Pre-Market Report: 29.07.2009
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B. Karthick
Jul 29, 2009, 12:18:30 AM7/29/09
to Kences1
Choppiness to continue, Midcaps in focus
Trade on Dalal Street is likely to be choppy, as it has been for the
past 3 sessions. The market is now looking for a direction, after the
key quarterly numbers are out. We expect the market to remain
lacklustre for the next few sessions. The benchmark index or the
Sensex is likely to trade within a band of 100 points for the day and
15,500.00 remains a strong resistance for the market.
On Wall Street, stocks ended little changed Tuesday as a key barometer
of consumer confidence and a handful of disappointing earnings reports
reminded investors that an economic recovery this year is far from
assured.The Dow finished down 11.79, or 0.1 percent, to 9,096.72 after
being down as much as 101 points. The broader Standard & Poor's 500
index fell 2.56, or 0.3 percent, to 979.62. The Nasdaq composite index
rose 7.62, or 0.4 percent, to 1,975.51.
Comments from RBI governor might come as good news for the market, as
the Reserve Bank of India today said prospects of an economic recovery
in the middle of the financial year had improved and the growth
projections for gross domestic product have been revised to “6 per
cent, with an upward bias”.
As we have expected realty was major gainer in the sluggish market on
Tuesday, gaining more than 4 percent of for the day.Metals and Auto
were also in demand. Tata Motors perked up by more than 10 percent on
upbeat news about a deal with the UK government and improving
prospects of four wheeler stocks. Unitech and DLF were major
beneficiaries of a housing loan subsidy by the government.
NHPC has fixed a price band of Rs 30- Rs 36 for its upcoming IPO and
it will interesting to watch JP Hydro which is in the same
space.Realty might extend gains in to today and provide an opportunity
take some profits.Tech sectors looks good for day traders today, after
a pull back for couple of days.
Midcaps remained strong in a flat market on Tuesday amd the Midcap
Index gained more than one percent for the day. We strongly believe
that Midcaps will continue to be string and outperform the index in
the coming days and it is a great idea to stick to midcap stocks if
you are a bull. Tata Steel, Tata Elexi, Alok Ind, Rajesh Exports and
Baja Hindustan are some of the stocks to watch out in today's market.
"USE EVERY RISE TO BOOK PROFITS"
"ALWAYS KEEP STRICT STOPLOSS TO AVOID HUGE LOSS"
Key Levels for Today Trade:
NIFTY INDEX Resistance : 4572 / 4583 / 4637 / 4655
NIFTY INDEX Support : 4551 / 4523 / 4502 / 4469
Mean : 4561.5
Key Numbers for NIFTY on upside ------
Key numbers for NIFTY on down side -------
Key resistance for NIFTY for this settlement ------
BANK NIFTY INDEX Resistance: 7382 / 7437 / 7563
BANK NIFTY INDEX Support : 7233 / 7155 / 6992
Mean : 7307.5
Previous Close Box:
BSE Sensex 15331.94 -43.10
NSE Nifty 4564.10 -8.20
USD Rs.48.21
Oil Nymex $66.72
Trade on Dalal Street is likely to be choppy, as it has been for the
past 3 sessions. The market is now looking for a direction, after the
key quarterly numbers are out. We expect the market to remain
lacklustre for the next few sessions. The benchmark index or the
Sensex is likely to trade within a band of 100 points for the day and
15,500.00 remains a strong resistance for the market.
On Wall Street, stocks ended little changed Tuesday as a key barometer
of consumer confidence and a handful of disappointing earnings reports
reminded investors that an economic recovery this year is far from
assured.The Dow finished down 11.79, or 0.1 percent, to 9,096.72 after
being down as much as 101 points. The broader Standard & Poor's 500
index fell 2.56, or 0.3 percent, to 979.62. The Nasdaq composite index
rose 7.62, or 0.4 percent, to 1,975.51.
Comments from RBI governor might come as good news for the market, as
the Reserve Bank of India today said prospects of an economic recovery
in the middle of the financial year had improved and the growth
projections for gross domestic product have been revised to “6 per
cent, with an upward bias”.
As we have expected realty was major gainer in the sluggish market on
Tuesday, gaining more than 4 percent of for the day.Metals and Auto
were also in demand. Tata Motors perked up by more than 10 percent on
upbeat news about a deal with the UK government and improving
prospects of four wheeler stocks. Unitech and DLF were major
beneficiaries of a housing loan subsidy by the government.
NHPC has fixed a price band of Rs 30- Rs 36 for its upcoming IPO and
it will interesting to watch JP Hydro which is in the same
space.Realty might extend gains in to today and provide an opportunity
take some profits.Tech sectors looks good for day traders today, after
a pull back for couple of days.
Midcaps remained strong in a flat market on Tuesday amd the Midcap
Index gained more than one percent for the day. We strongly believe
that Midcaps will continue to be string and outperform the index in
the coming days and it is a great idea to stick to midcap stocks if
you are a bull. Tata Steel, Tata Elexi, Alok Ind, Rajesh Exports and
Baja Hindustan are some of the stocks to watch out in today's market.
"USE EVERY RISE TO BOOK PROFITS"
"ALWAYS KEEP STRICT STOPLOSS TO AVOID HUGE LOSS"
Key Levels for Today Trade:
NIFTY INDEX Resistance : 4572 / 4583 / 4637 / 4655
NIFTY INDEX Support : 4551 / 4523 / 4502 / 4469
Mean : 4561.5
Key Numbers for NIFTY on upside ------
Key numbers for NIFTY on down side -------
Key resistance for NIFTY for this settlement ------
BANK NIFTY INDEX Resistance: 7382 / 7437 / 7563
BANK NIFTY INDEX Support : 7233 / 7155 / 6992
Mean : 7307.5
Previous Close Box:
BSE Sensex 15331.94 -43.10
NSE Nifty 4564.10 -8.20
USD Rs.48.21
Oil Nymex $66.72
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