Monday, January 14, 2008

DAILY REPORT FOR 14 JANUARY, 2008

NIFTY: - Open 6166 High 6224 Low 6112 Close 6200 (+44 points)

P/E 27.86 P/B 6.46 Adv 26 Dec 24

Supp 6150/6110/6060 Res 6235/6270/6350

SENSEX: - Open 20702 High 20894 Low 20505 Close 20827 (+245 pts)

Supp 20740/20500/20400 Res 20900/21130/21200

Reliance and ICICI Bank too much for bears:-

· After consolidating in positive-negative territory for most of the day, Reliance with the help of ICICI Bank took the control away from bears and Sensex closed up by 245 points.

· Volumes were lower - Rs 18994 Cr in spot market and F&O Vol at Rs 68449 Cr.

· Breadth continued to be negative – BSE Adv 727 Dec 2204 Unch 37 NSE Adv 390 Dec 754 Unch 8

· Top Gainers: - ICICI Bank, Sun Pharma, GAIL, Reliance, HDFC Bank

Top Losers: - ACC, Suzlon, M&M, Nalco, Hero Honda

· FIIs bought Rs 107 Cr in Cash market and DIIs bought very small Rs 1.92 Cr. Foreign investors sold Rs 790 Cr in F&O Market.

· Total OI 124968 Cr (+519 Cr) PCR at 1.30

· Nifty shed 3% OI. Premium 3.50

· OI Added:- ACC 9%, BankIndia 11%, IndianBank 11%, Kotak 20%, Rajesh 12%

· OI Shed:- Minifty 16%, 3i Info 6%, Bajaj Hind 6%, Balrampur 6%, Cipla 7%, IndusInd 8%, JPHydro 7%, Karnataka 6%, Nicolas 11%, RNRL 9%, SCI 6%, Sun Pharma 6%, UniPhos 16%

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

Results today:- CMC, Exide, Geometric, IDFC, KLG Sys, Monnet Isp, Omnitech, Prime Sec, Repro, State Bank of Bikaner, State Bank of Travancore, Texmaco, Triveni Engg, Vikas WSP

Outlook for Monday:-

· Dow Jones fell nearly 250 points on Friday as economic expansion looked like ending. All Indian ADRs were also down sharply.

· Sensex has good support around 20400-20500 levels and rally can continue if that doesn’t get broken.

· Market breadth is quite weak and so large positions should be avoided for the time-being.

· Canara Bank (370):- Buy around 362-366 for target of 395-400. Keep SL 355

· Ashok Leyland (50):- Buy for target of 62-64 with SL 46.


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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