Thursday, September 13, 2007

DAILY REPORT FOR 13 SEPTEMBER, 2007

NIFTY: - Open 4498 High 4531 Low 4490 Close 4497 (-0.20 points)

P/E 20.35 P/B 5.12 Adv 19 Dec 31

Supp 4485/4450/4424 Res 4510/4533/4558

SENSEX: - Open 15608 High 15661 Low 15486 Close 15505 (-37 pts)

Supp 15480/15350/15280 Res 15555/15670/15720

Flatness personified:-

· Markets opened flat and remained that way the whole day. Just individual stocks moved up and down. Nifty was almost unchanged for the day.

· Volumes were higher at Rs 10835 Cr in spot market. F&O Vol Rs 40563 Cr.

· Breadth was a also flattish – NSE Adv 548 Dec 519 Unch 33 BSE Adv 1688 Dec 1266 Unch 69

· FIIs bought Rs 317 Cr Equity in Cash Market, Domestic Institutions Net Sellers Rs 91 Cr; FIIs bought Rs 452 Cr in Index Fut and Stock Futures.

· Metal stocks like Sterlite Inds, Sesa Goa, Welspun Guj saw good buying interest. Real estate stocks too went up. DLF, Unitech, Peninsula, Parsvanath rallied. Fertilizer stocks too spurted. National Fert, RCF, Chambal Fert were up more than 5% each.

· Misc. gainers were Indus Ind Bank, Rel Cap, Essel Propack

Top Gainers: - Rel Energy, Zee Enter, Bajaj Auto, Ster Inds, SAIL

Top Losers: - BPCL, Nalco, ITC, Hind Petro, ICICI Bank

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

Outlook for Thursday:-

· There is a lot of indecision in the market and that is why we are not witnessing any kind of trend. Nifty is stuck between 4535 and 4450.

· Yesterday American markets too closed flat as the Dow was down mere 16 points. Indian ADRs too closed insipid.

· Stock-centered action should continue as long as markets are in the range.

· Biocon (463):- Buy around 455-460. The target can be 530-540.

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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