Latin American and commercial real estate loans. We would have had a second Great Depression.

But put aside for a moment the absurdity of trying to price assets in a disrupted or non-existent market, of not distinguishing between distress prices and "normal" prices. Regulatory capital by its definition should take the long view when it comes to valuation; day-to-day fluctuations shouldn't matter. Assets should be kept on the books at the price they were obtained, as long as the assets haven't actually been impaired.

Mark-to-market accounting does just the opposite. When times are good, it artificially boosts banks' capital, thereby encouraging more investing and lending. In a downturn it sets off a devastating deflation.

Mark-to-market accounting is the principal reason why our financial system is in a meltdown. The destructiveness of mark-to-market -- which was in force before the Great Depression -- is why FDR suspended it in 1938. It was unnecessarily destroying banks.

But bad ideas never die. Mark-to-market was resurrected by the Financial Accounting Standards Board and became effective in the fall of 2007 (FASB rule 157) to the approval of the Bush administration, its Treasury Department, and the Securities and Exchange Commission. Even as FASB 157 began to take its toll on financial institutions last year, Mr. Bush refused to kill or suspend it. When Congress voiced displeasure last fall, the administration and regulatory authorities made some cosmetic changes, but the poisonous essence remained.

Another horrific Bush policy that Mr. Obama has left untouched concerns short selling. In 1938, the SEC, created by FDR, enacted the so-called uptick rule, which held that investors could not short a stock unless it went up in price. In July 2007, the SEC, whose commissioners were handpicked by the White House, got rid of the rule. Market volatility exploded.

Compounding this lunacy was the SEC's inexplicable failure to enforce the rule against "naked" short selling. Before an investor can short a stock, he is supposed to borrow the shares and pay a broker or stockholder a fee. What sellers soon realized was that the SEC was turning a blind eye to naked short-selling, thus adding even more pressure to beleaguered bank equities. Short sellers quickly saw how mark-to-market made seemingly invincible companies vulnerable to destruction. They picked their targets and relentlessly sold financial stocks short.

If the president really takes Roosevelt's legacy seriously, he should suspend mark-to-market accounting rules, restore the uptick rule, and enforce the prohibition against naked short selling. If he doesn't, historians will look back in utter amazement at Mr. Obama's preservation of Mr. Bush's worst economic policies.

3-2

MARKET IS IN PANIC
GO SHORT IN OPENING BELL
RELIANCE
RCOM
ADLABS
GVKPIL
LT
EDUCOMP
BHEL

AND COVER AT 10.15 AM
GAP DOWN EXPECTED
AND STABALISE AT BOTTOM LEVEL AND MINOR RECOVEY EXPECTED

KEEP AWAY FROM FUTURES

BUY NIFTY PUT 2600 105-110 TGT 150-155

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