DAILY REPORT FOR
NIFTY: - Open 5942 High 5966 Low 5895 Close 5912 (-25 points)
P/E 25.87 P/B 6.20 Adv 18 Dec 32
Supp 5890/5850/5790 Res 5975/6025/6110
SENSEX: - Open 19947 High 19967 Low 19723 Close 19784 (-144 pts)
Supp 19585/19350/19200 Res 19850/20000/20240
· Markets opened flat and remained sideways the whole day to close 144 points down on the Sensex. Refinery stocks were among prominent gainers. Bongaigaon spurted 30%, BPCL and HPCL were up more than 15% each.
· Volumes were good - Rs 21056 Cr in spot market and F&O Vol at Rs 65894 Cr.
· Breadth was good – BSE Adv 1933 Dec 1064 Unch 68 NSE Adv 683 Dec 425 Unch 21
· FIIs sold Rs 152 Cr in spot market and domestic institutions bought Rs 585 Cr. Foreign investors sold in Derivatives market too worth Rs 1526 Cr.
· Major Open Interest change: - Bongaigaon(65%), GescoCorp(34%), CNX100(33%), JPHydro(32%), NagarFert(25%), Skumar(24%), GAIL(23%), IOC(23%), Titan(22%), BalrampurChinni(-40%), Omaxe(-18%), Bajaj Hind(-13%), HindujaTMT(-11%)
Total OI 101032 Cr (+2%) PCR at 1.19
Top Gainers: - BPCL, Hind Petro, Bharti Airtel, Siemens, ITC
Top Losers: - Tata Power, Infosys, REL, Wipro, HDFC Bank
Indian ADRs: - http://tinyurl.com/33m7dx
Outlook for Friday:-
· Dow Jones closed down by 120 points. HDFC Bank and ICICI Bank ADRs were down 4% each. MTNL was the top gainer with 3% rally.
· Indices are expected to open lower on weak global markets. Sensex has good support between 19200 and 19350. In case we cross 20000, it will confirm the bullishness and we can once again see previous all time high of 20240 being tested. Strong support for the Nifty is at 5770-5790.
· Heavyweights like Reliance, SBI and ONGC have to rally for the markets to test new highs. There are no triggers for rally in the short-run so market players should take a view of 2-3 days only and be stock-specific.
· Axis Bank, RPL and Punj Lloyd look weak and may test lower levels when market corrects.
· Yes Bank (236):- Buy around 230-232 for target of 250. SL 225.
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.