Pre-Market Report: 28.08.2009
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B. Karthick
Aug 28, 2009, 12:21:46 AM8/28/09
to Kences1
Bulls in command, markets poised for a positive open
Stocks in Indian markets are likely to resume their upward journey
after pausing for couple of sessions. Expect the benchmark index or
the Sensex to gain nearly 1 percent or more than 150 points for the
day, to finish off the week on a convincing note.
Asian markets opened higher on a positive note after a decent up move
on Wall Street. The Japanese markets opened up by more than 0.7
percent inspite of record unemployment number. South Korea's Kospi is
currently trading up by nearly one percent in the first hour of trade.
On Wall Street,stock market's rally continued Thursday, sustained by
gains in financial and industrial shares.The Dow rose 37.11, or 0.4
percent, to close at 9,580.63. The Dow's eight-day advance totals 445
points, or 4.9 percent.The Standard & Poor's 500 index rose 2.86, or
0.3 percent, to 1,030.98, while the Nasdaq composite index rose 3.30,
or 0.2 percent, to 2,027.73.
We have seen tremendous gains in Consumer Durable stocks with the
sectoral index gaining more than 4 percent for the day. Consumer Goods
and Healthcare stocks were active. Metals and Banking stocks remained
subdues and under performed the market on the last day of F&O expiry.
Midcaps remained the favorite space, as it has been for the past few
weeks. Jewellery stocks were in focus as stocks like Shrenuj & Co and
Renaissance Jewellers were locked in circuit. There has been a broad
based rally in the midcaps and are seeing new gainers every day. We
have remained cautious and have advised investors to stay away from
the market. We still remain on the sidelines but suggest traders to
take advantage of the current market scenario.
There seems to be no stopping for the bulls as we are seeing lot of
money flowing in to the markets and the fear among investors have
subsided prompting them to make huge bets on speculative stocks. The
market is looking technically strong inspite of some concerns. We like
Agro related stocks like Kohinoor Foods, REI Agro and Ruchi Soya as
short term 'speculative play'.Micro Tech and Geodesic are two other
midcap tech plays to watch out 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 :4694 / 4711 / 4733 / 4777 / 4830
NIFTY INDEX Support :4680 / 4642 / 4605 / 4580 / 4564
Mean : 4687
Key Numbers for NIFTY on upside 4694 / 4733 / 4777
Key numbers for NIFTY on down side 4680 / 4642
BANK NIFTY INDEX Resistance: 7476 / 7568 / 7660
BANK NIFTY INDEX Support : 7375 / 7288 / 7191
Mean : 7425.58
Previous Close Box:
BSE Sensex 15807.44 37.59
NSE Nifty 4688.20 7.35
USD Rs.48.98
Oil Nymex $72.71
Stocks in Indian markets are likely to resume their upward journey
after pausing for couple of sessions. Expect the benchmark index or
the Sensex to gain nearly 1 percent or more than 150 points for the
day, to finish off the week on a convincing note.
Asian markets opened higher on a positive note after a decent up move
on Wall Street. The Japanese markets opened up by more than 0.7
percent inspite of record unemployment number. South Korea's Kospi is
currently trading up by nearly one percent in the first hour of trade.
On Wall Street,stock market's rally continued Thursday, sustained by
gains in financial and industrial shares.The Dow rose 37.11, or 0.4
percent, to close at 9,580.63. The Dow's eight-day advance totals 445
points, or 4.9 percent.The Standard & Poor's 500 index rose 2.86, or
0.3 percent, to 1,030.98, while the Nasdaq composite index rose 3.30,
or 0.2 percent, to 2,027.73.
We have seen tremendous gains in Consumer Durable stocks with the
sectoral index gaining more than 4 percent for the day. Consumer Goods
and Healthcare stocks were active. Metals and Banking stocks remained
subdues and under performed the market on the last day of F&O expiry.
Midcaps remained the favorite space, as it has been for the past few
weeks. Jewellery stocks were in focus as stocks like Shrenuj & Co and
Renaissance Jewellers were locked in circuit. There has been a broad
based rally in the midcaps and are seeing new gainers every day. We
have remained cautious and have advised investors to stay away from
the market. We still remain on the sidelines but suggest traders to
take advantage of the current market scenario.
There seems to be no stopping for the bulls as we are seeing lot of
money flowing in to the markets and the fear among investors have
subsided prompting them to make huge bets on speculative stocks. The
market is looking technically strong inspite of some concerns. We like
Agro related stocks like Kohinoor Foods, REI Agro and Ruchi Soya as
short term 'speculative play'.Micro Tech and Geodesic are two other
midcap tech plays to watch out 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 :4694 / 4711 / 4733 / 4777 / 4830
NIFTY INDEX Support :4680 / 4642 / 4605 / 4580 / 4564
Mean : 4687
Key Numbers for NIFTY on upside 4694 / 4733 / 4777
Key numbers for NIFTY on down side 4680 / 4642
BANK NIFTY INDEX Resistance: 7476 / 7568 / 7660
BANK NIFTY INDEX Support : 7375 / 7288 / 7191
Mean : 7425.58
Previous Close Box:
BSE Sensex 15807.44 37.59
NSE Nifty 4688.20 7.35
USD Rs.48.98
Oil Nymex $72.71
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