Friday, September 28, 2007


NIFTY: - Open 4942 High 5016 Low 4942 Close 5000 (+60 points)

P/E 22.49 P/B 5.33 Adv 33 Dec 17

Supp 4980/4960/4930 Res 5028/5060/5100

SENSEX: - Open 17059 High 17188 Low 17018 Close 17150 (+229 pts)

Supp 17070/17000/16880 Res 17220/17280/17340

5000 conquered:-

· F&O expiry pushed the indices higher and Nifty touched the psychological milestone of 5000. Both Sensex and Nifty could close above 17000 and 5000 respectively.

· Volumes were very high at Rs 20797 Cr in spot market and F&O Vol Rs 86226 Cr.

· Breadth– BSE Adv 1424 Dec 1541 Unch 68 NSE Adv 475 Dec 612 Unch 22

· FII buying was huge worth Rs 2226 Cr in Cash Market whereas Domestic Institutional Investors sold Rs 311 Cr. FIIs bought Rs 985 Cr in Index Fut and sold Rs 674 Cr in Stock Futures.

· Significant gainers were IT and Metal stocks. Sterlite Inds, Tata Steel and Nalco were top gainers on the Nifty. Infosys led the Tech pack with 4% gain.

Top Gainers: - Rel Energy, Sterlite Inds, Tata Steel, Nalco, Infosys

Top Losers: - Hind Unilever, RPL, Hind Petro, ABB, Ambuja Cem

Indian ADRs: -

Outlook for Friday:-

· F&O pressures are behind us, short-covering can push the stocks to astonishing heights but now we start a new series. Reliance stocks have been among major gainers this month and recently we have seen buying in Tech and Refinery stocks. Now if that continues, we may assume that bad days are slowly getting over for those sectors.

· Nobody can tell the top beforehand but we have gained around 3400 points (Sensex) in last 30 trading sessions and that gives some room for correction, whenever it starts.

· We should consider 17000 as a good support for today’s trading and look forward to 17300 levels to be achieved.

· Sasken Comm (330):- The stock has come down from its recent peak at 407. Buy for target of 360-365. One can keep a SL at 320.

· Suzlon (1449) looks good at current levels. It can add 120-130 rupees more.

(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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