Pre-Market Report: 19.08.2009
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B. Karthick
Aug 19, 2009, 12:14:42 AM8/19/09
to Kences1
Bulls likely to score for the second day in a row but in cautious way
Stocks on Dalal Street are likely to open flat after a decent rally on
Tuesday. The market has closed above the key 15,000 level and is
looking technically string for Wednesday's trade. Expect the Sensex
to gain more than 100 points or nearly one percent for the day.
On Wall Street, some better-than-expected retail earnings reports and
the latest reading on housing drew investors back into the stock
market Tuesday after the previous day's big selloff.The Dow rose
82.60, or 0.9 percent, to 9,217.94. The Standard & Poor's 500 index
gained 9.94, or 1 percent, to 989.67, while the Nasdaq composite index
rose 25.08, or 1.3 percent, to 1,955.92.
As expected IT has under performed the rest of the sectors yesterday
and closed flat for the day. We expect IT stocks to outperform the
rest of the sectors in today's trade. Consumer Goods, Realty and Metal
stocks were the major gainers with more than 3 percent gain.The
rebound was led by metal stocks like Hindalco and engineering majors
like Siemens and Larsen and Toubro which gained more than 5 percent
for the day.
There has been lot of noise in the midcap space with new gainers
coming on to the radar every day. There were a new set of gainers like
Numeric Power and Alkali Metals. Sasken Communications and First
Source Solutions are looking explosive as there has been humongous
volume in the stocks. Rolta was another stock that has gained on
interesting volume action.
We see the market trading in a band for the next few days. We expect
an upmove today, but do not think this is a sustainable rally. So we
advise long term investors to sit on the sidelines, while traders can
try their hand in speculative midcaps. Investors could look at Mphasis
Ltd, Maxwell Ind, Simplex Projects are some of the stocks to watch in
today's trade.
"USE EVERY RISE TO BOOK PROFITS"
"ALWAYS KEEP STRICT STOPLOSS TO AVOID HUGE LOSS"
Key Levels for Today Trade:
NIFTY INDEX Resistance : 4471 / 4502 / 4523 / 4564 / 4585
NIFTY INDEX Support : 4457 / 4424 / 4387 / 4374 / 4348 / 4313
Mean : 4464
BANK NIFTY INDEX Resistance: 7291 / 7383 / 7469 / 7563
BANK NIFTY INDEX Support : 7102 / 6991 / 6881 / 6773
Mean : 7196.5
Previous Close Box:
BSE Sensex 15035.26 250.34
NSE Nifty 4458.90 71.00
USD Rs.48.82
Oil Nymex $69.33
Stocks on Dalal Street are likely to open flat after a decent rally on
Tuesday. The market has closed above the key 15,000 level and is
looking technically string for Wednesday's trade. Expect the Sensex
to gain more than 100 points or nearly one percent for the day.
On Wall Street, some better-than-expected retail earnings reports and
the latest reading on housing drew investors back into the stock
market Tuesday after the previous day's big selloff.The Dow rose
82.60, or 0.9 percent, to 9,217.94. The Standard & Poor's 500 index
gained 9.94, or 1 percent, to 989.67, while the Nasdaq composite index
rose 25.08, or 1.3 percent, to 1,955.92.
As expected IT has under performed the rest of the sectors yesterday
and closed flat for the day. We expect IT stocks to outperform the
rest of the sectors in today's trade. Consumer Goods, Realty and Metal
stocks were the major gainers with more than 3 percent gain.The
rebound was led by metal stocks like Hindalco and engineering majors
like Siemens and Larsen and Toubro which gained more than 5 percent
for the day.
There has been lot of noise in the midcap space with new gainers
coming on to the radar every day. There were a new set of gainers like
Numeric Power and Alkali Metals. Sasken Communications and First
Source Solutions are looking explosive as there has been humongous
volume in the stocks. Rolta was another stock that has gained on
interesting volume action.
We see the market trading in a band for the next few days. We expect
an upmove today, but do not think this is a sustainable rally. So we
advise long term investors to sit on the sidelines, while traders can
try their hand in speculative midcaps. Investors could look at Mphasis
Ltd, Maxwell Ind, Simplex Projects are some of the stocks to watch in
today's trade.
"USE EVERY RISE TO BOOK PROFITS"
"ALWAYS KEEP STRICT STOPLOSS TO AVOID HUGE LOSS"
Key Levels for Today Trade:
NIFTY INDEX Resistance : 4471 / 4502 / 4523 / 4564 / 4585
NIFTY INDEX Support : 4457 / 4424 / 4387 / 4374 / 4348 / 4313
Mean : 4464
BANK NIFTY INDEX Resistance: 7291 / 7383 / 7469 / 7563
BANK NIFTY INDEX Support : 7102 / 6991 / 6881 / 6773
Mean : 7196.5
Previous Close Box:
BSE Sensex 15035.26 250.34
NSE Nifty 4458.90 71.00
USD Rs.48.82
Oil Nymex $69.33
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