Pre-Market Report: 14.08.2009
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B. Karthick
Aug 14, 2009, 4:26:25 AM8/14/09
to Kences1
Bullish momentum to continue
Stocks in Mumbai are likely to continue their upward momentum after,
Dalal
Street witnessed a bull run on Thursday. The rally was fierce on the
back
of some short covering. We expect the benchmark index to gain nearly
150
points or 1 percent for the day.
A rally in commodity stocks boosted Asian stocks early Friday, as
metal
prices climbed and crude-oil futures rose above $71 a barrel. Japan's
Nikkei 225 average gained 0.8% to 10,597.54 Australia's S&P/ASX 200
jumped 1.6%, New Zealand's NZX 50 advanced 0.8%, and South Korea's
Kospi
added 1.3.
On Wall Street, Investors sent stocks higher for a second day in a row
Thursday, giving a boost the benchmarks.The Dow Jones industrial
average
rose 36.58, or 0.4 percent, to 9,398.19 after rising 120 Wednesday in
response to the Fed's statement.The Standard & Poor's 500 index rose
6.92,
or 0.7 percent, to 1,012.73, while the Nasdaq composite index rose
10.63,
or 0.5 percent, to 2,009.35.
Realty was a major gainer in yesterday's market along with Metals and
Auto
stocks. IT and Healthcare remained subdued as they had a decent run in
the
past month. We expect Media and Banking stocks to outperform their
peers
in today's trade.
Food related stocks like Aries Agro and LT Overseas were on fire and
there
should be some more room in the stocks in this space. We advice
investors
to use this opportunity to book profits in these stocks. Uttam Galva
which
made a new 52 week high yesterday is looking strong and we expect this
stock to score a century in the coming session.
Media stocks might catch fire after news reports suggest that the
government has revived the proposal on rationalisation of foreign
investment in the broadcasting and telecom sectors. Keep an eye on
Dish
TV, Adlabs, Bag Films and ENIL which might benefit from this move. The
stock of First Source IPO is looking explosive for day trading as the
stock has given a positive breakout on huge volumes.
"USE EVERY RISE TO BOOK PROFITS"
"ALWAYS KEEP STRICT STOPLOSS TO AVOID HUGE LOSS"
Key Levels for Today Trade:
NIFTY INDEX Resistance : 4636 / 4655 / 4680 / 4694 / 4716
NIFTY INDEX Support : 4585 / 4571 / 4564 / 4513 / 4481
Mean : 4610
Key Numbers for NIFTY on upside 4636 / 4680
Key numbers for NIFTY on down side 4585 / 4564 / 4513
BANK NIFTY INDEX Resistance: 7577 / 7682 / 7752 / 7828
BANK NIFTY INDEX Support : 7375 / 7280 / 7186
Mean : 7476
Previous Close Box:
BSE Sensex 15518.49 498.33
NSE Nifty 4605.00 147.50
USD Rs.48.14
Oil Nymex $71.09
Stocks in Mumbai are likely to continue their upward momentum after,
Dalal
Street witnessed a bull run on Thursday. The rally was fierce on the
back
of some short covering. We expect the benchmark index to gain nearly
150
points or 1 percent for the day.
A rally in commodity stocks boosted Asian stocks early Friday, as
metal
prices climbed and crude-oil futures rose above $71 a barrel. Japan's
Nikkei 225 average gained 0.8% to 10,597.54 Australia's S&P/ASX 200
jumped 1.6%, New Zealand's NZX 50 advanced 0.8%, and South Korea's
Kospi
added 1.3.
On Wall Street, Investors sent stocks higher for a second day in a row
Thursday, giving a boost the benchmarks.The Dow Jones industrial
average
rose 36.58, or 0.4 percent, to 9,398.19 after rising 120 Wednesday in
response to the Fed's statement.The Standard & Poor's 500 index rose
6.92,
or 0.7 percent, to 1,012.73, while the Nasdaq composite index rose
10.63,
or 0.5 percent, to 2,009.35.
Realty was a major gainer in yesterday's market along with Metals and
Auto
stocks. IT and Healthcare remained subdued as they had a decent run in
the
past month. We expect Media and Banking stocks to outperform their
peers
in today's trade.
Food related stocks like Aries Agro and LT Overseas were on fire and
there
should be some more room in the stocks in this space. We advice
investors
to use this opportunity to book profits in these stocks. Uttam Galva
which
made a new 52 week high yesterday is looking strong and we expect this
stock to score a century in the coming session.
Media stocks might catch fire after news reports suggest that the
government has revived the proposal on rationalisation of foreign
investment in the broadcasting and telecom sectors. Keep an eye on
Dish
TV, Adlabs, Bag Films and ENIL which might benefit from this move. The
stock of First Source IPO is looking explosive for day trading as the
stock has given a positive breakout on huge volumes.
"USE EVERY RISE TO BOOK PROFITS"
"ALWAYS KEEP STRICT STOPLOSS TO AVOID HUGE LOSS"
Key Levels for Today Trade:
NIFTY INDEX Resistance : 4636 / 4655 / 4680 / 4694 / 4716
NIFTY INDEX Support : 4585 / 4571 / 4564 / 4513 / 4481
Mean : 4610
Key Numbers for NIFTY on upside 4636 / 4680
Key numbers for NIFTY on down side 4585 / 4564 / 4513
BANK NIFTY INDEX Resistance: 7577 / 7682 / 7752 / 7828
BANK NIFTY INDEX Support : 7375 / 7280 / 7186
Mean : 7476
Previous Close Box:
BSE Sensex 15518.49 498.33
NSE Nifty 4605.00 147.50
USD Rs.48.14
Oil Nymex $71.09
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