DAILY REPORT FOR
NIFTY: - Open 5499 High 5605 Low 5469 Close 5568 (+72 points)
P/E 25.01 P/B 5.82 Adv 36 Dec 14
Supp 5530/5465/5400 Res 5670/5735/5870
SENSEX: - Open 18519 High 18900 Low 18459 Close 18770 (+257 pts)
Supp 18700/18460/18240 Res 18950/19200/19420
· Markets started flat. But buying was seen in Metal stocks especially Nalco, SAIL and Tata Steel. Finally Sensex could close up by 257 points. Nifty too touched 5600 intraday.
· Volumes were expectedly better than Wednesday because of F&O expiry - Rs 23477 Cr in spot market and F&O Vol at Rs 103930 Cr.
· Breadth was better – BSE Adv 1729 Dec 1245 Unch 82 NSE Adv 606 Dec 478 Unch 37
· FIIs were overall cautious just before the SEBI announcements yesterday. They were sellers to the tune of Rs 625 Cr in spot market. Also they sold Rs 535 Cr in both Stock and Index Futures markets. DIIs bought Indian equity worth Rs 788 Cr yesterday.
Top Gainers: - Tata Steel, Nalco, VSNL, Ster Inds, BPCL
Top Losers: - Cipla, Dr Reddy, ACC, ABB, Zee Enter
Indian ADRs: - http://tinyurl.com/33m7dx
Outlook for Friday:-
· There is nothing new in the SEBI announcements yesterday. Previous suggestions have just been confirmed as rules now. It is a clear positive in the long term. There has not been further tightening on any front. Also no liberty has been given in any matter. But we need to see how markets will react to this.
· Uncertainty is very dangerous for the markets and now it has been removed by SEBI’s clarifications yesterday. Market should be watched for some time before jumping on to buying / selling. Next trigger is RBI credit policy on Tuesday.
· Banks and Auto stocks are pretty buoyant for last 2-3 days as RBI credit policy is to be announced on 30th of this month. A neutral policy or a rate cut will be welcomed by the market. But a rate hike will be punished quite heavily. Also US Fed meets on 31st October. That event will also be watched out.
· Technically speaking, 5530 is a good support for the market in intraday trade. Some correction towards 5460 and 5400 can happen if that gets broken. On the upside we have resistance at 5670 and above that a new high is expected.
Results today – Ador Welding, Allsec, Andhra Bank, Apollo Tyres, Asahi India, Atlanta, Atul, Avaya Global, Bata, BEML, Bharat Bijlee, Bharat Elec, Bharat Forge, Cadilla, Carborundrum, City Union Bank, Clutch Auto, Colgate, CRISIL, D-Link, Dabur Pharma, Deccan Chronicle, Dredging Corp, Educomp, Emkay, Excel, Gabriel, GVK Power, HDIL, HCC, HT Media, I-Flex, ICI, ICSA, Indian Hotels, ITC, Jindal Stain, JK Cem, Jyoti Struct, Kale Cons, Kotak Mah Bank, Lanco Infra, L&T, Micro Tech, Moser Baer, Nagar Fert, Oil Country, OBC, Pantaloon, Phoenix Lamp, Piramyd Ret, Raymond, SPIC, Syndi Bank, Tata Steel, Texmaco, Thomas Cook, TV Today, Valecha, Vimta
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.