Daily Market Tips

MARUTI

Execution Price Range                                   Stop Loss                             Target
Buy Between Rs 1592 to 1608                     1582                                     1638

HIND PETRO (HPCL)

Execution Price Range                                    Stop Loss                           Target
Buy Between Rs 345 to 350                           342                                        359

HDIL (HOUSING DEV & INFRA)

Execution Price Range                                  Stop Loss                               Target
Sell Between Rs 340 to 345                         348                                               331

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USD/INR DAILY

Dollar fell on Tuesday as the critical level of 46.45 was breached by the currency pair indicating bearishness. USDINR near month futures opened the day at 46.65 and closed near lows at 46.40. Along with the dollar, the stocks market also showed correction with Nifty correcting by 13 points to close at 5090 levels. Ample liquidity in the system saw recovery in Nifty which was down by 50 points during intraday in yesterday’s trading session. The GDP data of America was unchanged as world’s largest economy rose by 2.8% as expected by the markets. However fall in Personal Consumption could hamper growth in coming months and is being viewed as a concern. Personal consumption fell by 2.9% from 3.4% previously. However sentiments remained positive with consumer confidence rising to 49.5 from 47.7 previously. The net effect of these data was fall in dollar index. Dollar index fell below 75 levels to 74.96 levels indicating continuation of money flow in asset classes across the globe. For today we expect a gap down opening of USDINR with 46.20 acting as a key support. In medium term we expect pair to touch 45.00 in coming months.

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Yesterday Market Summary

Last trading day: Tuesday, 24 November

Weak global cues saw a choppy and slightly weak session for our market that closed in the negative. Sensex shut shop at 17131, down 49 points and Nifty at 5090, down 13 points from the previous close. CNX Midcap index was up 0.52% and BSE Smallcap index was up 0.36%. The market breadth was negative with advances at 600 against declines of 663 on the NSE. Top Nifty gainers included Bharti, Maruti and BPCL while losers were Jindal Steel, Tata Steel and IDFC.

The market is moving in a narrow Nifty range of 4500-5000 and consolidating, says Ashwani Gujral, technical analyst, on CNBC TV18. The market is spending time and making a base for itself to then run up higher, he adds. Once Nifty crosses levels of 4500-5110, it is likely to give large moves in either direction, he feels. Buy auto, technology, banking, pharma and FMCG stocks on dips and avoid infra, realty and capital goods stocks, he says. Buy Maruti with a target of Rs 1740, he adds.