DAILY REPORT FOR 4 DECEMBER, 2006
NIFTY: - Open 3956 High 4001 Low 3954 Close 3998
Supp 3980/3965/3955 Res 4016/4034/4060
SENSEX: - Open 13730 High 13858 Low 13726 Close 13845
Supp 13800/13750/13670 Res 13895/940/14030
What happened on Friday:-
Markets opened up and there was consistent buying the whole day. Power stocks were major gainers of the day as ABB, Siemens gained above 4% each. Other gainers were Auto stocks. Hero Honda, Tata Motors, Bajaj Auto gained sharply. Top losers on Nifty were SAIL, Grasim, TCS. But they didn’t lose much in value, just fell around 1 % each. The benchmark S&P CNX Nifty touched a historical 4000 mark on Friday.
What shall we witness on Monday:-
In a bull market, you don’t require an analyst and in a bear market, there is no need. When new stocks perform and new sectors participate in rallies, the indices tend to show more strength. Auto stocks underperformed for some days but now they look like catching up. Also power stocks exhibited great strength. Such kind of buying can take Nifty above 4000 this week. Sensex above 14000 is also a possibility.
Where’s the money:-
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.