Tuesday, September 04, 2007


NIFTY: - Open 4466 High 4490 Low 4452 Close 4474 (+10 pts)

P/E 20.25 P/B 5.10 Adv 30 Dec 20

Supp 4440/4400/4375 Res 4490/4525/4550

SENSEX: - Open 15401 High 15427 Low 15323 Close 15422 (+103 pts)

Supp 15350/15280/15200 Res 15480/15540/15570

Rally for 7th straight day:-

· The indices moved in a narrow range the whole day but we closed up by more than 100 points on the Sensex.

· Volumes were Rs 10151 Cr in spot market. F&O Vol Rs 34491 Cr

· Breadth too was positive - NSE Adv 804 Dec 265 Unch 30 BSE Adv 2105 Dec 846 Unch 67

· FIIs Net Buyers Rs 418 Cr in Cash Market, Domestic Institutions Net Sellers Rs 16 Cr, FIIs bought Rs 111 Cr in Index Fut and sold Rs 50 Cr in Stock Fut.

· Banking index shot up as Canara Bank, Union Bank and BoB rallied. Capital goods too performed

Top Gainers: - RPL, Dr Reddy, ABB, Cipla, Zee Enter

Top Losers: - Glaxo, ONGC, Wipro, Ster Ind, SAIL

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

Outlook for Tuesday:-

· No cues from American markets today as they were shut yesterday. Asian markets are trading lower.

· Our markets should open flat and we may see some correction in near term. 4490 and 4525 are good resistance levels for the Nifty. Support comes around 4365-4375 levels. So market players are advised not to create aggressive positions before some correction.

· Dr Reddy, Biocon, Ranbaxy have not performed in previous rallies. Now is the time for them. These stocks can be bought in dips as they will now outperform.

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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