DAILY REPORT FOR 22 NOVEMBER, 2006
NIFTY: - Open 3860 High 3922 Low 3857 Close 3918
Supp 3898/3874/3855 Res 3940/3955/3966
20 EMA 3806, 50 EMA 3674, 100 EMA 3520
P/E 21 P/B 5.03 Adv 46 Dec 4 Vol Rs 9098.66 Crs
SENSEX: - Open 13435 High 13630 Low 13435 Close 13617
20 EMA 13203, 50 EMA 12710, 100 EMA 12120
Supp 13555/13495/13360 Res 13690/13750/13790
What happened yesterday:-
Markets opened calmly but slowly made their way towards new highs. There was consistent buying in stocks like Suzlon, Siemens, Hind Petro, Reliance Energy and ITC. HDFC was the top loser in Nifty and was down just 0.91%. This shows the strength we had in yesterday’s buying. The top loser also didn’t lose much value. The total Adv-Dec ratio was also very good at 722 Adv v/s 215 Dec. Overall we had a very good session of trading.
What shall we witness on Wednesday:-
The rally is expected to continue today. There was good buying yesterday but in my view, there was not much of short covering from F&O data. Those people are going to take this rally further. There is still a lot of room for markets to go higher as stocks like Ranbaxy, Dr Reddy, ITC, Tata Steel, Tata Motors have been laggards in this rally so far. And if they do perform, we will have a large upside from here also. We should see 3950-3980 in coming days.
Where’s the money:-
3I Infotech(184.50):- Buy with SL of 182 for target of 187-188
Astra Microwave (158):- Buy for short term delivery with SL of 145 and target of 171-175 and 190+.
BHEL(2420):- Supp 2405 Buy for target of 2438/2465/2490 SL should be kept at 2390 for intraday trade.
IOB(116.25):- Buy with SL 114 for 118/121.
Larsen and Toubro(1347):- Support is at 1339 Buy with SL of 1323 for target of 1365/1379/1400
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.