Thursday, November 29, 2007


NIFTY: - Open 5699 High 5749 Low 5595 Close 5617 (-81 points)

P/E 24.57 P/B 5.89 Adv 9 Dec 41

Supp 5590/5535/5470 Res 5660/5695/5770

SENSEX: - Open 19316 High 19316 Low 18884 Close 18938 (-188 pts)

Supp 18880/18630/18300 Res 19050/19160/19350

Metals pressurize:-

· Opening was okay but slowly we moved down as metal stocks corrected. Sensex closed down by 188 points.

· Volumes were not very large - Rs 16187 Cr in spot market and F&O Vol at Rs 86287 Cr.

· Breadth was flattish – BSE Adv 1421 Dec 1573 Unch 84 NSE Adv 475 Dec 630 Unch 36

· Foreign investors sold Indian equity worth Rs 978 Cr and Indian institutional investors bought Rs 331 Cr. In F&O, FIIs bought Rs 327 Cr in Index Fut and sold Rs 66 Cr in Stock Fut.

· Total OI 110439 (+617 Cr) PCR at 1.03

· Nifty Futures added 6% OI. Prem declined to 17.65 pts (Nov Fut)

· OI Added:- Cummins 82%, CorpBank 21%, Moser Baer 12%, CentralBk 11%, GMR Infra 11%, IVRCL Infra 11%, Colgate 10%

· OI Shed:- BongaiRef 21%, EssarOil 13%, Nicolas Pir 12%, Omaxe 11%, Voltas 10%, JP Hydro 10%

Top Gainers: - Maruti, Bajaj Auto, BHEL, Ambuja Cem, ITC

Top Losers: - Nalco, BPCL, SAIL, Siemens, Tata Steel

Indian ADRs: -

Outlook for Thursday:-

· US Stocks surged as Fed Vice Chairman talked about another interest rate cut. Dow Jones climbed more than 300 points overnight. Satyam and Wipro were top gainers among Indian ADRs.

· Our markets are expected to open strong on the back of bullish global sentiment. But today is F&O expiry and that will decide the trend of the market.

· Once again we fell from around 5750 and supply kept coming from higher levels yesterday. Fall below 5590 can take us towards 5535 and 5470 intraday. The outlook is still weak with many stocks showing bearish formations. Closing above 5800 is needed for the bulls to confirm their strength.

· Patni Comp (317) looks good and can target around 350 in days to come.

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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