Pre-Market Report: 18.09.2009
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B. Karthick
Sep 18, 2009, 12:14:04 AM9/18/09
to Kences1
Stocks to trade in a tight range as investors turn cautious
Stocks on Dalal Street are likely to move side ways as investors are
more cautious after the Sensex scaled to new highs for 2009. As
expected the Sensex gained 0.2 percent and the expect a similar close
to the indices as stocks might trade in a tight band on the last
trading day of the week.
On Wall Street,stocks posted modest losses in quiet trading Thursday
after a three-day advance. The Dow Jones industrial average fell 7.79,
or 0.1 percent, to 9,783.92.The S&P 500 index fell 3.27, or 0.3
percent, to 1,065.49, and the Nasdaq composite index fell 6.40, or 0.3
percent, to 2,126.75.
Technology and Auto stocks were the leaders in yesterday's trade.HCL
Tech led the gainers list among the heavy weights, giving a boost to
the IT sector. Hindalco maintained its momentum and closed with a 4
percent gain. Time to book some profits in this stock. Cement stocks
firmed up after being subdued for the past one week.ACC Ltd and Grasim
were winners in this segment.
Airline stocks were the theme of the day. It looks like speculators
have set their sight on Airline stocks after driving up the
hospitality stocks on Wednesday.Both Jet Airways and Kingfisher
Airlines registered double digit gains with former gaining more than
18 percent to close at Rs 315. We would like to reiterate a buy on
Gati at Rs 59. We see a target of Rs 68 on this stock.
Short term traders could bet on Ballarpur Ind at Rs 24.50 for a target
of Rs 27 and speculative traders could bet on MVL Ltd at RS 225 for a
target of Rs 250. We expect some consolidtation in the form of a short
term correction and predict that the markets will be lacklustre for
the next few days as the stock prices might stay flat as the tug of
war between bulls and bears intensifies.
"USE EVERY RISE TO BOOK PROFITS"
"ALWAYS KEEP STRICT STOPLOSS TO AVOID HUGE LOSS"
Key Levels for Today Trade:
NIFTY INDEX Resistance :4982 / 4999 / 5025 / 5049
NIFTY INDEX Support :4925 / 4892 / 4860 / 4829 / 4805
Mean :4953.5
Key Numbers for NIFTY on upside 4982 / 4999 / 5025
Key numbers for NIFTY on down side 4892 / 4829
BANK NIFTY INDEX Resistance: 8490 / 8547 / 8662 / 8776
BANK NIFTY INDEX Support : 8362 / 8285 / 8209 / 8133
Mean : 8426
Previous Close Box:
BSE Sensex 16711.11 34.07
NSE Nifty 4965.55 7.15
USD Rs.48.16
Oil Nymex $72.50
Stocks on Dalal Street are likely to move side ways as investors are
more cautious after the Sensex scaled to new highs for 2009. As
expected the Sensex gained 0.2 percent and the expect a similar close
to the indices as stocks might trade in a tight band on the last
trading day of the week.
On Wall Street,stocks posted modest losses in quiet trading Thursday
after a three-day advance. The Dow Jones industrial average fell 7.79,
or 0.1 percent, to 9,783.92.The S&P 500 index fell 3.27, or 0.3
percent, to 1,065.49, and the Nasdaq composite index fell 6.40, or 0.3
percent, to 2,126.75.
Technology and Auto stocks were the leaders in yesterday's trade.HCL
Tech led the gainers list among the heavy weights, giving a boost to
the IT sector. Hindalco maintained its momentum and closed with a 4
percent gain. Time to book some profits in this stock. Cement stocks
firmed up after being subdued for the past one week.ACC Ltd and Grasim
were winners in this segment.
Airline stocks were the theme of the day. It looks like speculators
have set their sight on Airline stocks after driving up the
hospitality stocks on Wednesday.Both Jet Airways and Kingfisher
Airlines registered double digit gains with former gaining more than
18 percent to close at Rs 315. We would like to reiterate a buy on
Gati at Rs 59. We see a target of Rs 68 on this stock.
Short term traders could bet on Ballarpur Ind at Rs 24.50 for a target
of Rs 27 and speculative traders could bet on MVL Ltd at RS 225 for a
target of Rs 250. We expect some consolidtation in the form of a short
term correction and predict that the markets will be lacklustre for
the next few days as the stock prices might stay flat as the tug of
war between bulls and bears intensifies.
"USE EVERY RISE TO BOOK PROFITS"
"ALWAYS KEEP STRICT STOPLOSS TO AVOID HUGE LOSS"
Key Levels for Today Trade:
NIFTY INDEX Resistance :4982 / 4999 / 5025 / 5049
NIFTY INDEX Support :4925 / 4892 / 4860 / 4829 / 4805
Mean :4953.5
Key Numbers for NIFTY on upside 4982 / 4999 / 5025
Key numbers for NIFTY on down side 4892 / 4829
BANK NIFTY INDEX Resistance: 8490 / 8547 / 8662 / 8776
BANK NIFTY INDEX Support : 8362 / 8285 / 8209 / 8133
Mean : 8426
Previous Close Box:
BSE Sensex 16711.11 34.07
NSE Nifty 4965.55 7.15
USD Rs.48.16
Oil Nymex $72.50
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