Wednesday, August 29, 2007


NIFTY: - Open 4302 High 4329 Low 4280 Close 4320 (+18 pts)

P/E 19.55 P/B 4.92 Adv 27 Dec 22 Unch 1

Supp 4275/4245/4200 Res 4330/4365/4395

SENSEX: - Open 14857 High 14952 Low 14751 Close 14919 (+76 pts)

Supp 14870/14750/14550 Res 14970/15070/15200

What happened on Tuesday:-

· After a massive rally on Monday, Sensex opened up marginally and fluctuated in the range of 200 points intraday. Finally both the Sensex and the Nifty closed in the positive territory as Reliance gained more than 2%.

· FIIs Net Buyers Rs 390 Cr in Cash Market, Domestic Institutions have turned Net Sellers Rs 79 Cr, FIIs sold Rs 171 Cr in Index Fut and bought Rs 15 Cr in Stock Fut.

· Volumes were Rs 9198 Cr in spot market. F&O Vol Rs 57340 Cr

· Breadth was on the positive side- NSE Adv 644 Dec 404 Unch 45 BSE Adv 1715 Dec 1214 Unch 86

· Tech stocks saw a lot of buying interest as Fin Tech was up more than 9%. I-flex also gained 5%. Satyam Comp was the top gainer on the Nifty.

Top Gainers: - Satyam Comp, Hindalco, HDFC Bank, Reliance, HCL Tech

Top Losers: - Suzlon, ICICI Bank, Tata Motors, Zee Enter, Hero Honda

Indian ADRs: -

Outlook for Wednesday:-

· American markets crashed yesterday night with Fed not confirming about cutting interest rates there, Asian markets too open in negative

· Nifty resistance at 4330-4350 levels must be crossed failing which we can see downside towards 4150-4170.

· Banknifty index looks a bit weak, banks may see some downside.

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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