Friday, October 12, 2007


NIFTY: - Open 5439 High 5532 Low 5424 Close 5524 (+83 points)

P/E 25.13 P/B 6.03 Adv 40 Dec 10

Supp 5485/5420/5340 Res 5550/5570/5610

SENSEX: - Open 18696 High 18832 Low 18536 Close 18814 (+155 pts)

Supp 18730/18620/18430 Res 18925/19030/19210

Good recovery in late trade:-

· Indices were flat for most of the day but buying emerged quite sharply in late trade as Sensex closed up by 155 points with the help of ONGC and Auto stocks.

· Volumes were higher at Rs 15866 Cr in spot market and F&O Vol at Rs 72261 Cr.

· Breadth was not so encouraging as the indices – BSE Adv 1477 Dec 1484 Unch 84 NSE Adv 598 Dec 474 Unch 42

· FII buying Rs 794 Cr in Cash market. Domestic Inst Inv sold Rs 420 Cr. FIIs were buyers in Index F&O too to the tune of Rs 1430 Cr. They sold Rs 1053 Cr Stock futures.

Top Gainers: - VSNL, M&M, Sterlite Inds, MTNL, SAIL

Top Losers: - Satyam Comp, Infosys, HCL Tech, TCS, Wipro

Indian ADRs: -

Outlook for Friday:-

· After 3 consecutive days of rally, we meet resistance around 5550 for the Nifty. The strength at which we are progressing in this rally, it should be crossed. Support exists at 5485 below which some intraday correction is not ruled out.

· Hind Unilever (225.75):- Buy for target of 244-250.

· Mphasis (297):- The stock is consolidating nicely and it is one of those software stocks which have not cracked with depreciating Dollar. Buy for target of 340-350. It can be bought with SL 275.

(Keep SL in short-term trades)

Results today – Aban Offshore, Exide, Geojit, Gruh Fin, HDFC Bank, IGL, Tata Metaliks

Patni sale in sight as two brothers take backseat

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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