Friday, November 23, 2007


NIFTY: - Open 5564 High 5608 Low 5394 Close 5519 (-42 points)

P/E 24.17 P/B 5.79 Adv 27 Dec 22 Unch 1

Supp 5475/5410/5240 Res 5620/5690/5760

SENSEX: - Open 18724 High 18744 Low 18182 Close 18526 (-76 pts)

Supp 18475/18080/17900 Res 18750/18900/19285

Sharp recovery in late trade:-

· Markets opened flat but lost the ground as Sensex lost more than 400 points around 1 pm. But big recovery was seen in last half an hour and Sensex closed just 76 points lower.

· Volumes were average - Rs 17485 Cr in spot market and F&O Vol at Rs 71149 Cr.

· Breadth was weak – BSE Adv 939 Dec 2066 Unch 68 NSE Adv 255 Dec 861 Unch 21

· Foreign investors sold big time Rs 2487 Cr in spot market. But domestic institutions were quite able to absorb that supply as they bought Rs 1341 Cr. FIIs sold Rs 544 Cr Index Fut and bought Rs 153 Cr Stock Fut.

· Total OI 104493 Cr (-733 Cr) PCR at 0.94

· Nifty Futures OI added 1%. Discount of 20.35 pts turned into premium of 16.85 pts.

Top Gainers: - Hind Petro, SBI, BPCL, PNB, ICICI Bank

Top Losers: - Unitech, Ster Ind, REL, NTPC, Suzlon

Indian ADRs: -

Outlook for Friday:-

· As we have closed above 5470, some bounce-back is possible. But looking at derivative statistics and selling of FIIs in the last 3-4 sessions, the rally may not live very long.

· For today, 5410 can be regarded as a good support which, if sustained, can give way to a rally. This can take us higher towards 5620 and 5700. On the Sensex we need to close above 19300 to show further power.

· US markets were shut yesterday and we don’t have to deal with those cues today. Stock-specific action will be seen. Siemens may remain active with announcement of good results. Bajaj Auto and ICICI Bank look positive.

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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