Thursday, August 30, 2007


NIFTY: - Open 4317 High 4369 Low 4226 Close 4359 (+39 pts)

P/E 19.72 P/B 4.96 Adv 32 Dec 17 Unch 1

Supp 4328/4310/4280 Res 4380/4402/4430

SENSEX: - Open 14651 High 15029 Low 14592 Close 14993 (+73 pts)

Supp 14950/14890/14775 Res 15070/15180/15240

India shrugs off global worries:-

· Markets opened lower on weak global sentiment as Sensex was down 327 points in early trade. But buying emerged slowly in Metal and Oil stocks to take us towards a positive closing

· Volumes were higher at Rs 10766 Cr in spot market. F&O Vol Rs 76510 Cr

· Breadth too was positive - NSE Adv 612 Dec 443 Unch 38 BSE Adv 1661 Dec 1275 Unch 80

· FIIs Net Sellers Rs 163 Cr in Cash Market, Domestic Institutions Net Buyers Rs 65 Cr, FIIs bought Rs 76 Cr in Index Fut and sold Rs 319 Cr in Stock Fut.

· Metal stocks zoomed as Tata Steel announced six-fold jump in earnings after acquisition of Corus. The BSE Metal index was up more than 4%

· Oil stocks were among top gainers as the Fin Min agreed to share a third of the revenue loss that state-run oil firms incur on sale of fuel.

· Telecom stocks were down in reaction to the latest recommendations by Telecom Regulatory Authority of India regarding spectrum charges and M&A norms.

· Sugar stocks rally as government has offered sops to that sector.

Top Gainers: - Tata Steel, SAIL, GAIL, BPCL, ONGC

Top Losers: - Infosys, Siemens, PNB, Satyam Comp, HDFC

Indian ADRs: -

Outlook for Thursday:-

· Today is F&O expiry and short covering can take the indices higher.

· 4310 is support for today and as we have crossed 4330, we can target 4390-4400 levels intraday on the Nifty.

· American markets recuperated almost all the losses of Tuesday. Dow ends up 247 points. Asian markets follow the gains from USA

· Cement stocks should rally as imported cement is not going to affect much to their financials. India Cem can target 270-275.

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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