Wednesday, November 28, 2007


NIFTY: - Open 5729 High 5743 Low 5655 Close 5698 (-33 points)

P/E 24.92 P/B 5.98 Adv 23 Dec 27

Supp 5660/5590/5535 Res 5750/5800/5860

SENSEX: - Open 19128 High 19211 Low 19019 Close 19127 (-119 pts)

Supp 19000/18900/18630 Res 19350/19500/19850

Small dip:-

· Indices consolidated in a small range the whole day. Stock-specific performance continued with refinery stocks gaining. Select Auto stocks too rallied.

· Volumes were average - Rs 16400 Cr in spot market and F&O Vol at Rs 75192 Cr.

· Breadth was flat – BSE Adv 1426 Dec 1571 Unch 81 NSE Adv 479 Dec 636 Unch 26

· Foreign investors sold Indian equity worth Rs 498 Cr and Indian institutional investors bought Rs 298 Cr. In F&O, FIIs sold Rs 541 Cr in Stock and Index Fut.

· Total OI 109822 (+1261 Cr) PCR at 1.01

· Nifty Futures added 7% OI. Prem rose to 32.65 pts (Nov Fut)

· OI Added:- Ashok Leyland 24%, Bongai Ref 34%, Central Bank 16%, Chennai Petro 17%, Corp Bank 11%, Essar Oil 14%, IndiaInfo 34%

· OI Shed:- Ambuja Cem 10%, BEML 10%, Bhushan Steel 38%, GMR Infra 8%, Voltas 10%

Top Gainers: - BPCL, HPCL, BHEL, Bajaj Auto, Ster Ind

Top Losers: - Tata Power, Bharti Airtel, RPL, ICICI Bank, Rel Energy

Indian ADRs: -

Outlook for Wednesday:-

· Dow Jones rallied more than 200 points after Citigroup received a $7.5 bn cash infusion from Abu Dhabi. VSNL, ICICI Bank and HDFC Bank were top Indian ADR gainers.

· For 2 days we have been moving in a very narrow range and with November month expiry just 2 days away, a strong move is expected.

· Nifty has to cross 5800 and sustain above that for bulls to come back. Until that, stock-specific performance should continue. Break of 5590 may create some supply pressure and then more correction is expected.

· For Sensex, as long as 18900 is maintained, we can expect upside which can take us towards 19350 and 19500.

· Aditya Birla Nuvo (1585):- Buy for target of 1680-1700. SL can be kept at 1530.

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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