DAILY REPORT FOR 24 NOVEMBER, 2006
NIFTY: - Open 3955 High 3977 Low 3934 Close 3945
Supp 3925/3905/3885 Res 3965/3975/3998
SENSEX: - Open 13625 High 13740 Low 13625 Close 13707
Supp 13620/13560/13470 Res 13770/13850/13915
What happened yesterday:-
Markets opened on a positive note. But could not sustain much higher levels and came down to close flat. Some volatility was witnessed in ending hours of the trading session. Top gainer on Nifty was Glaxo up 5 %. HDFC Bank and Zee tele were other major gainers. Siemens saw profit-booking as it was down 3%. Satyam Comp and Bharti Tele also lost some ground. It was a breather for the rally as we closed a bit down after 3 consecutive days of strong rally.
What shall we witness on Friday:-
Yesterday’s flat closing was just a breather that a market always needs after a strong rally. It is better that we consolidate at these levels so that we can again gain strength to go forward. For today, 3925 should be good support. Below that we may see correction around 3900. A move past 3965 can take nifty to 3975 and 3998. But we should see some consolidation between 3925 and 3975. Stock-specific action should continue.
Where’s the money:-
Apollo Hospital(464):- Buy with SL 453 for target of 485/505
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.