DAILY REPORT FOR 28 AUGUST, 2008
YOU ALL HAVE BEEN LOYAL VISITORS TO MY BLOG, READ MY NEWSLETTERS/VIEWS, FOLLOWED THE CALLS TOO. I THANK YOU ALL FOR ALL YOUR SUPPORT. BUT FREE SERVICE CAN'T CONTINUE FOREVER AND NOW I PLAN TO START MY TECHNICAL CONSULTANCY, JUST TO SERVE YOU IN A BETTER WAY. THOSE WHO ARE INTERESTED IN THE SUBSCRIPTION CAN MAIL TO firstname.lastname@example.org. THANKS ONCE AGAIN FOR ALL THE SUPPORT AND I HOPE THE RESPONSE WILL BE CONTINUED IN THE FUTURE.
NIFTY (4292 -45 pts)
Supp 4280/4245/4200 Res 4330/4365/4400
SENSEX (14296 -185 pts)
Supp 14130/14000/13750 Res 14380/14560/14670
Review of the previous session:-
After opening firm, supply was seen from higher levels. Heavyweights like Reliance and ICICI Bank weighed down on the indices as we got sold off in late trade. Realty and Banking were major losers.
BSE Breadth 1021 Adv-1583 Dec NSE Breadth 443 Adv-775 Dec Upper Circuit -144 Lower Circuit –138
BSE Vol Rs 3701 Cr NSE Vol Rs 8769 Cr F&O NSE Vol Rs 47535 Cr
FIIs sold Rs 32 Cr in cash market and MFs bought 163 Cr provisionally. In F&O, FIIs bought Index Futures worth Rs 8 Cr and sold Stock Futures worth Rs 24 Cr. Their Outstanding position in Futures is 34406 Cr and Options is 24358 Cr.
Additional Data:- Gold $834.00/oz Nymex Crude $118.15/bbl
India’s inflation index, WPI expected around 12.82% Vs 12.63% last week, a survey of economists said.
Moody’s has projected that India’s economic growth would decelerate to 7.9% in the current fiscal from 9% in 2007-08, on the backdrop of rising interest rates and slow credit growth. The forecast by Moody’s on the growth of Indian economy has come just two days ahead of quarterly release of GDP data for fiscal 2008-09 by the government.
Long build-up – Bajaj Auto, KSK, Educomp
Short build-up – Opto, WelGuj, GTOffshore, MLL, Minifty, GTL Infra
OI 83143 Cr (-251 Cr) Nifty OI Up 1% PCR 1.03 (from 1.07)
Outlook for 28 August, 2008:-
Nifty is taking support around 4245-4280 and once this level is broken, more downside will be seen.
Markets to open flat but being F&O expiry, some volatility is not ruled out. More selling in Realty stocks can be seen.
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.