DAILY REPORT FOR 13 DECEMBER, 2006
NIFTY: - Open 3849 High 3861 Low 3662 Close 3717
P/E 19.91 P/B 4.75 Adv 2 Dec 48 Vol Rs 11085.28 Cr
EMA20 3904 EMA50 3795 EMA100 3630
Supp 3690/3650/3490 Res 3750/3795/3830
SENSEX: - Open 13414 High 13492 Low 12802 Close 12995
EMA20 13564 EMA50 13153 EMA100 12529
Supp 12900/12715/12560 Res 13100/13230/13490
What happened on Tuesday:-
We opened flat and remained sideways up to mid-hours. But huge selling brought the markets to below 13000 levels. We touched 12802 and closed just below 13000. Provisional Figure for FIIs for yesterday was also net buy of Rs 258 Cr. There were just 2 nominal gainers on the Nifty like Dabur and GAIL. Fall was massive in Orient Bank, ABB, Grasim.
What shall we witness on Wednesday:-
We have lost around 1200 points in last 3 days and if we go by Institutional figures, we can clearly see that major selling was done by Mutual Funds. They sold around Rs 602 Cr on 11-Dec-2006. Now for today we should see some sharp bounce. And this bounce can even be sharper than the fall but after that also we may spend some time here and then start new moves up. We look forward to Advance Tax figures, Budget from here. Also we will be getting 3rd Quarter results in January. So things are getting extremely interesting now.
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.