DAILY REPORT FOR
NIFTY: - Open 6095 High 6167 Low 6095 Close 6138 (+59 points)
P/E 27.62 P/B 6.39 Adv 34 Dec 16
Supp 6100/6075/6020 Res 6160/6200/6265
SENSEX: - Open 20323 High 20484 Low 20239 Close 20286 (+80 pts)
Supp 20200/20000/19800 Res 20350/20500/20900
· Markets opened strong and remained that way the whole day. Stock-specific movement was seen as breadth was very positive. Oil stocks contributed on hopes of fuel price hike from the government.
· Cash Volumes were higher - Rs 19135 Cr in spot market and F&O Vol at Rs 46186 Cr.
· Breadth:- Gainers outstripped losers by quite a margin – BSE Adv 2684 Dec 393 Unch 27 NSE Adv 949 Dec 206 Unch 8
· Top Gainers: - BPCL, Bharti Airtel, Tata Power, Idea, Zee Enter
Top Losers: - Nalco, HDFC,
· FIIs bought Rs 516 Cr and DIIs bought Rs 442 Cr in Cash Market. FIIs sold total Rs 1208 Cr in stock and index futures.
· Total OI 106030 Cr (+5757 Cr) PCR at 1.31
· Nifty added 3% OI. Premium 24.35 pts
· OI Added:- WWIL 30%, KPIT 29%, GBN 20%, Ambuja Cem 18%, NagarConst 17%, Network18 16%, IVR Prime 14%, Edelweiss 13%, HOEC 13%, BongRef 12%, Colgate 11%, Indusind 11%, Patel 11%, ACC 10%, Maruti 10%
· OI Shed:- Balrampur 9%, Parsvnath 8%, MahSeamless 8%, Matrix 6%, Titan 5%
Indian ADRs: - http://tinyurl.com/33m7dx
DJIA was down more than 100 pts overnight as slow economic growth weighed down on the sentiment. MTNL ADR was the top gainer with 3% gain. Patni Comp lost 2%.
Outlook for Tuesday:-
· 20500 is possible resistance for the Sensex and crossing that we can see 20900.
· Nifty can come towards 6075 before next rally happens. Range-bound movement is likely to happen between 6200 and 6075 for today.
· Though breadth is not expected to be as strong as yesterday, stock-specific movement will continue. ACC and GAIL saw some buying yesterday. They can give 3-4% more in a day or two.
· Stocks for 2008:- 3i Infotech, Bombay Dyeing, Dr Reddy, GDL, HT Media, Tata Motors, Tech Mahindra (All stocks are for around 20% appreciation. They look good at current prices and should be accumulated in corrective times also.)
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.