makin97 NSETIPS @ RAKESH MAKIN: MARKET ENDED 21.07.2010 WEDNESDAY

Wednesday, July 21, 2010

MARKET ENDED 21.07.2010 WEDNESDAY

WERE TODAY'S HERO

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MARKET ENDED 21.07.2010 WEDNESDAY

SENSEX 17977.99 +99.09

NIFTY 5399.35 +31.35

NASDAQ 2222.49 +24.26

DJIA 10229.96 +75.53

RS/$ 47.08 +00.02

Benchmarks ended rangebound session on a positive note after taking support of positive cues from global peers. Metals, realty and auto stocks led the upmove while pharma stocks closed on a subdued note.
Bombay Stock Exchange’s Sensex ended at 17977.23, up 99.09 points or 0.55 per cent. The index touched intraday high of 18012.20 and low of 17873.92.
National Stock Exchange’s Nifty ended at 5399.35, up 31.35 points or 0.58 per cent. The index touched a high of 5409.10 and low of 5368.85 in trade so far.
We are bullish on the market as long as Nifty futures hold 5250 level and see the index facing resistance at 5600 levels. However, on lower side if 5250 support is broken we will advise to exit long positions to re-enter at lower levels. On the down side, Nifty is likely to take support around 5050 levels.
BSE Midcap Index was up 0.49 per cent and BSE Smallcap Index moved 0.36 per cent higher.
Amongst the sectoral indices, BSE Metal Index moved up 3.16 per cent, BSE Realty Index advanced 0.98 per cent and BSE Auto Index was up 0.83 per cent. BSE Healthcare Index declined 0.27 per cent.
We see strong momentum getting back in metals space if 15600 is crossed on the BSE Metal Index. Good trading opportunity is in Tata Steel, Godavari Power, Hindalco and Ispat. These stocks have potential to move 5-7% higher from current levels.
Tata Steel (4.22%), Sterlite Industries (4.15%), Ambuja Cements (4.08%), SAIL (2.84%) and Jindal Steel (2.83%) were the top Nifty gainers.
Axis Bank (-1.59%), HDFC (-1.43%) Idea Cellular (-1.15%), ABB (-1.15%) and Bharti Airtel (-0.89%) were amongst the losers.
Market breadth was positive on the NSE with 1681 advances against 1479 declines.

The US markets are likely to open higher suggests stock futures. At 4:50 pm IST, Dow Jones futures was up 0.18 per cent, Nasdaq gained 0.63 per cent and S&P 500 moved 0.29 per cent higher.