DAILY REPORT FOR 8 JANUARY, 2008
NIFTY: - Open 6271 High 6289 Low 6193 Close 6279 (+5 points)
P/E 28.25 P/B 6.54 Adv 20 Dec 30
Supp 6250/6190/6060 Res 6315/6360/6420
SENSEX: - Open 20637 High 20861 Low 20438 Close 20812 (+125 pts)
Supp 20700/20520/20430 Res 20970/21130/21400
One more bounce from lower levels:-
• Markets opened down sharply on weak global sentiment but bounced back strongly as banks and FMCG stocks rallied. Nifty was flat on weak ONGC and Infosys prices, Sensex closed up by 125 points.
• Volumes were average - Rs 23231 Cr in spot market and F&O Vol at Rs 70004 Cr.
• Breadth was flattish – BSE Adv 1591 Dec 1339 Unch 19 NSE Adv 527 Dec 614 Unch 5
• Top Gainers: - Suzlon, ICICI Bank, ITC, RCom, Siemens
Top Losers: - HCL Tech, VSNL, Infosys, ONGC, GAIL
• Foreign Investors sold big Rs 1543 Cr in cash market. Domestic Institutions continued buying support with Rs 327 Cr figure. FIIs bought Rs 716 Cr in index futures and sold Rs 1763 Cr in stock futures.
• Total OI 128200 Cr (+5551 Cr) PCR at 1.37
• Nifty added 5% OI. Premium 9.15
• OI Added:- Colgate 55%, Parsvnath 35%, Minifty 20%, BILT 18%, Satyam 17%, VSNL 16%, Bajaj Hind 15%, Bhusan 15%, HDFC Bank 15%, Patel 15%, TCS 14%, Infosys 13%, Jet 13%, IFCI 12%, TVS Motors 12%
• OI Shed:- TTML 6%, RajeshExpo 6%, Petronet 6%, Hotel Leela 6%, Renuka 4%
Indian ADRs: - http://tinyurl.com/33m7dx
Outlook for Tuesday:-
• Yesterday was another example of how bullish the sentiment has become in Indian markets. We didn’t go down with the global weakness and kept our benchmark Sensex higher. Nifty did not close with big gains but it did come into positive territory.
• Now 6170 looks like a very good short-term support for the Nifty and trend may remain upwards until that gets broken. Bullish sentiment may not be dampened until Reliance Power issue gets through.
• Though everything looks alright for now, R Power IPO will suck out a lot of liquidity from the system. That can have some impact on our markets which has already witnessed a lot of selling from FIIs since November 2007. Being stock-specific is only advised.
• Subex Azure (358):- The stock has broken out and can target 400 levels. Buy with SL 335
• Lupin (635):- It is consolidating nicely and can target 730-740 level in short-term. Buy with SL 600.
• Idea, Kir Oil Eng, KPIT, Tata Motors are other stocks that look bullish on graph.
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.