Thursday, February 21, 2008

DAILY REPORT FOR 21 FEBRUARY, 2008

NIFTY: - Open 5267 High 5267 Low 5116 Close 5154 (-126 points)

P/E 21.98 P/B 5.40 Adv 8 Dec 42

Supp 5085/5000/4920 Res 5180/5240/5280

SENSEX: - Open 17991 High 17991 Low 17505 Close 17617 (-458 pts)

Supp 17380/17250/17100 Res 17700/17820/18000

Bears in full control:-

· Selling started from the word go and bulls could not really come back into the limelight the whole day. Sensex closed down by 458 points. Realty and Banking stocks took some pounding. Tech stocks were resilient.

· Volumes - Rs 12184 Cr in spot market and F&O Vol at Rs 43987 Cr.

· Market Breadth– BSE Adv 911 Dec 2043 Unch 72 NSE Adv 223 Dec 926 Unch 22

· Top Gainers: - Tata Power, Ster, TCS, Dr Reddy, Infosys

Top Losers: - Nalco, HCL Tech, Tata Steel, Maruti, BHEL

· FIIs sold Rs 266 Cr and MFs bought Rs 256 Cr in cash market. Foreign investors sold Rs 702 Cr in both Index and Stock Futures.

· Total OI 75168 Cr (+107 Cr) PCR at 0.96

· Nifty added 4% OI. Basis -30.45

· OI Added:- Minifty 18%, ACC 13%, Essar Oil 16%, HCL Tech 13%, Maruti 16%, RelCap 18%, Renuka 15%, Sun Pharma 14%

· OI Shed:- BEML 8%, CorpBank 14%, GBN 19%, Nicolas 8%

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

Outlook for Thursday:-

· A lot of selling has happened around 5368 levels and if that is not crossed, we will see levels below 4800 for the Nifty.

· 5180 and 5240 are resistance for today. Bulls have to sustain above these levels to post a big rally else 5000 is a possibility today itself.

· DLF (815):- Buy around 800-810 with SL below 770. Target of 880-890 can be reached in a week’s time.

· Tech stocks are witnessing good buying on account of Rupee depreciation. We have to see if that continues. Tech Mah and TCS can be good for investment at current levels.


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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