FIRST CALL
CIPLA LTD
Execution Price Range Stop Loss Target
Buy Between Rs 295 to 300 293 307
AXISBANK
Execution Price Range Stop Loss Target
Sell Between Rs 925 to 935 938 912
RANBAXY
Execution Price Range Stop Loss Target
Buy Between Rs 375 to 385 374 392
Thursday, October 29, 2009
Currency Market
USD/INR DAILY
Dollar touched Rs.47.45/ USDafter a 25 paisa gap up opening, indicating that bullishness has returned to the currency pair. The currency pair rose approximately 47 paisa from the previous close indicating high volatility. The prime factors that moved the pair were (1) a rising dollar index and (2) a falling equity markets.
Dollar index touched 76.42 levels as investors moved to safe haven asset classes from riskier assets like stocks and commodities. The anticipation of rise in interest rates in coming quarters is being discounted by the markets. . Dow Jones fell by 119 points to close at 9762 after weaker than expected results of American corporate. Added to this, unexpected decrease in U.S home sales in September damped demand for high yielding assets. Nifty continued to fall for the seventh consecutive session with index falling by 20 points at 4826 levels. Tuesday’s monetary policy continued to show its effect with banking sector leading the fall.
With USDINR breaching the 47.20 level, the intermediate term trend has become bullish. One can expect the pair to touch 48 levels form here in coming days. For intraday, 47.20 will act as a crucial support level.
Pivot Support 1 Support 2 Resistance 1 Resistance 2
Spot 47.26 47.14 46.91 47.49 47.61
Nov. Future 47.33 47.20 46.99 47.55 47.68
Dollar touched Rs.47.45/ USDafter a 25 paisa gap up opening, indicating that bullishness has returned to the currency pair. The currency pair rose approximately 47 paisa from the previous close indicating high volatility. The prime factors that moved the pair were (1) a rising dollar index and (2) a falling equity markets.
Dollar index touched 76.42 levels as investors moved to safe haven asset classes from riskier assets like stocks and commodities. The anticipation of rise in interest rates in coming quarters is being discounted by the markets. . Dow Jones fell by 119 points to close at 9762 after weaker than expected results of American corporate. Added to this, unexpected decrease in U.S home sales in September damped demand for high yielding assets. Nifty continued to fall for the seventh consecutive session with index falling by 20 points at 4826 levels. Tuesday’s monetary policy continued to show its effect with banking sector leading the fall.
With USDINR breaching the 47.20 level, the intermediate term trend has become bullish. One can expect the pair to touch 48 levels form here in coming days. For intraday, 47.20 will act as a crucial support level.
Pivot Support 1 Support 2 Resistance 1 Resistance 2
Spot 47.26 47.14 46.91 47.49 47.61
Nov. Future 47.33 47.20 46.99 47.55 47.68
Activity In F&O
Activity in F&O
Nifty October future closed negative on Wednesday at 4826.55 levels. Nifty futures saw increase in OI to the tune of 2.13% with fall in price by 0.45%. Market opened negative with a gap of 18 points as taking cues from global market. Market witnessed selling pressure in Capital Goods, Banking, PSU, Auto, Power and Metal sector stocks whereas saw buying interest in Realty, Tech, Oil & Gas, Capital Goods, IT and Health Care sector stocks. Nifty October future premium remained flat as compare to previous day’s premium of 2 points. Nifty future finally closed negative with the loss of 22 points from previous trading day. FIIs were buyers in index futures to the tune of 119.13 Cr and buyers in Index option to the tune of 190.45 Cr. The F&O segment of the market saw decrease in turnover as compared to previous trading session. The market turnover decreased by 11.90 percent in terms of number of contracts traded vis-à-vis previous trading day and in terms of rupees decreased by 12.48 percent.
Indication & Outlook
The PCR OI of NIFTY has changed from 1.09 to 1.06 levels thus indicates selling pressure in the market at current levels. IV of NIFTY has changed from 26.26 to 26.95 thus indicating range bound move in the market. Nifty futures saw increase in OI with fall in price indicating built of short positions in the market at current levels. Conclusion
Overall data indicates that we can see negative to range bound move in the market at current levels. If Nifty future sustains below 4750 levels then selling pressure may get intense in the market and Nifty may correct further till 4700-4680 levels. Buying interest may emerge in the market if Nifty sustains above 4900 levels.
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