Market Insight
Nifty October futures on yesterday opened negative with a gap of 53 points following the global cues. Nifty futures opened at 4654.3 and made a day’s high at 4734.9 levels making an intraday low of 4531.55 then finally closed near day’s low at 4536.25 levels. All the sectorial indices closed in negative with sustained selling pressure through out the day. Realty index closed down by 9.76%. Metal index closed down by 5.95%. Oil & Gas index closed down by 4.1%. Power & IT indices closed down by 3.45%. Capital Goods index closed down by 3.2%. PSU & Teck sector
indices closed down by 2.65%. FMCG index closed down by 2.57%. Consumer Durables index closed down by 2.48%. Banking index closed down by 1.93. Bhartiartl, Maruti, Sunpharma etc. were only the sensex gainers. Hindalco, DLF, JPassociate, Sterlite, Acc, Relinfra, Reliance, Relcomm, Tatasteel, Wipro, SBI, Hindunilvr, Herohonda, M&M etc. were the sensex losers.
The Nifty has a support at the 4492 followed by 4419. The resistance levels to watch would be 4683 followed by 4802. The support levels for the SENSEX are at 15171 followed by 14938. The resistance levels to watch would be 15798 followed by 16191. Intraday or short term calls should be followed with very strict stop loss with support level. Sensex Nifty Close 15,405 4,564.
Daily Tips
SUNPHARMA
Execution Price Range Stop Loss Target
Buy Between Rs 1380 to 1400 1365 1438
ICICIBANK
Execution Price Range Stop Loss Target
Buy Between Rs 781 to 795 774 818
Market Outlook On Tuesday S&P CNX Nifty opened negative taking cues from global markets then sustained on higher levels near the support of 4700 levels for some time but later on witnessed heavy selling pressure across the board during later part of the day and finally closed near day’s low levels. Today Global markets are positive and our market also looks highly oversold and this may be reason of some pullback in the market. Technically, 4550 is now the support for nifty if it sustains this level then short term buying interest may emerge in the market due to short covering and because of that Nifty may touch 4700-4720 levels.
CIPLA
Execution Price Range Stop Loss Target
Buy Between Rs 285 to 295 280 310
Wednesday, November 4, 2009
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