Pre-Market Report: 08.09.2009
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B. Karthick
Sep 8, 2009, 12:23:49 AM9/8/09
to Kences1
Markets to open higher, Profit Booking likely at higher levels
Stocks on Dalal Street are likely to move sideways after a fierce
rally in equities on Monday. Expect the benchmark index or the Sensex
to trade in a narrow band. The markets might open higher, but we
expect some profit booking coming in at higher levels.
European shares gained sharply on Monday, after Kraft Foods made an
unsolicited bid for Cadbury and ignited hopes that a revival of merger-
and-acquisitions activity will form another stepping stone on the way
to a recovery. Wall Street was closed for trade for Labor day, where
as the regional indices like Shanghai, Nikkei and Kospi gained 0.6
percent and 1.5 percent respectively.
Realty stocks were on fire as investors confidence on recovery in the
economy has increased significantly. The sectoral index gained more
than 5 percent for the day. Mittal's foray in to India, spurred a
rally in metal stocks boosting the metals index by nearly 4 percent.
The scrip of Mukand Ltd was locked in circuit as there was heavy
demand for stocks in galvanized iron sector. Mic Electronics moved up
on heavy volumes ahead of the meeting to consider preferential
allotment to the promoters. Media stocks are showing some signs of
life, as TV Today and Raj Television registered gains in yesterday's
trade.
The markets will open higher by 0.5 percent but might come under
selling pressure later in the day. Day traders could keep an eye on
Shrenu & Co, Indowind Energy, REI Agro and BASF India.
"USE EVERY RISE TO BOOK PROFITS"
"ALWAYS KEEP STRICT STOPLOSS TO AVOID HUGE LOSS"
Key Levels for Today Trade:
NIFTY INDEX Resistance : 4800 / 4835 / 4859 / 4887 / 4919
NIFTY INDEX Support : 4754 / 4732 / 4680 / 4662
Mean : 4777
Key Numbers for NIFTY on upside 4800 / 4859 / 4887
Key numbers for NIFTY on down side 4754 / 4732
BANK NIFTY INDEX Resistance: 7694 / 7739 / 7828 / 8006
BANK NIFTY INDEX Support : 7581 / 7512 / 7443 / 7409
Mean : 7637.5
Previous Close Box:
BSE Sensex 16016.32 327.20
NSE Nifty 4782.90 102.50
USD Rs.48.95
Oil Nymex $67.95
Stocks on Dalal Street are likely to move sideways after a fierce
rally in equities on Monday. Expect the benchmark index or the Sensex
to trade in a narrow band. The markets might open higher, but we
expect some profit booking coming in at higher levels.
European shares gained sharply on Monday, after Kraft Foods made an
unsolicited bid for Cadbury and ignited hopes that a revival of merger-
and-acquisitions activity will form another stepping stone on the way
to a recovery. Wall Street was closed for trade for Labor day, where
as the regional indices like Shanghai, Nikkei and Kospi gained 0.6
percent and 1.5 percent respectively.
Realty stocks were on fire as investors confidence on recovery in the
economy has increased significantly. The sectoral index gained more
than 5 percent for the day. Mittal's foray in to India, spurred a
rally in metal stocks boosting the metals index by nearly 4 percent.
The scrip of Mukand Ltd was locked in circuit as there was heavy
demand for stocks in galvanized iron sector. Mic Electronics moved up
on heavy volumes ahead of the meeting to consider preferential
allotment to the promoters. Media stocks are showing some signs of
life, as TV Today and Raj Television registered gains in yesterday's
trade.
The markets will open higher by 0.5 percent but might come under
selling pressure later in the day. Day traders could keep an eye on
Shrenu & Co, Indowind Energy, REI Agro and BASF India.
"USE EVERY RISE TO BOOK PROFITS"
"ALWAYS KEEP STRICT STOPLOSS TO AVOID HUGE LOSS"
Key Levels for Today Trade:
NIFTY INDEX Resistance : 4800 / 4835 / 4859 / 4887 / 4919
NIFTY INDEX Support : 4754 / 4732 / 4680 / 4662
Mean : 4777
Key Numbers for NIFTY on upside 4800 / 4859 / 4887
Key numbers for NIFTY on down side 4754 / 4732
BANK NIFTY INDEX Resistance: 7694 / 7739 / 7828 / 8006
BANK NIFTY INDEX Support : 7581 / 7512 / 7443 / 7409
Mean : 7637.5
Previous Close Box:
BSE Sensex 16016.32 327.20
NSE Nifty 4782.90 102.50
USD Rs.48.95
Oil Nymex $67.95
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