Market Calls
TATMOTORS
Execution Price Range Stop Loss Target
Buy Between Rs 570 to 580 566 595
KOTAKBANK
Execution Price Range Stop Loss Target
Buy Between Rs 715 to 725 709 743
MARUTI
Execution Price Range Stop Loss Target
Buy Between Rs 1480 to 1495 1470 1525
Friday, November 6, 2009
USD/INR DAILY
DOLLAR
Dollar continued to be volatile taking Cues from equity markets as no specific trend seems to be in place in either of them. Dollar futures opened the day at 47.16, around 10 paisa positive from previous close and made a high 47.30 after which the trend reversed as the pair closed the day in red at 47.06. Nifty which fell by 90 points from open recovered and closed the day 54 points positive at 4765 points, a rise of 140 points from the low. In international currency markets, dollar index stayed sideways quoting at 75.73 in early morning session. In yesterdays central banks meeting of BoE (Bank of England) and ECB (European Central Bank) the interest rates were kept unchanged at 0.50% and 1.00% respectively. However Bank of England announced to boost its bond purchase program by 200 billion pound against general expectation of 225 billion pounds. ECB President Trichet also stated that some of the emergency liquidity measures introduced to fight recession will be withdrawn. In domestic news, bond yields stayed flat at 7.26% as lackluster movement was witnessed in bonds markets. For today we expect USDINR to open gap down with 46.85 acting as a crucial support level. One can look for selling on bounce till afternoon in the pair.
Dollar continued to be volatile taking Cues from equity markets as no specific trend seems to be in place in either of them. Dollar futures opened the day at 47.16, around 10 paisa positive from previous close and made a high 47.30 after which the trend reversed as the pair closed the day in red at 47.06. Nifty which fell by 90 points from open recovered and closed the day 54 points positive at 4765 points, a rise of 140 points from the low. In international currency markets, dollar index stayed sideways quoting at 75.73 in early morning session. In yesterdays central banks meeting of BoE (Bank of England) and ECB (European Central Bank) the interest rates were kept unchanged at 0.50% and 1.00% respectively. However Bank of England announced to boost its bond purchase program by 200 billion pound against general expectation of 225 billion pounds. ECB President Trichet also stated that some of the emergency liquidity measures introduced to fight recession will be withdrawn. In domestic news, bond yields stayed flat at 7.26% as lackluster movement was witnessed in bonds markets. For today we expect USDINR to open gap down with 46.85 acting as a crucial support level. One can look for selling on bounce till afternoon in the pair.
Yesterday Market Summary
Last trading day: Thursday, 5 November
The market saw an extremely volatile session today and closed at the high point of the day. After a disastrous start, post the home minister's disinvestment comments and government's rejig on the direct tax code saw the market recover. The short covering rally today was led by realty, metal and IT stocks. Sensex shut shop at 16063, up 151 points and Nifty at 4765, up 54 points from the previous close. CNX Midcap index was up 2.10% and BSE Smallcap index was up 1.91%. The market breadth was positive with advances at 948 against declines of 310 on the NSE. Top Nifty gainers includedSuzlon, Reliance Capital and GAIL while losers wereAmbuja Cement, ACC and ITC.
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