DAILY REPORT FOR 3 SEPTEMBER, 2007
NIFTY: - Open 4412 High 4471 Low 4403 Close 4464 (+52 pts)
P/E 20.20 P/B 5.08 Adv 31 Dec 19
Supp 4440/4420/4400 Res 4475/4495/4525
SENSEX: - Open 15131 High 15350 Low 15131 Close 15318 (+196 pts)
Supp 15250/15180/15050 Res 15400/15490/15550
Robust economic growth pushes markets up:-
· Sensex buoyed up by growth numbers of Indian economy, spurted more than 200 points in intraday trade
· Volumes were higher at Rs 11088 Cr in spot market. F&O Vol Rs 45012 Cr
· Breadth too was positive - NSE Adv 731 Dec 338 Unch 30 BSE Adv 1769 Dec 1181 Unch 66
· FIIs Net Buyers Rs 547 Cr in Cash Market, Domestic Institutions Net Buyers Rs 212 Cr, FIIs bought Rs 501 Cr in Index Fut and sold Rs 39 Cr in Stock Fut.
· Auto stocks did very well. M&M and Maruti were top gainers.
Top Gainers: - Tata Steel, M&M, Zee Enter, Maruti, Ranbaxy
Top Losers: - Glaxo, GAIL, Dabur, VSNL,
Indian ADRs: - http://tinyurl.com/33m7dx
Outlook for Monday:-
· US Markets closed in the positive. Asian markets open lower on strengthening of Yen.
· Our markets should open firm. Nifty faces next resistance at 4525 which, if tested, can lead to some correction. Good support for this week is around 4365-4380. Stock-specific action will continue.
· VSNL (402) Buy around 385-390 Target 420-425
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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