SENSEX 17065.15 -34.13
NIFTY 5133.25 -06.95
NASDAQ 2600.46 +10.22
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UPDATEDTIME 09.28 PM 21 SEPTEMBER 2011
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Benchmarks
ended a choppy session in the negative terrain as investors took a breather
after a rally in last session and remained on sidelines ahead of outcome of US
Federal Reserve meet. However, retail participation was seen in the broader
markets as midcaps and smallcaps outperformed the frontline stocks.
The recent upmove in the indices on heavy volumes indicated bullish patterns on the charts and analysts are of the view that if the crucial resistance levels are breached then further rally would resume. But, the benchmarks have lost some steam and uncertainties in the Europe and US raises doubts that a retreat could be possible.
"It is very difficult to predict a range but all I can say is that you will have a very high volatility over the next six months. The trend will be a drift downwards because it is not like an immediate magic solution is available to the problems of Europe or the US. I do not have an index number.
All I can say is that it is going to be on the downside. How much further down? It really depends on whether there is a banking default coming out of Europe, whether there are one or more sovereign defaults coming out of Europe and how these are resolved.
National Stock Exchange's Nifty closed at 5133.25, down 6.95 points or 0.14 per cent. The broader index touched a high of 5168.40 and low of 5109.85 in trade today.
Bombay Stock Exchange's Sensex ended at 17065.15, down 34.13 points or 0.20 per cent. The 30-share index touched intraday low of 17000.61 and high of 17191.12.
BSE Midcap Index moved 0.73 per cent higher and BSE Smallcap Index advanced 0.71 per cent.
"Nifty faces strong hurdle at 5180-5225 as long as it is not breached chances are that we may retest lows of 4720. Bullish momentum will only pick up if we manage to close comfortable above the said resistance levels.
Banking, metals and select auto stocks look weak and traders can go short in them with stop-loss of 5225.
BSE Bankex gained 0.96 per cent, BSE Realty Index inched 0.83 per cent higher and BSE Power Index moved up 0.43 per cent. BSE Oil&gas Index was down 1.16 per cent, BSE Auto Index declined 0.91 per cent and BSE Metal Index slipped 0.26 per cent.
Hero MotoCorp (-3.43%), Hindalco Industries (-3.27%), Maruti Suzuki (-3.19%), Cairn India (-2.55%) and Reliance Industries (-1.97%) were the major Nifty losers.
Siemens (2.03%), ICICI Bank (1.99%), Grasim (1.80%), Ambuja Cements (1.74%) and Jaiprakash Associates (1.66%) were amongst the top gainers.
Shares of cement companies were witnessing buying action after reports that pick-up in demand and slow capacity additions would benefit companies.
"Rising inquiries for cement purchases could result in a demand uptick a good 3-6 months ahead of our previous expectations. With the pace of new capacity additions slowing, utilisations are set to move to c85%+ during peak season," a Deutsche Bank report said.
Market breadth was positive on the NSE with 1480 gainers against 1327 losers.
The global markets are awaiting the outcome of U.S. Federal Reserve's two-day meeting and there are expectatiosn that it may announce plans to buy long-term Treasury bonds to spur economic growth.
Regards
The recent upmove in the indices on heavy volumes indicated bullish patterns on the charts and analysts are of the view that if the crucial resistance levels are breached then further rally would resume. But, the benchmarks have lost some steam and uncertainties in the Europe and US raises doubts that a retreat could be possible.
"It is very difficult to predict a range but all I can say is that you will have a very high volatility over the next six months. The trend will be a drift downwards because it is not like an immediate magic solution is available to the problems of Europe or the US. I do not have an index number.
All I can say is that it is going to be on the downside. How much further down? It really depends on whether there is a banking default coming out of Europe, whether there are one or more sovereign defaults coming out of Europe and how these are resolved.
National Stock Exchange's Nifty closed at 5133.25, down 6.95 points or 0.14 per cent. The broader index touched a high of 5168.40 and low of 5109.85 in trade today.
Bombay Stock Exchange's Sensex ended at 17065.15, down 34.13 points or 0.20 per cent. The 30-share index touched intraday low of 17000.61 and high of 17191.12.
BSE Midcap Index moved 0.73 per cent higher and BSE Smallcap Index advanced 0.71 per cent.
"Nifty faces strong hurdle at 5180-5225 as long as it is not breached chances are that we may retest lows of 4720. Bullish momentum will only pick up if we manage to close comfortable above the said resistance levels.
Banking, metals and select auto stocks look weak and traders can go short in them with stop-loss of 5225.
BSE Bankex gained 0.96 per cent, BSE Realty Index inched 0.83 per cent higher and BSE Power Index moved up 0.43 per cent. BSE Oil&gas Index was down 1.16 per cent, BSE Auto Index declined 0.91 per cent and BSE Metal Index slipped 0.26 per cent.
Hero MotoCorp (-3.43%), Hindalco Industries (-3.27%), Maruti Suzuki (-3.19%), Cairn India (-2.55%) and Reliance Industries (-1.97%) were the major Nifty losers.
Siemens (2.03%), ICICI Bank (1.99%), Grasim (1.80%), Ambuja Cements (1.74%) and Jaiprakash Associates (1.66%) were amongst the top gainers.
Shares of cement companies were witnessing buying action after reports that pick-up in demand and slow capacity additions would benefit companies.
"Rising inquiries for cement purchases could result in a demand uptick a good 3-6 months ahead of our previous expectations. With the pace of new capacity additions slowing, utilisations are set to move to c85%+ during peak season," a Deutsche Bank report said.
Market breadth was positive on the NSE with 1480 gainers against 1327 losers.
The global markets are awaiting the outcome of U.S. Federal Reserve's two-day meeting and there are expectatiosn that it may announce plans to buy long-term Treasury bonds to spur economic growth.
Regards
RAKESH MAKIN
+91,
9041667797(DIRECT), 9915684997
OFF
0172-4657997
PANCHKULA (Haryana).
Email:makin_97@yahoo.com
Group mail id: makin97NSEtips@yahoogroups.co.in
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