Friday, March 07, 2008


NIFTY: - Open 4866 High 4936 Low 4847 Close 4921 (+57 points)

P/E 20.98 P/B 5.16 Adv 30 Dec 20

Supp 4845/4775/4640 Res 4950/5025/5060

SENSEX: - Open 16328 High 16595 Low 16253 Close 16542 (+202 pts)

Supp 16240/16150/15880 Res 16600/16900/17140

Yo-yo ends in a good rally:-

· Sensex closed up by 202 points after 4 losing sessions but it did move up and down quite a bit the whole day.

· Banks and Power stocks continued to face selling pressure. But FMCG, Pharmaceutical and IT stocks were major gainers. It indicates some kind of sector rotation in the market.


· BSE Vol Rs 5363 Cr Breadth Adv 760 Dec 1942 Upper Circuit 99 Lower Circuit 560

· NSE Vol Rs 12086 Breadth Adv 332 Dec 865 F&O Vol Rs 33581

· Top Gainers: - Satyam Comp, ITC, HDFC, Sun Pharma, Dr Reddy

Top Losers: - Unitech, Cairn, Bajaj Auto, Tata power, REL

· FIIs sold Rs 285 Cr and MFs bought Rs 131 Cr in cash market. FIIs bought Rs 498 Cr in Index Futures and sold Rs 13 Cr in Stock Futures.

· Total OI 64472 Cr (+1124 Cr) PCR at 1.19

· Nifty shed 2% OI. Basis -17.30

· OI Added:- AIA Eng 10%, BankIndia 15%, Indian Bank 79%, Nucleus 19%, Punj Lloyd 11%, Renuka 15%, Tata Comm 11%, Tulip 107%, WelGuj 14%

· OI Shed:- IndiaInfo 7%, ITC 8%, Maruti 11%, Tata Tea 8%

Indian ADRs: -

Global Markets:-

US stocks fell, led by banks, after home foreclosures climbed to a record. Bonds rallied as investors opted to dump equities and scoop up the relatively safer government debt. Dow Jones closed down by 214 points at 12040 jeopardizing the support around 11900. All Indian ADRs lost more than 3% each except for Patni Comp which was up 1%.

Outlook for Friday:-

· Indian markets are expected to open lower but if we maintain 4775 level on the Nifty, some rally can be seen. But today is a weekend and with inflation data worsening each week, we have no hurry as far as buying is concerned.

· We have moved comfortably below the 200SMA at 5060 and now that can act as a resistance going forward for the Nifty. A fall below 4775 can give some panic today and then major support exists at 4640.

· Pharmaceutical stocks can be bought in dips as they look like recovering from lows. Aurobindo Pharma (325) can be bought with SL at 305 and target 365-370.

· L&T has support around 3165 but below that the stock can test 3070 and 2950.

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.

No comments: