Pre-Market Report: 17.08.2009
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B. Karthick
Aug 17, 2009, 12:18:53 AM8/17/09
to Kences1
Sensex set to consolidate on the first trading day of the week
Stocks on Dalal Street are likely to open lower on the first trading
day of the week. Negative global cues and some profit booking might
create some selling pressure early in the morning. Expect the
benchmark index or the Sensex to trade lower by 0.5 percent or nearly
70 to 80 points for the day.
Asian markets opened in red following the fall on Wall Street on
Friday. The Japanese benchmark Nikkei dropped nearly 1 percent in
early trade even after the good news on economic front. South korea's
Kospi opened lower by 0.2 percent in the first hour of trade.
On Wall Street, stocks lost ground Friday after consumer sentiment and
weak earnings halted a two-day rally.The Dow Jones Industrial Average
lost 77 points, or 0.8%, to 9,321 while the S&P 500 fell nine points,
or 0.9%, to 1,004. The Nasdaq recovered from a nearly 2% dip to close
down 24 points, or 1.2%, to 1,986.
Realty and IT stocks witnessed some profit booking on Friday, after
decent gains earlier in the week. Consumer Durables and PSU's fared
better than other sectors. We advice investors to book profits in
Sugar and Agri Commodity stocks, as the run up has been vertical and
is unwarranted in our opinion.
There could be some pull back in Oil & Gas related stocks like ONGC,
Cairn India and BPCl after a good day on Friday. NIIT Technologies,
Brand House Retail, Nocil Ltd spurted on huge volumes and look poised
for another day of gains. Assam Co Ltd, Vakrangee Software and ICSA
are some of the stocks that are worth keeping an eye on for short term
traders.
"USE EVERY RISE TO BOOK PROFITS"
"ALWAYS KEEP STRICT STOPLOSS TO AVOID HUGE LOSS"
Key Levels for Today Trade:
NIFTY INDEX Resistance : 4585 / 4605 / 4636 / 4680 / 4694
NIFTY INDEX Support : 4571 / 4564/ 4513 / 4502 / 4469
Mean : 4578
Key Numbers for NIFTY on upside 4680 / 4636 / 4680
Key numbers for NIFTY on down side 4513 / 4469 / 4457
BANK NIFTY INDEX Resistance: 7501 / 7585 / 7668
BANK NIFTY INDEX Support : 7367 / 7281 / 7186
Mean : 7434
Previous Close Box:
BSE Sensex 15411.63 -106.86
NSE Nifty 4580.05 -24.95
USD Rs.48.27
Oil Nymex $67.47
B.Karthick
Research Analyst
Stocks on Dalal Street are likely to open lower on the first trading
day of the week. Negative global cues and some profit booking might
create some selling pressure early in the morning. Expect the
benchmark index or the Sensex to trade lower by 0.5 percent or nearly
70 to 80 points for the day.
Asian markets opened in red following the fall on Wall Street on
Friday. The Japanese benchmark Nikkei dropped nearly 1 percent in
early trade even after the good news on economic front. South korea's
Kospi opened lower by 0.2 percent in the first hour of trade.
On Wall Street, stocks lost ground Friday after consumer sentiment and
weak earnings halted a two-day rally.The Dow Jones Industrial Average
lost 77 points, or 0.8%, to 9,321 while the S&P 500 fell nine points,
or 0.9%, to 1,004. The Nasdaq recovered from a nearly 2% dip to close
down 24 points, or 1.2%, to 1,986.
Realty and IT stocks witnessed some profit booking on Friday, after
decent gains earlier in the week. Consumer Durables and PSU's fared
better than other sectors. We advice investors to book profits in
Sugar and Agri Commodity stocks, as the run up has been vertical and
is unwarranted in our opinion.
There could be some pull back in Oil & Gas related stocks like ONGC,
Cairn India and BPCl after a good day on Friday. NIIT Technologies,
Brand House Retail, Nocil Ltd spurted on huge volumes and look poised
for another day of gains. Assam Co Ltd, Vakrangee Software and ICSA
are some of the stocks that are worth keeping an eye on for short term
traders.
"USE EVERY RISE TO BOOK PROFITS"
"ALWAYS KEEP STRICT STOPLOSS TO AVOID HUGE LOSS"
Key Levels for Today Trade:
NIFTY INDEX Resistance : 4585 / 4605 / 4636 / 4680 / 4694
NIFTY INDEX Support : 4571 / 4564/ 4513 / 4502 / 4469
Mean : 4578
Key Numbers for NIFTY on upside 4680 / 4636 / 4680
Key numbers for NIFTY on down side 4513 / 4469 / 4457
BANK NIFTY INDEX Resistance: 7501 / 7585 / 7668
BANK NIFTY INDEX Support : 7367 / 7281 / 7186
Mean : 7434
Previous Close Box:
BSE Sensex 15411.63 -106.86
NSE Nifty 4580.05 -24.95
USD Rs.48.27
Oil Nymex $67.47
B.Karthick
Research Analyst
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