Thursday, September 06, 2007


NIFTY: - Open 4479 High 4507 Low 4458 Close 4475 (-4 pts)

P/E 20.26 P/B 5.10 Adv 24 Dec 26

Supp 4450/4405/4375 Res 4490/4510/4534

SENSEX: - Open 15535 High 15580 Low 15407 Close 15446 (-19 pts)

Supp 15380/15310/15200 Res 15480/15560/15650

Rally being sold into:-

· Markets traded between red and blue whole day and tried to rally towards new intraday-high, but that attempt was negated by fall in Reliance Inds in late trade. Indices closed flat as Nifty was down 4 points.

· Volumes were Rs 10939 Cr in spot market. F&O Vol Rs 42642 Cr

· Breadth was mixed - NSE Adv 529 Dec 540 Unch 30 BSE Adv 1567 Dec 1379 Unch 73

· FIIs Net Buyers Rs 336 Cr in Cash Market, Domestic Institutions Net Buyers Rs 41 Cr, FIIs sold Rs 38 Cr in Index Fut and bought Rs 160 Cr in Stock Fut.

· Power stocks surged. NTPC, GIPCL, Tata Power were among major gainers

Top Gainers: - Sun Pharma, Suzlon, Ambuja Cem, Cipla, MTNL

Top Losers: - VSNL, Maruti, Ranbaxy, SBI, ACC

Indian ADRs: -

Outlook for Thursday:-

· US Stocks fell after 3 days of rallying on concerns over deepening housing slump there. Asian markets too have opened weak.

· Our markets to open lower and some correction can be there. 4450 is providing good support below which we should test 4395-4410 intraday.

· For 2 days we are just consolidating, but looking at the chart formations - we can see lower levels around 4365-4375 in near term. It is advisable to book profits where they are and be light on other positions.

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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