Wednesday, September 12, 2007


NIFTY: - Open 4509 High 4538 Low 4487 Close 4497 (-10 pts)

P/E 20.35 P/B 5.12 Adv 24 Dec 26

Supp 4485/4450/4424 Res 4510/4535/4610

SENSEX: - Open 15668 High 15698 Low 15506 Close 15542 (-54 pts)

Supp 15500/15350/15280 Res 15600/15710/15820

India bucks global uptrend:-

· Markets opened firm and Nifty hit 4538 in early trade. After that supply started coming slowly and we went to test 4487. Finally we could close 10 points down on the Nifty.

· Volumes were higher at Rs 10856 Cr in spot market. F&O Vol Rs 41739 Cr.

· Breadth was a bit negative - NSE Adv 463 Dec 603 Unch 34 BSE Adv 1517 Dec 1434 Unch 71

· FIIs bought Rs 256 Cr Equity in Cash Market, Domestic Institutions Net Sellers Rs 444 Cr; FIIs bought Rs 144 Cr Index Fut whereas they sold Rs 266 Cr in Stock Futures.

· ITC moved up from FMCG on Monday and yesterday Dabur, Colgate, Hind Unilever gained. Tech stocks were major losers. Metal stocks were in demand as Tata Steel, Jindal Steel, Sesa Goa and Welspun Guj advanced.

Top Gainers: - Dabur, Suzlon, Tata Steel, Hind Petro, VSNL

Top Losers: - HCL Tech, Infosys, TCS, Zee Enter, Satyam Comp

Indian ADRs: -

Outlook for Wednesday:-

· Support exists at 4485 for today. Below that longs are advised to be cautious as correction can be big.

· Dow Jones jumped 180 points as the investors there expect a rate-cut at the Sept 18 Fed meeting

· Strong global cues may take the Nifty towards 4550 today but a closing above 4535 is required to seek higher targets.

· Construction stocks like Nagarjuna Const, Hind Const, Gesco Corp are looking good on graph. One can buy them for short-term gains.

· Buy Hind Const (133) Target 170-175 in med-term.

· CESC (470) can target 505-510 in 2-3 days. (Keep SL in short-term trades)

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.

No comments: