Pre-Market Report: 11.09.2009
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B. Karthick
Sep 11, 2009, 12:20:35 AM9/11/09
to Kences1
Sensex on its way for a new yearly high
Stocks on Dalal Street are on their way to make a new year high as
bulls are likely to be on fire following a big rally on Wall Street.
Expect the benchmark index or the Sensex to gain more than 200 pints
or 1.5 percent for the day.
On Wall Street,investors poured money into stocks for a fifth day
after a drop in weekly unemployment claims and a spike in oil raised
hopes for the economy.The Dow rose 80.26, or 0.8 percent, to 9,627.48
to its highest close since Oct. 6, when it ended at 9,956. The index
is up 3.7 percent in five days.
Stocks in Metals and Banking space were among the major gainers in
yesterday's trade. As expected there was some profit booking in
Hindalco after a great run for the past couple of days.Blue Chip
stocks were back in the drivers seat with ICICI Bank, Infosys and
Sterlite Ind stealing the show by gaining 3 percent each.
Midcaps remained subdued, although there was some sparks here and
there. Raj Television entered a speculative bull mode as the stock
gained another 20 percent and is looking ripe for some correction.
House of Pearl fashions and dhanalakshmi Bank are two other stocks
that are looking explosive, even after double digit gains today.
The Sensex is likely to test the 16,400 level, and is most likely to
close above this mark. Investors are advised to concentrate on Oil and
Gas stocks like LNG Petro, Indra Prastha Gas and reliance Petroleum.
Last but not the least do not leave out drilling stocks like Shiv Vani
Oil,Hindustan Oil and Alpha Geo from your radar.
Biocon is another stock that might be a dark horse after signing a
deal with US based Amylin Pharma to develop a hybrid molecule to treat
Diabetes. Sun Pharma Advanced and Piramal Life are two other stocks to
watch in this space. Indowind Energy, Solar Ind and Satyam Computers
are some other stocks to watch out for day traders.
"USE EVERY RISE TO BOOK PROFITS"
"ALWAYS KEEP STRICT STOPLOSS TO AVOID HUGE LOSS"
Key Levels for Today Trade:
NIFTY INDEX Resistance :4835 / 4860 / 4887 / 4921
NIFTY INDEX Support :4805 / 4782 / 4732 / 4688
Mean : 7866
Key Numbers for NIFTY on upside ----
Key numbers for NIFTY on down side ----
BANK NIFTY INDEX Resistance:7961 / 8095 / 8161 / 8228
BANK NIFTY INDEX Support :7771 / 7714 / 7601
Mean :7866
Previous Close Box:
BSE Sensex 16216.86 33.31
NSE Nifty 4819.40 5.15
USD Rs.48.56
Oil Nymex $71.33
Stocks on Dalal Street are on their way to make a new year high as
bulls are likely to be on fire following a big rally on Wall Street.
Expect the benchmark index or the Sensex to gain more than 200 pints
or 1.5 percent for the day.
On Wall Street,investors poured money into stocks for a fifth day
after a drop in weekly unemployment claims and a spike in oil raised
hopes for the economy.The Dow rose 80.26, or 0.8 percent, to 9,627.48
to its highest close since Oct. 6, when it ended at 9,956. The index
is up 3.7 percent in five days.
Stocks in Metals and Banking space were among the major gainers in
yesterday's trade. As expected there was some profit booking in
Hindalco after a great run for the past couple of days.Blue Chip
stocks were back in the drivers seat with ICICI Bank, Infosys and
Sterlite Ind stealing the show by gaining 3 percent each.
Midcaps remained subdued, although there was some sparks here and
there. Raj Television entered a speculative bull mode as the stock
gained another 20 percent and is looking ripe for some correction.
House of Pearl fashions and dhanalakshmi Bank are two other stocks
that are looking explosive, even after double digit gains today.
The Sensex is likely to test the 16,400 level, and is most likely to
close above this mark. Investors are advised to concentrate on Oil and
Gas stocks like LNG Petro, Indra Prastha Gas and reliance Petroleum.
Last but not the least do not leave out drilling stocks like Shiv Vani
Oil,Hindustan Oil and Alpha Geo from your radar.
Biocon is another stock that might be a dark horse after signing a
deal with US based Amylin Pharma to develop a hybrid molecule to treat
Diabetes. Sun Pharma Advanced and Piramal Life are two other stocks to
watch in this space. Indowind Energy, Solar Ind and Satyam Computers
are some other stocks to watch out for day traders.
"USE EVERY RISE TO BOOK PROFITS"
"ALWAYS KEEP STRICT STOPLOSS TO AVOID HUGE LOSS"
Key Levels for Today Trade:
NIFTY INDEX Resistance :4835 / 4860 / 4887 / 4921
NIFTY INDEX Support :4805 / 4782 / 4732 / 4688
Mean : 7866
Key Numbers for NIFTY on upside ----
Key numbers for NIFTY on down side ----
BANK NIFTY INDEX Resistance:7961 / 8095 / 8161 / 8228
BANK NIFTY INDEX Support :7771 / 7714 / 7601
Mean :7866
Previous Close Box:
BSE Sensex 16216.86 33.31
NSE Nifty 4819.40 5.15
USD Rs.48.56
Oil Nymex $71.33
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