DAILY REPORT FOR 3 JANUARY, 2007
NIFTY: - Open 3966 High 4017 Low 3965 Close 4007
Supp 3993/3975/3945 Res 4030/4050/4080
SENSEX: - Open 13828 High 13981 Low 13797 Close 13942
Supp 13900/13830/13720 Res 14015/14095/14200
What happened on Tuesday:-
Markets greeted the year 2007 with gains of 155 points on the Sensex. We opened firm and stayed that way all day. There was very good buying in IT and Auto stocks. Smart movers were Satyam Comp, M&M, Bajaj Auto, VSNL and Maruti. Non-index stocks also witnessed very good interest. Nifty once again closed above 4000 yesterday. The only concerning thing was Volumes. They were pretty low as compared to recent past. Though FIIs were net sellers to the tune of Rs 200 Cr(Prov Fig), the gross buy-sell figures were very low.
What shall we witness on Wednesday:-
Previous All time high for Sensex is 14035 and for Nifty it is 4047. We can challenge that in near term. For today, 3987-3992 is good support and we can target 4030-4040 in short term. As volumes are low, stock-specific approach is recommended. We should concentrate on cash stocks.
Where’s the money:-
GIPCL(64) is near a breakout at 65 and can target 73-76 in short term.
Catch them falling:-
ITC(177) The stock hasn’t performed at all in the recent rally. But it can give good returns from these levels. Buy for investment as well as 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.
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