Friday, August 29, 2008


NIFTY (4214 -78 pts)

Supp 4185/4150/4110 Res 4265/4300/4340

SENSEX (14048 -248 pts)

Supp 14000/13750/13600 Res 14150/14340/14480

Review of the previous session:-

  • Indices opened flat but slipped into the red very quickly. F&O pressure became apparent in late trade as we tested 4200 on the Nifty. Metals, capital goods and banks ended lower.

  • BSE Breadth 898 Adv- 721 Dec NSE Breadth 294 Adv-929 Dec Upper Circuit -144 Lower Circuit –135

  • BSE Vol Rs 4063 Cr NSE Vol Rs 13070 Cr F&O NSE Vol Rs 66164 Cr

  • FIIs sold Rs 187 Cr in cash market and MFs bought 390 Cr provisionally. In F&O, FIIs sold Index Futures worth Rs 376 Cr and sold Stock Futures worth Rs 142 Cr. Their Outstanding position in Futures is 28962 Cr and Options is 18505 Cr.

  • Additional Data:- Gold $837.20/oz Nymex Crude $115.59/bbl

  • SGX Nifty Index Futures (Singapore) 4290 (+57 pts) at 8.40 am

  • The annual wholesale prices index rose 12.40 percent in the 12 months to Aug. 16, below the previous week's 12.63 percent rise.

Outlook for 29 August, 2008:-

  • CSO to announce Indian quarterly GDP estimate today and it can give some indication as to the pace of growth of Indian economy. First quarter results have been more or less flattish this time around, inflation is already in danger zone and now GDP figures will guide further.

  • Markets to open strong on positive global sentiment but 4330 to 4360 need to be crossed for further gains. Support for the Nifty is at 4150-4160. Banks and realty may see some upside because of slight drop in inflation, but they can best be avoided for now.

  • Investment pick - Exide

UTVi poll expects Q1 GDP growth at 7.9%

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.

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