Tuesday, November 27, 2007


NIFTY: - Open 5611 High 5772 Low 5608 Close 5731 (+123 points)

P/E 25.07 P/B 6.01 Adv 44 Dec 6

Supp 5700/5620/5590 Res 5800/5860/5970

SENSEX: - Open 19171 High 19360 Low 19137 Close 19247 (+394 pts)

Supp 19140/18900/18630 Res 19470/19600/19900

Once again above 19k:-

· Opening was strong but markets didn’t build more gains after morning. They just consolidated in a range. Stock-specific action continued with Metals outperforming. Finally Sensex could close up by 394 pts.

· Volumes continued to be lackluster - Rs 14541 Cr in spot market and F&O Vol at Rs 75903 Cr.

· Breadth was good – BSE Adv 1936 Dec 1066 Unch 75 NSE Adv 771 Dec 344 Unch 26

· FIIs were small buyers in cash market worth Rs 50 Cr. DIIs too bought stock worth Rs 274 Cr. In F&O, FIIs bought Rs 2098 Cr Index Fut and sold Rs 50 Cr Stock Fut.

· Total OI 108560 (+442 Cr) PCR at 0.98

· Nifty Futures shed 6% OI because of rollover phenomenon. Prem 24.9 (Nov Fut)

· OI Added:- Bhusan Steel 167%, BEML 26%, RPL 25%, Air Deccan 20%, GDL 15%, Amtek Auto 14%, Colgate 11%, Lupin 10%, JP Hydro 9%

· OI Shed:- GMR Infra 10%, Hind Unilever 8%, HCL Tech 8%, Yes Bank 7%, Wipro 7%, TCS 7%, Reliance 7%,

Top Gainers: - Nalco, Unitech, SAIL, HDFC Bank, Suzlon

Top Losers: - RPL, Siemens, BPCL, Tata Motors, SBI

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

Outlook for Tuesday:-

· US stocks fell on concerns that mortgage losses will lead banks to reduce lending. Dow Jones tumbled 237 pts. ICICI Bank and HDFC Bank were biggest losers from among Indian ADRs as they lost more than 5% each. Patni Comp was the top gainer with 1% gain.

· We had a nice rally yesterday but the range was very narrow. Sensex moved between just 200 points intraday. Opening was strong but gains did not rise as the day progressed. Volumes were also poor.

· A lower opening is expected today with weak global markets. 18900 on the Sensex is a good support. Also Nifty not going much below 5600 is bullish for the day. Tech stocks can outperform as Rupee is weakening for the last 7 days.

· The overall outlook is still weak with lower volumes in the markets. Break of 5530 on the Nifty in current fall can make room for fresh lows below 5400.

· NIIT Ltd (131.55):- Buy around 128-130 for target of 142/153. SL can be kept at 120.

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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