Wednesday, September 05, 2007


NIFTY: - Open 4481 High 4501 Low 4460 Close 4479 (+4 pts)

P/E 20.27 P/B 5.10 Adv 29 Dec 20 Unch 1

Supp 4450/4425/4400 Res 4490/4510/4534

SENSEX: - Open 15478 High 15521 Low 15389 Close 15465 (+43 pts)

Supp 15380/15290/15150 Res 15520/15570/15660

Small gains:-

· Markets opened positive but gains were lost after some time. Whole day we moved sideways between positive and negative territory but finally closed 4 points higher on the Nifty.

· Volumes were Rs 10566 Cr in spot market. F&O Vol Rs 39013 Cr

· Breadth was positive as mid-caps performed better than large ones - NSE Adv 662 Dec 401 Unch 36 BSE Adv 1867 Dec 1086 Unch 66

· FIIs Net Buyers Rs 348 Cr in Cash Market, Domestic Institutions Net Buyers Rs 67 Cr, FIIs sold Rs 202 Cr in Index Fut and bought Rs 114 Cr in Stock Fut.

· Stock-specific action continued irrespective of flat indices. MRPL, REL, Micro Inks were gainers.

· Cement stocks were in the limelight. India Cem shot up 7%. ACC and Grasim too witnessed buying interest.

· Healthcare stocks were up as Glenmark, Biocon, Cipla, Ranbaxy rallied. Realty stocks too constructed gains. DLF, Omaxe, Ansal Infra, Peninsula gained.

Top Gainers: - REL, Cipla, Grasim, HDFC, Tata Power

Top Losers: - Hindalco, Wipro, Bajaj Auto, Tata Mot, Bharti Airtel

Indian ADRs: -

Outlook for Wednesday:-

· Nifty is consolidating between 4450 and 4500. A break below 4450 can take us towards 4425 and 4400 intraday. Resistance stands at 4520-4530 after we breach 4500.

· A correction of 130-150 points in Nifty is not ruled out before a rally can happen and that is why market players are advised to be light on the positions.

· Omaxe Ltd, Guj Alkali and Tata Chem look good on charts. Buy for short term gains.

· Lanco Infra (296) Buy for target 335-340 SL 280

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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