Daily Market Tips

SBIN

Execution Price Range                         Stop Loss                  Target
Sell Between Rs 2275 to 2285              2300                           2240

ORCHID CHEM

Execution Price Range                        Stop Loss                       Target
Buy Between Rs 168 to 172               166                                   178

UNITECH

Execution Price Range                        Stop Loss                       Target
Sell Between Rs 80 to 84                      86                                  74

USD/INR DAILY

Dollar rose against the Rupee yesterday as selling pressuer was witnessed in equity markets the world over. Dollar near month futures opened the day at 46.35 and closed at 46.67 after Nifty fell by 65 points or 1.30% to close at 4989 points. Dollar index rose against other currencies as the benchmark touched 75.42 levels. The major reason for rise in Dollar index was fall witnessed in Euro and Pound on concerns that Britain’s bank will disclose more credit losses. Britain’s budget deficit in October was worst for the month since records began in 1993 as the recession destroyed tax revenue and welfare cost surged. However unemployment continued to remain a concern for the American economy as Jobless claims rose to 505K from expectation of 504K. In domestic news bond yields declined to 7.25% from 7.27% previously as liquidity concerns eased in the economy. Reduced government debt sales also added to the sentiments resulting in fall in yields. For today 46.85 will be a critical resistance for the pair. In downside we advise shorts to be created only below 46.45 levels.


                     Pivot                Support 1            Support 2               Resistance 1           Resistance 2
Spot             46.5860           46.4777              46.2616                   46.8021               46.9104
Nov. Future 46.5758           46.4467              46.2233                  46.7992                46.9283

Yesterday Market Summary

Last trading day: Thursday, 19 November

 Global weakness and profit booking put pressure on our market that closed weak. Sensex shut shop at 16785, down 213 points and Nifty at 4989, down 65 points from the previous close. CNX Midcap index was down 1.48% and BSE Smallcap index was down 1.08%. The market breadth was negative with advances at 353 against declines of 899 on the NSE. 

Nifty is unlikely to break below 4500 and may take a pause for another week before it heads up. Nifty is likely to head to 5300-5400 levels where one can book profits and then re-enter the market on dips. Indian market is a good long-term story.