DAILY REPORT FOR 7 DECEMBER, 2006
NIFTY: - Open 4016 High 4036 Low 3983 Close 4016
Supp 3990/3972/3960 Res 4038/4056/4088
SENSEX: - Open 13951 High 14035 Low 13847 Close 13949
Supp 13830/13750/13660 Res 14050/14130/14230
What happened yesterday:-
Markets opened strong but didn’t sustain stated resistance at 4035 and came down to test levels below 4000. But we didn’t break 3980 yesterday and that should be good sign as far as uptrend is concerned. There were some meager gainers on the Nifty like Ranbaxy, BHEL, Hindalco. But the rise in any of those wasn’t great. Suzlon lost 4 %, PNB, Hind Petro lost more than 2%. We opened at 4016 and closed at the same level with some intraday volatility.
What shall we witness on Thursday:-
Today global cues are a bit flat. Our markets will have stock-specific action. Stocks like ONGC, IPCL, Glaxo, Tisco look good on charts and can perform well. People should concentrate on stocks more than on indices.
Where’s the money:-
Bajaj Auto(2711):- Buy with SL of 2675 for target of 2745/2780.
ONGC(866):- The stock will break-out above 875 and it can be bought for targt around 895-905.
Glaxo(1201):- The stock looks like a break-out and we can buy that for target above 1300.
MPhasis BFL(255):- The stock has good support at 247 and 235. it can be bought in declines with SL below 230 and target 270-275 and 300.
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.