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Indian equity benchmarks ended a choppy session on a positive note on Thursday, as traders squared off positions on July F&O series settlement. Losses in oil & gas and pharma stocks were offset by gains in banks and auto stocks.
Bombay Stock Exchange’s Sensex ended at 17,992, up 34.63 points or 0.19 per cent. The index touched a high of 18,013.10 and low of 17,902.84 intraday.
National Stock Exchange’s Nifty closed at 5408.90, up 11.35 points or 0.21 per cent. The broader index hit a high of 5415.85 and low of 5381.55 during the session.
We don’t expect huge volatility in the market for next 5-7 trading sessions. Nifty is likely to be range bound between 5300 and 5520. Traders should be stock-specific at current levels.
Traders can initiate long positions in Power Grid Corporation, Cairn India, HDFC Bank, Tata Motors and Idea Cellular. They can go short on Punj Lloyd and IVRCL Infra.
The BSE Midcap Index gained 0.22 per cent while BSE Smallcap Index moved lower by 0.17 per cent.
Amongst sector indices, BSE Oil&Gas Index slipped 0.76 per cent and BSE Healthcare Index declined 0.24 per cent. BSE Bankex moved up 0.92 per cent and BSE Auto Index advanced 0.49 per cent.
IDFC (2.60%), HDFC (2.26%), ICICI Bank (2.22%), Hindalco Industries (2.21%), and Cairn India (2.10%) were amongst the top Nifty gainers. Losers included Suzlon Energy (-2.92%), Reliance Communications (-2.52%), Sun Pharma (-2.35%), Reliance Power (-1.77%) and Bharti Airtel (-1.65%). Market breadth was negative on the NSE with 1,616 declines against 1,579 advances.
Meanwhile, European markets were in the green on the back of positive earnings report. Wall Street is also likely to open higher. At 4:20 pm IST, Dow Jones futures was up 0.46 per cent, Nasdaq was up 0.39 per cent and S&P 500 advanced 0.55 per cent.
Nifty 5398 Technically I would say the market is still up as long as 5400 holds the market traded in positive territory but could not sustain and finally cracked the 5400 mark we are now into a roll over and so volatility is not ruled and the range is expected to be between 5350-5450
The crucial support on the downside for the Nifty is 5350 and resistance at 5450-5493-5511-5558
SENSEX BSE Sensex 17957 the crucial support on the Sensex on the downside is 17850 and resistance at 18050-18356
WORLD MARKET UPDATE 29.07.2010 AT 07.45AM
Asian markets were trading mixed. China's Shanghai Composite was up 0.36% or 9.56 points at 2,643.22.
Hong Kong's Hang Seng was flat at 21,091.17.
Japan's Nikkei slipped 0.52% or 51.09 points at 9,702.18.
Singapore's Straits Times was down 0.11% or 3.39 points at 2,981.99.
South Korea's Seoul Composite was flat at 1,772.28.
These recommendations are based on the theory of technical analysis and personal observations. This does not claim for profit. We are not responsible for any losses made by traders. It is only the outlook of market with reference to it's previous performance. You are advised to take your positions with your sense and judgment. We are trying to consider fundamental validity of stocks as far as possible, but demand and supply affects with vision, variation. [Our subscribers have positions in the above recommended scripts
Indian equity benchmarks ended below key levels Wednesday, as investors booked profits in heavy-weights like Reliance Industries ahead of July F&O series expiry. Weakness in Europe did not help trader sentiment much. Bombay Stock Exchange’s Sensex closed at 17,957.37, down 120.24 points or 0.67 per cent. The 30-share index touched a low of 17,925.40 and high of 18,137.14 during the session.
National Stock Exchange’s Nifty ended at 5397.55, down 33.05 points or 0.61 per cent. The broader 50-share index hit a low of 5386.25 and high of 5447.85 in today’s trade. Nifty was making rising trendline support since May which was decisively broken today. We expect some profit booking from current levels and the index may slip to 5200.
Nifty 5400 put has showed loss of open interest by 5,94,000 contracts. This indicates that the traders are not willing to support the market at 5400.
We see minor support at 5350 and below that we may slip to 5218. Any pullback up to 5400 will be taken as an opportunity to exit long positions.
The BSE Midcap Index lost 0.21 per cent and BSE Smallcap Index edged lower by 0.16 per cent.
Amongst the sectoral indices, BSE Oil&Gas Index slipped 1.92 per cent, BSE Realty Index declined 1.29 per cent, BSE Capital Goods Index edged lower by 0.86 per cent,Bankex gave up 0.24 per cent while BSE Auto Index gained 0.66 per cent, BSE Healthcare Index added 0.30 per cent.
Biggest Nifty losers were Hindustan Unilever (-3.23%), Reliance Industries (-3.16%), IDFC (-3%), DLF (-2.53%), HCL Technologies (-2.50%), Unitech (-2.48%), Larsen & Toubro (-2.21%), among others. Earlier Tuesday, Reliance Industries posted net profit of Rs 4,851 crore for the quarter ended June, a jump of 32.3 per cent from Rs 3,666 crore in the same quarter a year ago.
Nifty gainers included ABB (3.58%), BPCL (2.09%), Sun Pharma (1.51%), Tata Motors (1.47%), State Bank of India (1.39%), Cipla (1.37%).
Market breadth on BSE was negative, with 1,682 declines against 1,197 advances and 133 stocks unchanged.
The total volume shot up to Rs 5,028.00 crore from Rs 4,085.78 crore on Tuesday. Today's newly listed Aster Silicates topped the list of highest traded securities with a turnover of Rs 591.05 crore.
Asian stocks ended in positive terrain on some strong corporate earnings. Key indices in China, Hong Kong, Japan, Singapore, South Korea and Taiwan ended up by between 0.20 per cent and 2.70 per cent. European stocks were also trading in positive zone in their late morning deals.
These recommendations are based on the theory of technical analysis and personal observations. This does not claim for profit. We are not responsible for any losses made by traders. It is only the outlook of market with reference to it's previous performance. You are advised to take your positions with your sense and judgment. We are trying to consider fundamental validity of stocks as far as possible, but demand and supply affects with vision, variation. [Our subscribers have positions in the above recommended scripts
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