DAILY REPORT FOR 30 APRIL, 2008

NIFTY (5195 +106 pts)

Supp 5145/5075/5020 Res 5225/5300/5365

SENSEX (17378 +362 pts)

Supp 17260/17140/17000 Res 17450/17560/17700

Outlook for 30 April, 2008:-

· RBI Credit Policy was announced yesterday and CRR was hiked once again by 25bps. Repo and Reverse Repo rates were kept unchanged and it was taken very positively by the markets. Real estate and bank stocks gained. Finance Minister’s proposed exemptions to the IT sector added fuel to the rally as BSE IT index shot up 5%.

· Nifty has managed to close above 200 Day SMA at 5157 but Sensex is yet to achieve that feat as its 200DSMA is at 17401.

· Going up, Nifty can face resistance around 5220-5240 levels but staying above 5140 it will remain very strong and we can see the rally extend towards 5350-5400 levels.

· M&M (645):- Buy around 635-640 with SL below 620. The stock can target 695-700 levels in short-term.

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.

DAILY REPORT FOR 29 APRIL, 2008

NIFTY (5089 -22 pts)

Supp 5060/5020/4970 Res 5120/5165/5250

SENSEX (17015 -110 pts)

Supp 16850/16680/16585 Res 17155/17290/17400

Outlook for 29 April, 2008:-

· Markets remained sideways yesterday just one day before the RBI Credit policy announcement. Today the main focus of the RBI governor will be to moderate inflation and bring it back around the tolerance level of 5%. CRR hike has already been announced this month, but some more measures are naturally expected in today’s policy statement.

· 5150-5180 is still a big resistance for the Nifty and if that is not crossed in a day or two, we may see some correction around 4950-4970 at least. But stock-specific movement is expected to continue.

· L&T (2948):- The stock has been an underperformer in recent past, but now it looks like targeting 3180-3220 in short-term. Buy with SL 2830

· Raymond (279):- It is an investment buy. One can accumulate for 20-25% returns from current levels.

http://in.reuters.com/article/globalCoverage3/idINIndia-32833120080403?sp=true Rupee not the real culprit for Indian export slowdown

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.

DAILY REPORT FOR 28 APRIL, 2008

NIFTY (5111 +112 pts)

Supp 5070/5030/4990 Res 5140/5165/5250

SENSEX (17125 +404 pts)

Supp 17000/16870/16780 Res 17240/17390/17600

Outlook for 28 April, 2008:-

· Nifty faces good resistance around 5150-5180 levels and we may see some reaction from those levels. 200 Day Simple Moving Average stands at 5150.

· As this is a pullback rally, one is advised to take profits in the stocks which have done really well. The rally can still extend towards 5350-5400 if we are able to cross this current resistance.

· For today’s trading, intraday correction can find support at 5070. The trend will be governed by RBI Credit Policy on 29^th and Fed meeting on 30^th.

· Tata Motors (639):- Buy for target of 690-700. Keep SL at 614.

· Reliance Industries and L&T are looking good for short-term up move and they can lead this rally in coming week.

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.

DAILY REPORT FOR 25 APRIL, 2008

NIFTY (4999 -23 pts)

Supp 4970/4915/4890 Res 5075/5120/5165

SENSEX (16721 +23 pts)

Supp 16660/16550/16440/16200 Res 16890/17240/17400

Outlook for 25 April, 2008:-

· We are still stuck in the range between 16600 and 16850 for the Sensex. The target of 17200 has been avoiding us for last 2 sessions and now that F&O expiry is over, we should see it happening quickly. Strong global markets can make it easier for the bulls.

· CAIRN (256):- Buy towards 250-253 with SL below 238 and the target of 298-303.

· Market breadth has to be watched closely. Volumes are rising but we are not having good advance-decline ratio to take this market further.

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.

DAILY REPORT FOR 24 APRIL, 2008

NIFTY (5022 -27 pts)

Supp 4985/4950/4910 Res 5080/5120/5150

SENSEX (16698 -85 pts)

Supp 16560/16450/16200 Res 16890/17140/17350

Outlook for 24 April, 2008:-

· Sensex has held on to its support at 16560 for 2 consecutive days and until that is taken out, we can see 17200 being chased. But as today is expiry of derivatives contracts for current month, volatility is not ruled out.

· In case of correction, Nifty has got very good support at 4900-4915 from where it should bounce once again.

· Crompton Greaves (267):- The stock has seen a nice fall from its November 2007 peak at 454 and now it should target 310-315 in short-term. Buy with SL 244.

· Glenmark Pharma (596):- One of the rarest stocks to come near its all time highs of 624. It looks like targeting 650 now. Try to buy in dips. Today is F&O Expiry and one can get chance of picking good stocks in sharp intraday corrections.

· ONGC and Reliance have plenty of weight in both Sensex and Nifty. ONGC has broken out and Reliance Industries has good support around 2500-2530. They hold the key to the market trend now.

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.

DAILY REPORT FOR 23 APRIL, 2008

NIFTY (5049 +12 pts)

Supp 5030/4970/4910 Res 5080/5120/5150

SENSEX (16783 +45 pts)

Supp 16560/16450/16200 Res 16890/17140/17350

Outlook for 23 April, 2008:-

· Markets to open flat to positive and an intraday correction can find support around 16560. Break below this level will only mean some correction but above it we can see 17200 being chased by the Sensex.

· ONGC performed yesterday and it is still looking good for target of 1150-1170, possibly in this settlement.

· One has to pick solid growth stocks and avoid speculative companies as this is not a bull market rally it is just a pullback.

· DLF (674):- Buy only around 660-666 with SL 635 and Target 730-740

· Prism Cement (46.10):- Buy around 45-45.50. The stock should target 50 in a week’s time. Keep SL at 42.50.

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.

DAILY REPORT FOR 22 APRIL, 2008

NIFTY (5037 +79 pts)

Supp 5000/4920/4880 Res 5060/5130/5180

SENSEX (16739 +258 pts)

Supp 16600/16450/16200 Res 16890/17140/17350

Outlook for 22 April, 2008:-

· Ranged movement between 16600 and 16850 is expected today. Correction may come in case we dip below 16560. Stock-specific movement will be witnessed.

· Idea (104):- The stock is nicely consolidating and it can target 113-115 levels in short-term. Keep SL of 99.90

· India Cements (186):- Buy around 182-184 for target 204-208 SL 172

· ONGC should be watched for knowing index trend. The stock is showing some accumulation and above 1040 it can add another 50-60 rupees.

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.

DAILY REPORT FOR 21 APRIL, 2008

NIFTY (4958 +71 pts)

Supp 4905/4877/4835 Res 4995/5020/5060

SENSEX (16481 +237 pts)

Supp 16390/16200/16050 Res 16580/16700/16840

Outlook for 21 April, 2008:-

· Indices opened strong on Friday and gains were held as global sentiment was very positive. Inflation cooled down somewhat and to cool it further, RBI hiked CRR by 50 basis points. This move will be implemented in 2 steps to contain inflation pressures, first 25 basis points raise from 26 April and 2^nd from 10 May. It is expected to take out Rs 18,500 Cr from the system. CRR will be applied at 8% from 7.5% currently.

· Markets to open flat-to-negative on CRR hike but stability may return later in the day with stock-specific movement. Volatility is expected with major results from Reliance Industries, Axis Bank, Satyam and TCS to be announced today.

· Asian Electronics (206):- Buy with SL of 188 and Target 240-245

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.

Dear Blog readers,
The Daily Report will not be available for 2 days. It will be sent once again from Monday, 21 April 2008 onwards.
Regards,
Tanmay G Purohit

DAILY REPORT FOR 11 APRIL, 2008

NIFTY (4733 -14 pts)

Supp 4700/4665/4625 Res 4765/4805/4915

SENSEX (15695 -95 pts)

Supp 15450/15300/15000 Res 15880/16230/16450

Outlook for 11 April, 2008:-

· We are still ranged between 4665 and 4800 for the Nifty. It is like a rocking chair which moves a lot but still it stays at the same place.

· Yesterday index was flat but individual stocks were moving nicely. CAIRN was up 5%, RIL and RPL were also up nicely during the day. But we got sold off because of profit-taking in SBI and ICICI Bank. Such things are part of this market and we have to focus on individual stocks to make gains. Buying fallen stocks like Ranbaxy and Suzlon (-4% each yesterday) can give good returns (around 8-10%) in near future. But you have to sell these stocks when they move up. Because this market demands active portfolio management, it is not like before when we waited for a 2000 point-rally and it kept on coming with all stocks participating.

· IIP numbers will be out today. Last month, these figures were not up to the mark and that is why we saw a large sell-off in capital goods stocks. But today is a different day and if IIP figures are good, especially capital goods component of it, we can see a good rally taking shape. Punj Lloyd, BHEL are already looking good on graph and decent IIP data can spark a rally in those stocks. Inflation is another data that will be watched by market participants today.

· Gammon India (387):- Buy for target of 450-460. Keep SL of 360

· HDIL (618):- The stock can target 700-710 levels. Buy with SL 590

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.

DAILY REPORT FOR 9 APRIL, 2008

NIFTY (4709 -52 pts)

Supp 4665/4625/4500 Res 4780/4840/4915

SENSEX (15587 -170 pts)

Supp 15450/15300/15040 Res 15700/15880/16230

Outlook for 9 April, 2008:-

· Indices are showing ranged movement from last 2 days and now breakout of the range should give us some trend. The range for the Nifty is 4665 to 4800. Sensex has to cross 15880 for a good rally. Until this range is in place, we should see stock-specific movement.

· Bharti Airtel looks good for targets around 900. Banks can see some buying on short-covering. BHEL, from capital goods space, can target 1900-1950 levels.

· Aurobindo Pharma (296):- Buy for target of 360-365 with SL 280.

· This market is for investors and value-buyers. It is not moving so fast, but it is giving enough time to accumulate and then have big gains. Sir John Templeton, founder of the Templeton Funds, told characteristic of the market with his quote, "Bull markets are born on pessimism, grow on skepticism, mature on optimism and die on euphoria. The time of maximum pessimism is the best time to buy and the time of maximum optimism is the best time to sell."

· At 21000 Sensex level, everybody wanted to buy and now people are fearful. It’s the time one should dedicate money to good stocks and wait patiently, gains themselves will follow us. This market is like a tortoise, rising 8 feet and again falling 6 feet but again moving up perseveringly. We have to adjust with the trend and vice versa will never happen.

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.

DAILY REPORT FOR 8 APRIL, 2008

NIFTY (4761 +114 pts)

Supp 4725/4685/4625 Res 4810/4860/4920

SENSEX (15757 +414 pts)

Supp 15600/15510/15300 Res 15850/15970/16240

Outlook for 8 April, 2008:-

· Sensex tested twice the support at 15300 last week and now Nifty has made a double bottom too at 4628. Shorts will be forced to cover until this support is taken out. Now we should look forward to 4915 at least as the target. Actual target for the Nifty can be considered to be 5050-5100.

· There may be some intraday corrections here and there, but short-term trend should be considered as up now.

· Today the markets are expected to open slight negative on global weakness but fall towards 4725 should be regarded as a buying opportunity. Crossing 4810 should take us to 4920 quickly.

· Pharmaceutials and IT are expected to outperform the indices in this rally. Previous leaders like Capital Goods can perform but they may remain laggards for some time.

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.

DAILY REPORT FOR 7 APRIL, 2008

NIFTY (4647 -124 pts)

Supp 4625/4535/4465 Res 4690/4740/4800

SENSEX (15343 -489 pts)

Supp 15300/15000/14800 Res 15500/15630/15900

Outlook for 7 April, 2008:-

· Sensex fell 6% last week but we have tested 15300 twice. Now that can become a good support but if we move below 15000, some more selling is not ruled out. 13800-14100 levels are not ruled out in that case but then again, we move nearer to a good bottom.

· Today markets are expected to open flat and a crossover of 15630 is needed for a good rally intraday.

· Time-wise the correction is near its end and we will get confirmation once a good rally happens.

· S Kumar Nat (88.85):- Buy the stock for target 103-106 SL 83.50

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.

DAILY REPORT FOR 4 APRIL, 2008

NIFTY (4771 +17 pts)

Supp 4725/4675/4625 Res 4835/4915/4975

SENSEX (15832 +82 pts)

Supp 15650/15500/15300 Res 15900/16250/16450

Outlook for 4 April, 2008:-

· Yesterday’s closing was very good for the markets. After ups and downs the whole day, we remained in positive territory. Now 4725 becomes a good support for the Nifty and in case we see some sell-off, 4675 should provide support. Below 4675 only one should be concerned about longs.

· Not breaking 4725 will mean breathtaking rally around late trade and we can see 4915 as today’s target.

· BHEL has fallen to a 7-month low, it looks oversold on graph. Short-covering can take the stock higher. Buy for investment. Short-term target can be 10-15%. CMP 1752

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.

DAILY REPORT FOR 3 APRIL, 2008

NIFTY (4754 +15 pts)

Supp 4725/4685/4625 Res 4800/4855/4920

SENSEX (15750 +123 pts)

Supp 15650/15500/15300 Res 15900/16250/16450

Outlook for 3 April, 2008:-

· Opening is expected to be flat and sideways movement should happen in early trade. Intraday correction towards 4685 on the Nifty is not bad and if that level sustains, we can see a big rally today in late trade. Caution is advised below 4685.

· Market is pretty slow in moving up and short-term players would do well by having a portfolio of stocks instead of looking at new opportunities every day.

· Glenmark (479):- Buy for target 530-535. Keep SL 458

· ICICI Bank (784):- The stock can target 850-860 levels. Buy with SL 750 on closing basis.

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.