Pre-Market Report: 31.08.2009
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B. Karthick
Aug 31, 2009, 12:21:17 AM8/31/09
to Kences1
Markets look to consolidate, as Sensex hovers around 16,000 mark
Stocks on Dalal Street are likely to consolidate at current levels
after managing to close near highest level of the year. The benchmark
index or the Sensex or the Sensex is likey to trade in a band of
nearly 100 points with a negative bias.
Stocks mostly fell Friday as investors balked at extending the
market's recent rally despite an improved outlook from Intel Corp.
Trading was quiet, as it has been all week, as summer vacations kept
many traders out of the market.The Dow Jones industrial average fell
36.43, or 0.4 percent, to 9,544.20,the Standard & Poor's 500 index
fell 2.05, or 0.2 percent, to 1,028.93 and the Nasdaq composite index
rose 1.04, or 0.1 percent, to 2,028.77.
Realty and Auto stocks were major gainers where as FMCG and Consumer
Durables remained subdues in Friday's trade. Unitech and DLF rallied
in a big way giving boost to the Realty sector. There was fund
interest in Bharti Airtel, which is close to wrap up the deal with
MTN. The stock gained more than 4.5 percent for the day to end at Rs
435.20.
Speculators were active in Bhagynagar Ind and the scrip was locked in
upper circuit on huge volumes. definitely a stock to sell on rallies.
There was some unusual activity in Dhanalakshmi Bank, and it is a
scrip worth looking after a surge in stock price on Friday. Other
speculator counters to watch would be Omaxe Ltd, Sunflag Iron and
Amtek India.
We like second rung IT counters for Monday's trade as these stocks are
technically looking hot and might outperform for the next two trading
days. First Winner Ind, Bartronics Ltd, Tanla Solutions and Austral
Coke are some of the stocks that might catch traders attention 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 :4747 / 4772 / 4800 / 4838
NIFTY INDEX Support :4695 / 4659 / 4642 / 4605 / 4580
Mean : 4721
Key Numbers for NIFTY on upside 4680 / 4659 / 4642 / 4605
Key numbers for NIFTY on down side 4747 / 4800
BANK NIFTY INDEX Resistance: 7549 / 7617 / 7684 / 7757
BANK NIFTY INDEX Support : 7428 / 7375 / 7280 / 7186
Mean : 7488.5
Previous Close Box:
BSE Sensex 15922.34 141.27
NSE Nifty 4732.35 44.15
USD Rs.48.87
Oil Nymex $72.86
Stocks on Dalal Street are likely to consolidate at current levels
after managing to close near highest level of the year. The benchmark
index or the Sensex or the Sensex is likey to trade in a band of
nearly 100 points with a negative bias.
Stocks mostly fell Friday as investors balked at extending the
market's recent rally despite an improved outlook from Intel Corp.
Trading was quiet, as it has been all week, as summer vacations kept
many traders out of the market.The Dow Jones industrial average fell
36.43, or 0.4 percent, to 9,544.20,the Standard & Poor's 500 index
fell 2.05, or 0.2 percent, to 1,028.93 and the Nasdaq composite index
rose 1.04, or 0.1 percent, to 2,028.77.
Realty and Auto stocks were major gainers where as FMCG and Consumer
Durables remained subdues in Friday's trade. Unitech and DLF rallied
in a big way giving boost to the Realty sector. There was fund
interest in Bharti Airtel, which is close to wrap up the deal with
MTN. The stock gained more than 4.5 percent for the day to end at Rs
435.20.
Speculators were active in Bhagynagar Ind and the scrip was locked in
upper circuit on huge volumes. definitely a stock to sell on rallies.
There was some unusual activity in Dhanalakshmi Bank, and it is a
scrip worth looking after a surge in stock price on Friday. Other
speculator counters to watch would be Omaxe Ltd, Sunflag Iron and
Amtek India.
We like second rung IT counters for Monday's trade as these stocks are
technically looking hot and might outperform for the next two trading
days. First Winner Ind, Bartronics Ltd, Tanla Solutions and Austral
Coke are some of the stocks that might catch traders attention 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 :4747 / 4772 / 4800 / 4838
NIFTY INDEX Support :4695 / 4659 / 4642 / 4605 / 4580
Mean : 4721
Key Numbers for NIFTY on upside 4680 / 4659 / 4642 / 4605
Key numbers for NIFTY on down side 4747 / 4800
BANK NIFTY INDEX Resistance: 7549 / 7617 / 7684 / 7757
BANK NIFTY INDEX Support : 7428 / 7375 / 7280 / 7186
Mean : 7488.5
Previous Close Box:
BSE Sensex 15922.34 141.27
NSE Nifty 4732.35 44.15
USD Rs.48.87
Oil Nymex $72.86
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