makin97 NSETIPS @ RAKESH MAKIN: MARKET ENDED 09.08.2010 MONDAY

Monday, August 9, 2010

MARKET ENDED 09.08.2010 MONDAY

WERE SENSEX GAINERS

MARKET ENDED 09.08.2010 MONDAY

SENSEX 18287.50 +143.51

NIFTY 5486.15 +46.90

NASDAQ 2293.06 -10.51

DJIA 10674.98 -05.41

RS/$ 46.23 -00.01

Equities ended near day’s highs Monday, taking cues from positive European peers. The rally was led by realty, metals and banks while oil&gas space ended marginally lower.
Indices turned rangebound after a positive start due to lack of direction from Asian peers. Momentum picked up with the positive opening of Europe but indices fell shy of key resistance levels.
National Stock Exchange’s Nifty ended at 5486.15, up 46.90 points or 0.86 per cent. The index touched a high of 5492.30 and low of 5433.25.
Bombay Stock Exchange’s Sensex closed at 18287.50, up 143.51 points or 0.79 per cent. The 30-share index hit a high of 18309.25 and low of 18139.90.
Broadly speaking for the past four weeks, indices have been trading sideways in the range of 17840 / 5350 and 18300 / 5480 (Sensex / Nifty respectively). Any breakout or breakdown from mentioned levels would dictate the direction of the trend. Presently, there is no weakness on the chart as the intermediate trend is up.
We maintain our view that a strong upward momentum would resume only once the indices trade and close above 18315/5480 levels. On the upside, the indices could test 18360 to 18600 / 5500 to 5600 levels.
On the downside, 17840 / 5350 remains crucial support level for the coming week. Any breach of this level would mean loss of upside momentum and we could witness further weakness.
The BSE Midcap Index added 1.16 per cent and BSE Smallcap Index moved higher by 1.42 per cent.
Amongst the sectoral indices, BSE Realty Index surged 4.47 per cent, BSE Metal Index gained 1.52 per cent and BSE Bankex advanced 1.28 per cent.
DLF (3.97%), ICICI Bank (3%), Tata Motors (2.75%), Reliance Communications (2.46%) and ACC (2.30%) were amongst the top Sensex gainers.
Losers included HDFC Bank (-0.68%), Reliance (-0.66%) and Cipla (-0.28%).
Market breadth was positive on the BSE with 1958 gainers against 1002 losers.
Meanwhile, European markets were in the green and Wall Street is likely to follow suit. At 4:45 pm IST, Dow Jones futures was up 0.30 per cent, S&P 500 gained 0.36 per cent and Nasdaq 100 moved 0.33 per cent higher. Regards,