DAILY REPORT FOR 14 DECEMBER, 2006
NIFTY: - Open 3717 High 3778 Low 3658 Close 3765
Supp 3810/3850/3905 Res 3730/3690/3650
SENSEX: - Open 13011 High 13223 Low 12830 Close 13181
Supp 13070/12930/12800 Res 13275/13330/13470
What happened on Wednesday:-
Market was very volatile yesterday as both bulls and bears tried to prove their existence. But it was bulls who won in later trading hours and we managed to close 185 points up on the sensex after 3 very bad down days.
Nifty Gainers:- RCom, Zee tele, Siemens
Losers :- GAIL, SAIL, Hind Lever, ONGC
What shall we witness on Thursday:-
It was good to see a bounce back yesterday. It should continue today as well. But what is more important is that we should spend some time at these levels and regain lost strength. Banking was the beaten-down sector in the recent fall. They participated in the rally yesterday. Now Auto and Metals should contribute so that we will know that buying is coming back to those sectors as well. As the sell-off was very sharp, supply at higher levels is always a possibility.
Catch them falling:-
SAIL(81) has good support at 78-79 levels and if it is able to sustain above these levels, we may see above 90-95 levels soon.
Wipro(555) has corrected well from peak of 605 and can target 590-600 levels again.
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.