DAILY REPORT FOR
NIFTY: - Open 5861 High 5949 Low 5859 Close 5940 (+82 points)
P/E 25.98 P/B 6.23 Adv 41 Dec 9
Supp 5915/5880/5820 Res 5980/6020/6065
SENSEX: - Open 19628 High 19790 Low 19560 Close 19738 (+208 pts)
Supp 19690/19600/19430 Res 19970/20200/20500
PSU Refineries help the indices:-
· Markets rallied as PSU refineries saw buying. Stock-specific action continued.
· Volumes were good - Rs 21280 Cr in spot market and F&O Vol at Rs 57522 Cr.
· Breadth was positive – BSE Adv 2277 Dec 753 Unch 54 NSE Adv 885 Dec 246 Unch 12
· FIIs bought Rs 480 Cr in cash market and DIIs sold Rs 159 Cr. But foreign investors were cautious as they looked to have hedged through F&O. They sold Rs 203 Cr in Index futures and Rs 1052 Cr in Stock Futures.
· Total OI 97002Cr (+4314 Cr) PCR at 1.32
· Nifty added 2% OI Premium 37.15 pts
· OI Added:- BankNifty 11%, Denabank 12%, TTML 13%, SRF 18%, APIL 20%, Canara bank 21%, NIIT Ltd 23%, IOB 26%, WWIL 38%, Naukri 38%, Ispat 38%, HOEC 39%, Gitanjali 42%, Rolta 44%, Hind Zinc 45%, Redington 52%, DCB 54%, KPIT 92%, GTOffshore 106%, Nicolas Piramal 188%, Network18 155%, GBN 134%
· OI Shed:- BongaiRef 17%, Uniphos 9%, NagarFert 9%, GAIL 9%, Wipro 7%, SAIL 7%, Hind Petro 7%, EKC 7%
Top Gainers: - GAIL, Hind Petro, ONGC, Tata Motors, SBI
Top Losers: - VSNL, Tata Steel, Infosys, REL, Grasim
Indian ADRs: - http://tinyurl.com/33m7dx
American markets saw a good rally overnight as the Dow Jones closed up by 196 points. Stocks rose after signs of increased productivity. Technology shares saw buying on reports saying demand for computers and software will increase. MTNL, VSNL, Tata Motors and HDFC Bank were biggest gainers from Indian ADRs. Asian markets too have opened strong.
Outlook for Thursday:-
· Our markets to open strong and 20000 on the Sensex may be seen again. The same psychological barrier for the Nifty has been 6000. A closing past both these levels may give more strength to the bulls.
· Mid-cap party will continue but as index goes to make new highs, some action may again shift towards large-caps.
· Oriental Bank of Commerce (268):- The stock can target 300 levels. Buy with SL 258.
· DCM Shriram Consolidated (78):- It is a breakout and can target 90-92 levels. Buy with SL 73.
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.