Tuesday, October 16, 2007


NIFTY: - Open 5428 High 5682 Low 5419 Close 5670 (+242 points)

P/E 25.77 P/B 6.19 Adv 42 Dec 8

Supp 5620/5580/5540 Res 5695/5750/5835

SENSEX: - Open 18525 High 19095 Low 18525 Close 19058 (+639 pts)

Supp 18870/18680/18520 Res 19140/19350/19530

Sensex at 19000:-

· Markets opened firm and remained that way the whole day. ONGC and Metals were massive gainers.

· Volumes were good at Rs 19640 Cr in spot market and F&O Vol at Rs 76830 Cr.

· Breadth was good – BSE Adv 2010 Dec 964 Unch 73 NSE Adv 814 Dec 279 Unch 22

· Foreign Institutional buying was huge in cash market at Rs 2868 Cr. Domestic institutions are continuously selling everyday as yesterday the figure was Rs 281 Cr. FIIs bought Rs 714 in Index Derivatives whereas they sold Rs 124 Cr in Stock Fut.

Top Gainers: - SAIL, Sterlite Inds, Rel Energy, ONGC, GAIL

Top Losers: - BPCL, Hind Petro, Hind Unilever, Ranbaxy, Infosys

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

Outlook for Tuesday:-

· As Reliance and SBI were away from new highs yesterday, Metals and ONGC made their mark when it was really needed.

· TCS has come out with good results and the stock should move higher with other tech stocks.

· Now that we have come so rapidly to 19000 on the Sensex, intraday corrections are going to be quite big, so one needs to have a strict stop loss and play momentum.

· 5620 and 5580 are good intraday supports for the Nifty. Upward movement should be expected as long as we are above these levels.

· Tech Mah (1445):- Buy for target of 1580-1600 SL 1410

(Keep SL in short-term trades)

Results today – Aztec, Blue Dart, HCL Tech, IDBI, Shasun, Tata Sponge

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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