DAILY REPORT FOR 6 DECEMBER, 2006
NIFTY: - Open 4001 High 4033 Low 4001 Close 4016
Supp 4000/3980/3962 Res 4035/4050/4066
SENSEX: - Open 14028 High 14028 Low 13906 Close 13938
Supp 13880/13830/13760 Res 13995/14070/14144
What happened on Tuesday:-
Markets opened very strong on positive global cues and remained in the green the whole day. Sensex touched the psychological mark and a milestone 14000 yesterday first time in the history of Indian Stock markets. TISCO did very well yesterday with a 5% gain. Other gainers were Jet Airways, RCOM and IPCL. Zee Telefilms lost more than 3%. Tata power, Guj Amb Cem were other losers on Nifty.
What shall we witness on Wednesday:-
The rally should continue as long as we remain above 4000. Metal stocks look interesting. Nalco, SAIL, TISCO can give good returns in short term.
Where’s the money:-
Tisco(493):- The stock has lowest P/E in Sensex stocks. Some serious value buying must have emerged during yesterday’s trading. On charts also the stock looks good. It can be bought for target around 550-560 in short term. Investors looking for value can also buy.
Hind Petro(291):- The stock should target 310-315 levels in next 4-5 trading sessions. SL can be kept around 280.