Tuesday, September 11, 2007


NIFTY: - Open 4506 High 4515 Low 4452 Close 4507 (-2 pts)

P/E 20.40 P/B 5.13 Adv 25 Dec 25

Supp 4488/4445/4424 Res 4519/4535/4556

SENSEX: - Open 15413 High 15626 Low 15363 Close 15596 (+6 pts)

Supp 15525/15455/15350 Res 15630/15720/15810

Resilient India:-

· Markets opened sharply lower as the Sensex was down more than 200 points in early trade. But buying was seen after the gap-down opening and we could close 6 points up on the Sensex.

· Volumes were lower at Rs 8908 Cr in spot market. F&O Vol Rs 37333 Cr.

· Breadth was on the positive side - NSE Adv 1778 Dec 1175 Unch 68 BSE Adv 582 Dec 485 Unch 33

· FIIs have turned Net Sellers Rs 190 Cr in Cash Market, Domestic Institutions Net Buyers Rs 9 Cr; FIIs were sellers to the tune of Rs 774 Cr in Derivatives markets.

· FMCG stocks saw buying as ITC was the top gainer on the Nifty. Petroleum stocks like RPL, HPCL and BPCL pulled the indices up. Tech stocks were losers.

Top Gainers: - RPL, ITC, BPCL, HPCL, Ambuja Cem

Top Losers: - HCL Tech, Wipro, TCS, Infosys, Ster Ind

Indian ADRs: - http://tinyurl.com/33m7dx

Outlook for Tuesday:-

· American indices close flat after a volatile session.

· We have not been able to breach 4535 convincingly and that is a sign of weakness. But on the downside too, 4450 and 4424 are good supports which are not broken yet. So clear direction is missing for the time-being.

· With Reliance Inds near an all time high and SBI strong, upside looks possible for the indices. Even so, stock-specific approach is only advised.

· Buy Nagarjuna Const (215) Target 260-265 in med-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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