Tuesday, November 06, 2007


NIFTY: - Open 5931 High 5948 Low 5819 Close 5847 (-85 points)

P/E 25.57 P/B 6.13 Adv 11 Dec 39

Supp 5775/5710/5640 Res 5895/5935/5975

SENSEX: - Open 20009 High 20009 Low 19502 Close 19590 (-385 pts)

Supp 19500/19200/19050 Res 19710/19830/20250

A mild correction:-

· Sensex ended 385 points down as ONGC, ICICI Bank and L&T weighed down on the indices. Bharti Airtel recovers some of last week’s losses.

· Volumes were higher - Rs 22800 Cr in spot market and F&O Vol at Rs 77646 Cr.

· Breadth was positive as stock-specific movement continued – BSE Adv 1569 Dec 1418 Unch 75 NSE Adv 542 Dec 555 Unch 31

· FIIs sold Rs 1093 Cr and DIIs bought Rs 648 Cr in spot market. FIIs were sellers in Derivatives market too as they sold Rs 588 Cr in stock and index futures.

· Major Open Interest change: - LT (36%), RPL (32%), JPHydro(28%), Sterlite Ind(23%), Canara Bank(14%), Rajesh Exp(14%), BEML (-26%), Crompton Greaves (-17%), Adlabs (-15%), Corp Bank (-14%), APIL (-12%), IOB (-12%).

Total OI 93182 Cr (+3%) PCR at 1.19

Top Gainers: - Bharti Airtel, Tata Power, Hind Petro, Unitech, PNB

Top Losers: - ONGC, ICICI Bank, L&T, Infosys, Sterlite Inds

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

Outlook for Tuesday:-

· Markets to open flat after yesterday’s small correction. 5775 can act as a support for bounce-back. 5935 and 5975 are strong resistance going up.

· In case 5775 gets broken, we can see levels of 5710 and 5650 quickly.

· Stock-specific action will continue as intense selling is not seen yet.

· Patni (349):- Buy for target of 440-450 in 3-4 months time.

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.

No comments: