DAILY REPORT FOR
NIFTY: - Open 4498 High 4540 Low 4498 Close 4529 (+32 points)
P/E 20.50 P/B 5.16 Adv 34 Dec 16
Supp 4520/4500/4485 Res 4545/4560/4624
SENSEX: - Open 15547 High 15650 Low 15547 Close 15614 (+109 pts)
Supp 15540/15480/15350 Res 15710/15820/15875
Bulls take control:-
· Auto, Banking and Realty stocks made a great comeback and Sensex zoomed more than 100 points.
· Volumes were Rs 11075 Cr in spot market. F&O Vol Rs 41758 Cr.
· Breadth was more positive than recent past– BSE Adv 1723 Dec 1231 Unch 70 NSE Adv 618 Dec 453 Unch 29
· FIIs bought meagre Rs 6 Cr Equity in Cash Market, Domestic Institutions Net Sellers Rs 35 Cr; FIIs bought Rs 659 Cr in Index Fut and sold Rs 474 Cr Stock Futures.
· Maruti, TVS Motors rallied from Auto. SBI was the top gainer from banks with Kotak Bank, Union Bank and HDFC Bank also performing. Real estate stocks didn’t lag behind as Unitech has been included in the Nifty. Mahindra Gesco was up 7%. Akruti Nirman and Omaxe too did their bit.
Top Gainers: - Maruti, Suzlon, SBI, HDFC Bank, ACC
Top Losers: - SAIL, Hind Unilever, Nalco, Dr Reddy, Hindalco
Indian ADRs: - http://tinyurl.com/33m7dx
Outlook for Friday-
· Breadth was quite positive yesterday with Auto and Banks performing. Many Mid-caps too participated. Overall mood was rather buoyant. Clearly bulls will be the favourites for today’s battle.
· Dow Jones had a triple-digit rally as it was up 133 points yesterday. Nevertheless all Indian ADRs were flattish. Today Asian markets are also providing positive cues.
· We have to see if today we can breakout of the 4450-4550 range in which we have been stuck for the last 8-10 days. Upside breakout is advocated as long as we can remain above 4520.
· Renuka (543):- Buy for target of 640-650 in med-term.
· Akruti Nirman (614):- The stock can target 660-670 in short term.
(Keep SL in short-term trades)
RIL to pump $2 bn into shipbuilding, dredging http://economictimes.indiatimes.com/RIL_to_pump_2_bn_into_shipbuilding_dredging/articleshow/2367030.cms
Fed's rate cuts have a history http://economictimes.indiatimes.com/Feds_rate_cuts_have_a_history/articleshow/2367236.cms
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.