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satyam ceo admits fraud, resigns

Satyam Computer on Wednesday plunged into a deep crisis, as B Ramalinga Raju resigned as its chairman after admitting to major financial wrong-doings and saying his last-ditch efforts to fill the “fictitious assets with real ones” through Maytas acquisition failed.

The beleaguered IT giant, already under scanner over the aborted acquisition of firms promoted by the chairman’s family, received a rude shock days ahead of its January 10 board meeting, with Raju stepping down along with his brother and Managing Director B Rama Raju.

Raju has written a letter to the board giving details of the balance sheet. Balance Sheet has inflated cash balances of Rs 5040 crore and accrued interest of Rs 376 crore is non-existent. Rs 1230 crore was arranged to Satyam and is not reflected in the books. As per the revelations, second Quarter numbers were inflated to Rs 2700 crore vs Rs 2112 crore actual numbers. No board member had any knowledge of the real situation of the books.

INTRADAY CALLS – 07/01/09 – VIJAY

GLOBAL MARKETS CONTINUE TO GAIN

DOW JONES AFTER OPENING HIGHER FELL BRIEFLY TO THE NEGATIVE ZONE ON

POOR ECONOMIC DATA, BUT RECOVERED  AGAIN ON THE HOPES OF SECOND

BAILOUT AND MANAGED TO CLOSE POSITIVELY.  NOVEMBER FACTORY ORDERS

FELL BY 4.6 % AND HOME SALES WERE DOWN BY 4%. DECEMBER ISM INDEX WAS THE

ONLY SAVING GRACE AND WAS ABOVE EXPECTATION AT 40.6. DOW WAS DOWN BY

12 POINTS AT DAY`S LOW AND WAS UP BY 136 POINTS AT THE HIGH OF 9088 AND

CLOSED AT 9015 GAINING 62 POINTS. ALL ASIAN MARKETS ARE IN GREEN AND

NIKKEI IS UP BY 182 POINTS AT THIS TIME.

NIFTY FUTURE YESTERDAY OPENED AT 3121 AND WAS IN NARROW RANGE FOR

TILL AFTERNOON WITH DAY`S HIGH AT 3148, FELL TO THE LOW OF 3057 AND

MANAGED A SHARP RECOVERY TO CLOSE AT YESTERDAY`S LEVEL OF 3133.

DO NOT AVOID SL AND HEDGING IS THE ONLY WAY TO SUSTAIN THE VOLATILE

MARKET.HAVE A PROFITABLE DAY. REPLIES AT THIS COLUMN OR AT

VIJAY.CALLS@YAHOO.CO.IN

NIFTY FUTURE SUPP LEVELS  3046,3005 RESIST  3145,3275. AVOID SHORTS IF NIFTY

TRADES ABOVE 3140. NIFTY FUTURE MAY TEST THE LEVEL AROUND 3265 ABOVE

3150. KEEP TRAILING STOP LOSS TO PROTECT YOUR PROFITS.  THIRD QUARTER

RESULTS WILL INFLUENCE THE SHORT TERM DIRECTION OF THE MARKET. DO NOT

CARRY UNHEDGED POSITIONS.

Stock calls : 7-Jan-2009

NIFTY

Signal	Signal Price	Stop Loss	Target-1	Target-2	Target-3
Buy	3121	3098	3147	3189	3238
Short Sell	3091	3114	3072	3023	2982

SEIMENS

Action	Trigger Price	Stop Loss	Target-1	Target-2
SELL BELOW	310	313	302	298
REMARKS	INTRADAY SELL

Satyam Computers

Action	Trigger Price	Stop Loss	Target-1	Target-2
BUY ABOVE	180	173	185	192
S.SELL BELOW	172	174	168	155

ICICI BANK

Action	Trigger Price	Stop Loss	Target-1	Target-2
BUY ABOVE	527	512	542	562
S.SELL BELOW	509	515	495	465