MARKET ENDED 24.12.2009 thursday

SENSEX 17360.61 129.50
NIFTY 5178.40 33.80
NASDAQ 2176.05 6.87
DJIA 10426.31 -11.11
RS/$ 46.25 -0.16

Equity benchmarks ended in the positive territory but off 52 week high
on Thursday, led gains in by auto, metals and oil & gas stocks.
Indices took support from the positive global markets. Equities opened higher in line with other global markets and turned choppy after a rally in previous session. However, a sharp bout of buying in the afternoon helped the indices to finally breakout of resistance levels. Towards close, the market failed to hold on to intraday highs as investors chose to book profits at higher levels ahead of extended weekend. Fundamentally market looks expensive but looking at the momentum it may move higher. One should not buy at these levels as the results season may throw some negative surprises and high inflation is already a cause of concern. Whatever positives are there have already been factored in

National Stock Exchange’s Nifty closed at 5178.40, up 33.80 points or 0.66 per cent after hitting 52-week high of 5197.90. It touched intraday low of 5129.05.

Bombay Stock Exchange’s Sensex ended at 17360.61, up 129.50 points or 0.75 per cent. The index touched intraday high of 17413.69 and low of 17198.09.

If Nifty manages to stay above 5180-5190 then the next two key resistance levels would be 5206 and 5232. Above that the next resistance level is 5304. On the downside, first support is at 5130 then it would be at 5108, 5085 and 5064. If this new found bullishness is to be maintained then it should not close below 5064

The BSE Midcap Index was up 0.72 per cent and BSE Smallcap Index moved 0.60 per cent higher. Amongst the sectoral indices, BSE Auto Index was up 1.50 per cent, BSE Metal Index gained 1.42 per cent and BSE Oil& Gas Index jumped 0.90 per cent.

Tata Motors (4.17%), Hindalco Industries (3%), Reliance Infrastructure (2.55%), Hero Honda (1.93%) and Tata Steel (1.90%) were amongst the top Nifty gainers. IDEA (-2.50%), Ranbaxy Laboratories (-1.92%), Jaiprakash Associates (-1.87%), Bharti Airtel (-1.46%) and Power Grid (-0.82%) led the decline.

Market breadth was positive on the BSE with 1598 advances and 1253 declines.

NOTE: Markets will remain closed on Friday and Monday on account of Christmas and Muharram holidays.
Regards,
RAKESH MAKIN
Chugh securities Pvt Ltd
+91 9915684997, 9041667797
PANCHKULA (Haryana).
Email:makin_97@yahoo.com
Email:rakeshmakin@yahoo.com
Blog :http://wwwmakin97-nse.blogspot.com/
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