DAILY REPORT FOR 23 NOVEMBER, 2006
NIFTY: - Open 3918 High 3960 Low 3910 Close 3955
Supp 3939/3925/3890 Res 3968/3988/4025
SENSEX: - Open 13625 High 13740 Low 13625 Close 13707
Supp 13690/13640/13570 Res 13760/13825/13870
What happened yesterday:-
Markets opened firm and remained up the whole day. Volumes were also on higher side. Siemens gained nearly 10% as it announced about orders worth Rs 40 Bn. Other gainers on Nifty were Satyam Comp, Jet airways, Rel Energy. Hind Petro, BPCL lost around 3% each on the back of rising crude prices.
What shall we witness on Thursday:-
Charts do no show any weakness yet. We can still target 3968 and 3988 today as long as we remain above 3939. Some resistance is possible around 3985-3990. But we should never forget that we are at all time highs and intraday correction and minor profit-booking is always a possibility.
Where’s the money:-
BHEL (2464):- Buy with SL of 2450 for target of 2490/2510
L&T (1374):- Supp 1365 Buy with SL 1358 for target 1388/1402
NALCO (222):- Buy with SL 219 for target of 225/229. Investors can also buy for a target of 280 in 3-4 months.
TISCO (473):- Buy with SL of 465 for target of 480/488/494.
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.