i Develop Stocks Advisory

Bombay Shining..... Markets shrugged off the nervousness and acted positively to the credit policy of RBI. As predicted earlier not much would come in the credit policy and it didn’t actually except for a rise in CRR of 25bps which would suck the liquidity and would help stem the inflation expectations. Today the nifty crossed 5200 mark the real test would be at 5250 levels and if it can break the 5300 levels than the bears might have little hope of pulling it back and if they are unable to pull the nifty back we might even see 5500 levels soon. So the bulls have 100 points more to score to put real pressure on the bears. The star performer of the day undoubtedly was Bombay Dyeing it almost crossed the 1k mark. RPL has also crossed 200 levels and looks strong along with RNRL there might be some resistance at these levels for both but if they were to cross 210 and 130 respectively one can see levels of 230-240 for RPL and 135-140 levels for RNRL. Tomorrow the markets might once again show some signs of nervousness as the BOJ and FED is scheduled to meet tomorrow. But like RBI nothing will come from BOJ and Fed may either cut rate by 25 bps or may do nothing. We have given recommendation on Modern India Ltd. The company has received permission from Government of Maharashtra, Urban Development Department to develop / redevelop the mill land as per Regulation 58 of Revised Development Control Regulation Gr., Mumbai 1991. It will approximately develop 7.5 lac sq feet land in Mahalaxmi area Mumbai. Modern India Ltd is also planning to set up (IT / ITES SEZ (Information Technology / Information Technology Enabling Services) (Special Economic Zone) 15 Hectare of land at Khopoli and the project will be implemented through a wholly owned subsidiary Company viz. Modern India Property Developers Ltd. The land was acquired by the Company about six months ago at a cost of about Rs 35 Crores and the State Government has already given their recommendation to the Central Government for formal approval of the project. "If Columbus had an advisory committee he would probably still be at the dock."