Pre-Market Report: 24.08.2009
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B. Karthick
Aug 24, 2009, 12:25:45 AM8/24/09
to Kences1
Positive opening on cards, Caution advised in the near future
Stocks on Dalal Street are expected to open higher on the back of
positive global and cues and positive sentiment among the investors.
The benchmark index or the Sensex is likely to gain 100 to 150 points
or nearly a percent for the day.
U.S. stocks gained on Friday after a report showed a jump in home
sales and crude oil touched its highest price this year. The Dow Jones
Industrial Average was recently higher by 148 points at 9498. The S&P
500 gained 1.8% to rise to 1025 and the Nasdaq Composite Index was up
1.5%, climbing back above the 2000 level.
Realty and Auto stocks were strong in Friday and we see Oil & Gas
along with metals to dominate the market today. Watch out for stocks
like ONGC, Cairn energy and Reliance Petroleum, as crude prices hit a
two month high on NYMEX. Metals stocks are likely to benefit from a
weak dollar and increasing global demand. Hindalco, Tata Steel and
SAIL will be active in today's trade.
It was party time for Tea stocks as rumors were wide spread in the
market that the output from Kenya might not be enough to fulfill the
demand this year. Jayshree Tea, Harrison malyalam, Dhunseri Tea and
Mcleod Russel were active on Friday's trade with gains of 10 to 20
percent. Fertilizer stocks like HOCL and RCF were had a good day with
double digit gains. We advise investors to Partial book profits in Tea
stocks on another up move, may be 10 percent from here. There is some
more room for fertilizer stocks in the short term.
We are likely to see a higher open in the first hour of trade and some
decent gains are not ruled out in the Sensex. We advise caution
investors as we believe that correction might be around corner and the
current valuations have factored in the fact that we at the end of the
recession. Gujarat Apollo Ind, Granules India, Geometric Ltd and Jain
Irrigation are some of the stocks to watch out for Monday's trade.
"USE EVERY RISE TO BOOK PROFITS"
"ALWAYS KEEP STRICT STOPLOSS TO AVOID HUGE LOSS"
Key Levels for Today Trade:
NIFTY INDEX Resistance : 4564 / 4586 / 4605 / 4636 / 4694
NIFTY INDEX Support :4502 / 4481 / 4453 / 4437 / 4387
Mean : 4533
Key Numbers for NIFTY on upside 4586 / 4605 / 4636
Key numbers for NIFTY on down side 4481 / 4453 / 4437
BANK NIFTY INDEX Resistance: 7470 / 7564 / 7658 / 7754
BANK NIFTY INDEX Support : 7281 / 7186 / 7092
Mean : 7375.5
Previous Close Box:
BSE Sensex 15240.83 228.51
NSE Nifty 4528.80 75.35
USD Rs.48.74
Oil Nymex $72.54
Stocks on Dalal Street are expected to open higher on the back of
positive global and cues and positive sentiment among the investors.
The benchmark index or the Sensex is likely to gain 100 to 150 points
or nearly a percent for the day.
U.S. stocks gained on Friday after a report showed a jump in home
sales and crude oil touched its highest price this year. The Dow Jones
Industrial Average was recently higher by 148 points at 9498. The S&P
500 gained 1.8% to rise to 1025 and the Nasdaq Composite Index was up
1.5%, climbing back above the 2000 level.
Realty and Auto stocks were strong in Friday and we see Oil & Gas
along with metals to dominate the market today. Watch out for stocks
like ONGC, Cairn energy and Reliance Petroleum, as crude prices hit a
two month high on NYMEX. Metals stocks are likely to benefit from a
weak dollar and increasing global demand. Hindalco, Tata Steel and
SAIL will be active in today's trade.
It was party time for Tea stocks as rumors were wide spread in the
market that the output from Kenya might not be enough to fulfill the
demand this year. Jayshree Tea, Harrison malyalam, Dhunseri Tea and
Mcleod Russel were active on Friday's trade with gains of 10 to 20
percent. Fertilizer stocks like HOCL and RCF were had a good day with
double digit gains. We advise investors to Partial book profits in Tea
stocks on another up move, may be 10 percent from here. There is some
more room for fertilizer stocks in the short term.
We are likely to see a higher open in the first hour of trade and some
decent gains are not ruled out in the Sensex. We advise caution
investors as we believe that correction might be around corner and the
current valuations have factored in the fact that we at the end of the
recession. Gujarat Apollo Ind, Granules India, Geometric Ltd and Jain
Irrigation are some of the stocks to watch out for Monday's trade.
"USE EVERY RISE TO BOOK PROFITS"
"ALWAYS KEEP STRICT STOPLOSS TO AVOID HUGE LOSS"
Key Levels for Today Trade:
NIFTY INDEX Resistance : 4564 / 4586 / 4605 / 4636 / 4694
NIFTY INDEX Support :4502 / 4481 / 4453 / 4437 / 4387
Mean : 4533
Key Numbers for NIFTY on upside 4586 / 4605 / 4636
Key numbers for NIFTY on down side 4481 / 4453 / 4437
BANK NIFTY INDEX Resistance: 7470 / 7564 / 7658 / 7754
BANK NIFTY INDEX Support : 7281 / 7186 / 7092
Mean : 7375.5
Previous Close Box:
BSE Sensex 15240.83 228.51
NSE Nifty 4528.80 75.35
USD Rs.48.74
Oil Nymex $72.54
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