Thursday, September 20, 2007


NIFTY: - Open 4550 High 4739 Low 4550 Close 4732 (+186 points)

P/E 21.42 P/B 5.27 Adv 44 Dec 6

Supp 4710/4690/4670 Res 4745/4775/4815

SENSEX: - Open 15940 High 16335 Low 15940 Close 16322 (+653 pts)

Supp 16240/16195/16130 Res 16370/16450/16510

Bears R.I.P.:-

· Huge gap-up opening was followed by consistent buying in heavyweights like Reliance, ICICI Bank, SBI and many more to take Sensex above 16000 and Nifty above 4700 very comfortably. Sensex was up whopping 657 points.

· Volumes were very good at Rs 16494 Cr in spot market and F&O Vol Rs 68643 Cr.

· Breadth was positive– BSE Adv 1625 Dec 1328 Unch 77 NSE Adv 645 Dec 430 Unch 30

· FIIs bought Rs 2457 Cr Equity in Cash Market, Domestic Institutions Net Sellers Rs 328 Cr; FIIs bought Rs 3281 Cr in Index and Stock futures.

· Sugar stocks became very sweet. Bajaj Hind, Balrampur and Renuka were up more than 20% each.

Top Gainers: - HDFC, HDFC Bank, SAIL, Bharti Airtel, GAIL

Top Losers: - Glaxo, Dabur, MTNL, Nalco, Hind Petro

Indian ADRs: -

Outlook for Thursday:-

· US Markets continued the rally. The Dow closed 76 points higher. Asian markets are trading flat.

· Our markets are expected to open firm after yesterday’s massive rally. Now it is other heavyweights like L&T, BHEL and ONGC who should take this market higher.

· Intraday corrections are always a possibility at such highs, so intraday traders have to watch out for such developments.

· GDL (139):- The stock can target 152-155 in a week’s time.

(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.

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