DAILY REPORT FOR
NIFTY: - Open 6278 High 6347 Low 6142 Close 6156 (-116 points)
P/E 27.70 P/B 6.41 Adv
Supp 6095/6060/5975 Res 6230/6270/6320
SENSEX: - Open 20930 High 21206 Low 20530 Close 20582 (-287 pts)
Supp 20400/20200/20000 Res 20770/20950/21200
6350 proving to be too much:-
· Opening was great but resistance at 6350 on the Nifty had enough supply to get us 200 pts down from there. Sensex crashed by 287 points. Reliance stocks also corrected and took indices with them.
· Volumes were okay - Rs 20932 Cr in spot market and F&O Vol at Rs 78364 Cr.
· Breadth was very negative – BSE Adv 388 Dec 2557 Unch 20 NSE Adv 175 Dec 966 Unch 8
· Top Gainers: - ICICI Bank, Idea, Unitech, BHEL
Top Losers: - GAIL, RPL, BPCL, Hindalco, SAIL
· FIIs sold Rs 253 Cr in Cash market and DIIs bought Rs 388 Cr. Foreign investors bought Rs 384 Cr in F&O Market.
· Total OI 124448 Cr (+4769 Cr) PCR at 1.29
· Nifty shed 1% OI. Premium 3.65
· OI Added:- Minifty 56%, BEML 17%, CESC 18%, J&K 21%, Sobha 22%, IndiaInfo 9%, Jindal Saw 9%
· OI Shed:- BankNifty 11%, 3I Info 10%, Axis 10%, BankIndia 33%, Corpbank 12%, GBN 13%, Nicolas 10%, Renuka 13%, UniPhos 17%, WelGuj 16%, RelCap 8%, Reliance 8%, ICICI Bank 8%
Indian ADRs: - http://tinyurl.com/33m7dx
Outlook for Friday:-
· Good correction happened yesterday and it can continue today as well. But today we will be having Infosys results announcement before market starts. Any positive surprise through that event can bring some buying interest in already depressed Technology sector.
· Positive Infosys results can take the Nifty above 6200 in the morning but supply from around 6220-6240 is not ruled out.
· Correction is not yet over and this being the weekend; one should let markets settle for a while before taking a long aggressive bet.
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.