Friday, September 07, 2007


NIFTY: - Open 4475 High 4522 Low 4445 Close 4518 (+43 pts)

P/E 20.45 P/B 5.15 Adv 41 Dec 9

Supp 4490/4475/4445 Res 4535/4556/4610

SENSEX: - Open 15383 High 15637 Low 15350 Close 15616 (170 pts)

Supp 15535/15460/15340 Res 15660/15740/15820

Bulls want more:-

· Sensex regained strength on Thursday and surged 170 points

· Volumes were Rs 9937 Cr in spot market. F&O Vol Rs 40927 Cr

· Breadth was mixed - NSE Adv 680 Dec 381 Unch 38 BSE Adv 1809 Dec 1125 Unch 85

· FIIs Net Buyers Rs 311 Cr in Cash Market, Domestic Institutions Net Sellers Rs 8 Cr, FIIs bought Rs 649 Cr in Index Fut and sold Rs 44 Cr in Stock Fut.

· Cement stocks gained. Grasim was top gainer, ACC too rallied

· Power stocks were on a high as REL, GIPCL spurted

Top Gainers: - REL, Grasim, SAIL, Ranbaxy, HDFC

Top Losers: - Hindalco, Zee Enter, Bharti Airtel, Dabur, Glaxo

Indian ADRs: -

Outlook for Friday:-

· 4450 support remained intact in morning trade and short sellers were forced to cut their positions as markets consolidated near highs for most part of the day.

· We are up against 4535 resistance crossing which more short covering may come and we can see higher levels.

· Stock-specific action is going to continue so we should select stocks of our liking and play the market accordingly. Tata Chem and Dr Reddy look good for short to medium term investment. One can accumulate them for 10-15% gains.

· S Kumars Nationwide (107.80):- The stock can target 118-122 levels. Stop loss can be kept around 105

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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