Friday, December 14, 2007

DAILY REPORT FOR 14 DECEMBER, 2007

NIFTY: - Open 6159 High 6185 Low 6040 Close 6058 (-101 points)

P/E 27.23 P/B 6.33 Adv 15 Dec 35

Supp 6010/5960/5890 Res 6095/6130/6200

SENSEX: - Open 20498 High 20498 Low 20065 Close 20104 (-271 pts)

Supp 19970/19830/19700 Res 20230/20350/20500

Some Correction:-

· Opening was good but bears took over as index stocks got sold off. Finally we closed down by 271 pts. FMCG gained.

· Volumes were okay - Rs 21779 Cr in spot market and F&O Vol at Rs 70156 Cr.

· Breadth was good – BSE Adv 1950 Dec 1102 Unch 39 NSE Adv 591 Dec 542 Unch 16

· Top Gainers: - ITC, Dr Reddy, Tata Steel, PNB, Cipla

Top Losers: - Bharti Airtel, Sun Pharma, Tata Power, ICICI Bank, HCL Tech

· FIIs sold Rs 401 Cr and DIIs bought Rs 226 Cr in Cash Market. FIIs sold total Rs 1461 Cr in stock and index futures.

· Total OI 111791 Cr (+1404 Cr) PCR at 1.23

· Nifty added 3% OI. Premium 8.5 pts

· OI Added:- Peninsula 102%, Jindal Saw 47%, Rolta 35%, IVR Prime 33%, Bhusan 32%, Hind Zinc 30%, Edelweiss 25%, Purva 22%, Bharti Airtel 21%, BHEL 19%, ITC 17%, BankBaroda 15%, EKC 14%, Satyam 13%, Sterling Bio 12%, Axis bank 11%, Jet 11%, JSWSteel 11%, Wipro 10%, Neyvelli 10%

· OI Shed:- Indian Bank 17%, Bindal Agro 14%, Ansal Infra 14%, MRPL 10%, Indiainfo 10%, IFCI 10%, Canbk 9%, IOB 8%

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

Global Markets:-

It was just a 44 pt up closing for the Dow Jones Industrial Average as it see-sawed the whole day. Indian ADRs were also flat. Financial shares dropped.

Outlook for Friday:-

· Flat to positive opening is expected but we have to cross 6130 to get back towards new highs on the Nifty. If that does not happen, we may test 6000 levels on the Nifty. Stock-specific action is going to continue.

· Stocks like BHEL, L&T and GMR Infra look negative and can target lower levels.

· Kirloskar Oil Eng (173):- The stock has broken out and can target 200 and above. SL 160

· NIIT Ltd (144):- Buy with SL 131 and target of 165-168. Resistance going up 150/157.


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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