DAILY REPORT FOR 8 DECEMBER, 2006
Supp 3998/3980/3970 Res 4030/4044/4066
SENSEX: - Open 13963 High 14003 Low 13916 Close 13972
Supp 13910/13870/13800 Res 14020/14070/14130
What happened yesterday:-
Markets opened flat, then went down a bit and again we pulled back. But we remained above 4000 the whole day. And it was the first day that we remained above 4000 on the nifty. ABB, Zee, Hindalco, Siemens were top gainers on the Nifty whereas Hero Honda, Hind Petro, GAIL lost some ground.
What shall we witness on Friday:-
The indices are just moving in a tight range and we will see a breakout in one direction very soon. Reliance and ONGC are looking good on charts. Automobile stocks are also looking good. Power stocks have started performing. Metals have also started up waves. So a bullish breakout is a strong possibility today. Even if markets are looking flat, good stocks are performing. We should buy good investment stocks and wealth will follow. By Dec 15, the Advance tax figure should come out and that should be the trigger for the next move.
Where’s the money:-
Alstom Projects(457):- The stock has given a new all-time high of 484 just 4 days back. It hasn’t been able to sustain 480 up till now. But it has a target of around 530-540 which hasn’t been achieved yet. Today a Buy is recommended. Support levels are 445 and crucial supp 434.
Hero Honda(750):- Buy with SL 740 and target 756/766.
Hind Lever(240):- This stock is near a breakout and can reach 248-252 most probably next week.
Siemens(1186):- It looks like bottomed out and should target 1300 around next week.
Bata(205):- The stock can target 235-240 levels in short term.
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.