DAILY REPORT FOR 28 NOVEMBER, 2006
NIFTY: - Open 3975 High 3975 Low 3949 Close 3969
Supp 3962/3945/3922 Res 3990/4010/4025
SENSEX: - Open 13716 High 13799 Low 13716 Close 13774
Supp 13725/13670/630 Res 13810/13860/13930
What happened Yesterday:-
Markets opened strong as expected and remained that way. Cement stocks like ACC, Gujarat Ambuja Cement gained 3% each. Other gainers were Jet Airways, Bharti Tele, Tata power. Dr Reddy, Zee tele, HPCL were top losers on the Nifty losing 2% each. Midcap stocks have started performing now. Stocks like Nagarjuna construction, Pidilite, ENIL saw good buying yesterday.
What shall we witness on Tuesday:-
The bull run should continue. The targets on nifty for today are 3990/4025.
Nifty All time high is 3976 and it was not able to cross it yesterday. But once we do that, we will see the above targets very quickly. F&O expiry is the major trigger that should help this market reach new highs.
Where’s the money:-
Tata Motors(829):- The stock looks nice on charts. Supp 824/816 Buy for target of 845/853
Dishman Pharma(211):- Buy this stock for short term with SL below 197 and target 229/265.
Bajaj Auto(2656):- Buy around 2630 with SL 2608 and target 2670/2690.
ITC(181):- Buy with SL of 178 for target 184/186
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.