DAILY REPORT FOR
NIFTY: - Open 5908 High 5981 Low 5893 Close 5907 (+0.80 points)
P/E 25.87 P/B 6.20 Adv 31 Dec 19
Supp 5815/5770/5638 Res 5935/5975/6015
SENSEX: - Open 19895 High 19971 Low 19583 Close 19633 (-65 pts)
Supp 19450/19330/19200 Res 19750/20000/20250
As flat as a Dosa:-
· Indian markets remained in tight range the whole day as index-stocks looked under pressure. But stock-specific performance continued as breadth was very positive.
· Volumes declined - Rs 18615 Cr in spot market and F&O Vol at Rs 51841 Cr.
· Breadth was very encouraging – BSE Adv 2305 Dec 715 Unch 45 NSE Adv 862 Dec 256 Unch 16
· Both Foreign and Indian Institutions sold in cash market. FIIs sold Rs 371 Cr and DIIs sold Rs 63 Cr.
· Total OI 106132 Cr (+2872 Cr) PCR at 1.21
Nifty OI +1% with Premium of Rs 17
Top Gainers: - Siemens, ACC, Cipla, Sun Pharma, Bajaj Auto
Top Losers: - Hind Petro, BPCL, ITC, ICICI Bank, RPL
Indian ADRs: - http://tinyurl.com/33m7dx
Outlook for Tuesday:-
· Global markets are witnessing major sell-off as sub-prime losses are rising day-by-day. Eyes are on the Fed as many expect them to cut rates next month but no symptoms as of now.
· Indian markets to open weak on negative global markets. 19200 should be tested on the Sensex. So far Indian markets have been very resilient when it comes to global weakness.
· 5770 is good support for Nifty and if that sustains, the bounce-back can be strong. Below that 5638 is major support.
· IT stocks can be bought as downside looks limited in them. Infosys, Patni Comp, Tech Mah, TCS, Satyam, Wipro should be accumulated.
· RCom, RPL, REL and Bharti Airtel look weak and can seek lower levels.
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.