Daily Report for 17 November, 2006
nifty (3876) :- Supp 3855-3830-3777 Res 3898-3915-3932
P/E 20.78 P/B 4.98 Adv 18 Dec 31 Unchanged 1 Vol Rs 10321.46 Cr
Sensex (13506) :- Supp 13440/13380/13300 Res 13520/13580/13640
What happened yesterday :-
Nifty opened at 3876, went to 3900 and then came to make a bottom at 3864. Finally we closed at 3876. Nifty could not sustain above 3890 even if we had higher volumes yesterday. Though Sensex closed up just 36 points, there were some real movers yesterday like ACC,HDFC Bank, SBI. Cement stocks performed well after the bulk deal of Gujarat Ambuja.
What shall we witness on Friday :-
Yesterday open and close of nifty were really same. That means there is indecision in the markets right now. We should see some confirmation today. If markets open down and remain lower, we should see some correction happening. On the other hand if we are to go up now, we should see range-bound movement initially and then sustain above 3900. In my view, if we can’t cross resistance around 3885-3890 decisively, we will see some correction today.
There are talks of Nuclear deal happening today in the
Where is the money:-
BPCL (362) :- The stock can be bought with SL of 358 for target of 365/368 and 374.
Disclaimer: These recommendations are based on the theory of technical analysis and personal observations. This does not claim for profit. I am not responsible for any losses made by traders. It is only the outlook of the market with reference to its previous performance. You are advised to take your position with your sense and judgment. I am trying to consider the fundamental validity of stocks as far as possible, but demand and supply affects it with vision variations.
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