DAILY REPORT FOR 30 JULY, 2008
NIFTY (4189 -143 pts)
Supp 4160/4070/3950 Res 4250/4300/4345
SENSEX (13791 -557 pts)
Supp 13720/13570/13450 Res 13900/14060/14220
Review of the previous session:-
Indices opened gap-down and it was a down movement all day. RBI hiked CRR by 25 bps and Repo rate by 50 bps, which came as a negative surprise. Banks and Real estate stocks were major losers while FMCG bucked the trend.
BSE Breadth 963 Adv-1672 Dec NSE Breadth 311 Adv-900 Dec Upper Circuit -168 Lower Circuit –118
BSE Vol Rs 5103 Cr NSE Vol Rs 12190 Cr F&O NSE Vol Rs 64804 Cr
FIIs sold Rs 538 Cr in cash market and MFs sold 254 Cr. In F&O, FIIs sold Index Futures worth Rs 1470 Cr and sold Stock Futures worth Rs 394 Cr. Their Outstanding position in Futures is 37789 Cr and Options is 25081 Cr.
Additional Data:- Gold $923.50/oz Nymex Crude $121.65/bbl
Long build-up – Bata, Sterling Bio, Polaris, JStainless, Bongai, Hind Unilever, Orchid, Balrampur, CAIRN
Short build-up – SunTV, BEL, Minifty, Axis, Dr Reddy, BankIndia, ABB, RPower, Siemens, Tata Motors, Union, Wipro, ICICI Bank, NTPC
OI 80245 Cr (-1847 Cr) Nifty OI Up 3% PCR 1.25 (from 1.36)
Outlook for 30 July, 2008:-
Nifty tested 4160 yesterday and some bounce up to 4250 is not ruled out. More pain to come if we breach 4160.
RBI has tightened more in the monetary policy than the street was expecting. This indicates that bringing down inflation is the top priority for the central bank.
Markets to open firm on the back of positive US markets. But Sensex has to cross 14210 quickly to show any kind of strength. Indices can become volatile as expiry for July08 nears.
Ideas for Trading (for short-term position):-
GT Offshore (409):- Buy with SL 375 for target 490-500.
Catch them falling (Ideas for Investment):-
Results Today: - Alok, Ansal Infra, AuroPharma, Bata, Bongai, CESC, DCB, EKC, Geometric, Global Vect, GT Offshore, Guj Alkali, GMDC, GNFC, Guj Gas, HCL Tech, Hinduja Vent, ITC, IBullRealEst, India Cem, IOC, IVR Prime, IVRCL Infra, J&K bank, Lanco, Mah Seam, M&M, Orchid, PowerGrid, PNB, Purva, RelCap, Shanti Gear, Suzlon, Tata Chem, Tata Comm, Tata Motors, Triveni, Tulip, Unitech, Unity Infra, Vishal Retail, Yes Bank
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.