Thursday, June 19, 2008

DAILY REPORT FOR 19 JUNE, 2008

NIFTY (4582 -71 pts)

Supp 4555/4490/4450 Res 4615/4645/4685

SENSEX (15422 -274 pts)

Supp 15240/15050/14890 Res 15540/15680/15790

Review of the previous session:-

  • Selling started from 4680 resistance of Nifty. To add to it, Nuke Deal meeting between Left and UPA was postponed. Finally crash warning from Royal Bank of Scotland dampened the sentiment more. Banks were major losers along with Realty. Cement saw small gains. Volumes rose as sellers became active once again.

  • BSE Breadth 1254 Adv-1402 Dec NSE Breadth 483 Adv-700 Dec Upper Circuit - 200 Lower Circuit –106

  • BSE Vol Rs 6183 Cr NSE Vol Rs 12534 Cr F&O NSE Vol Rs 47440 Cr

  • FIIs sold Rs 435 Cr in cash market and MFs bought 193 Cr. In F&O, FIIs sold Index Futures worth Rs 682 Cr and bought Stock Futures worth Rs 133 Cr. Their Outstanding position in Futures is 42054 Cr and Options is 23114 Cr.

  • Additional Data:- Gold $893.50/oz Nymex Crude $136.68/bbl

F&O observations:-

  • Bullish build-up –Zee Enter, Ambuja, MahLife, India Cem, ACC, Ranbaxy, ITC

  • Bearish build-up – SUN TV, HCL Tech, Axis, ABB, Auro Pharma, Pantaloon, Tata Comm, IVRCL Infra, Infosys, ONGC, Bharti

  • OI 84793 Cr (-1084 Cr) Nifty OI Unchanged PCR 1.54 (unchanged)

  • Overall OI decreased but Nifty was really unchanged. More selling today can take us to 4490 and 4450 also. Cement stocks added long build-up. Axis Bank looks negative from F&O perspective.

Outlook for 18 June, 2008:-

  • Dow Jones closes down by 131 points, threatening to break psychological 12000-mark in coming sessions. Among ADRs, Tata Communication was top loser and Dr Reddy gained 3%. Asian markets have opened negative.

  • Our markets to open weak. Nifty has support around 4490-4520 levels below which only more weakness is expected. Failure to go below 4490 may give some bounce intraday.

  • Reliance is looking weak and stock can keep indices under some pressure. Cement stocks look positive.

Ideas for Trading (for short-term position):-

Ashok Leyland (33.30):- The stock looks near resistance and it can correct towards 31-31.30 levels. One can go short with strict SL 34.50

Catch them falling (Ideas for Investment):-

No picks


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: