Pre-Market Report: 14.09.2009
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B. Karthick
Sep 14, 2009, 4:23:33 AM9/14/09
to Kences1
Markets to trade in a tight range
Stocks in India are likely to consolidate and might take a breather
after successfully breaching the 16,000 mark last week. Expect the
benchmark index or the Sensex to give up nearly 0.5 percent or 80
points for the day, as the bulls look too tired to keep the rally
going.
On Wall Street,markets dipped on Friday as a five-day rally lost
steam, despite indications that consumer confidence is
growing.Nonetheless, the Dow Jones Industrial Average closed down 22
points, to 9,605 on Friday; the NASDAQ index lost 3 points to 2,081,
and the S&P 500 dropped 1.4 points to 1,043.
There seems to be a tug of war between the Bulls and the Bears. The
Sensex flirted with the dotted line too many times on Friday, but
Bulls prevailed at the end thanks to a 100 point spike in the final
hour of trade. With the Sensex grinding its way to another 2009 high
last week, confusion is outpacing elation among investors.
There could be some stock specific action in today's session. Patni
Computers Rs 395 might on news that the promoters and the PE firm are
looking to sell their stakes, as the valuation looks ripe to exit.
Glenmark Pharma Rs 219 might see some activity after the company
raised 4.13 billion rupees from a share sale to institutional
investors at Rs 221/share. The company also plans to set up a unit to
produce Oncology Druge in Argentina.
There was lot of activity among the banking stocks on Friday as there
were some news reports suggesting changes in draft norms and hiking
the cap in held-to-maturity segment.Dhanalakshmi Bank, Lakshmi Vilas
Bank and Central Bank vaulted on the news. Also Raj Television
continued to rally and added 15 percent to its tally ending the day at
Rs 82. Time to book profits in this stock.Textile stocks have sprung
back to life on Friday. Himatsingka Seide at RS 39 has seen unusual
volumes and looks hot at current market price.SKumars Nationwide
gained 8 percent and finished at Rs 52 and we see some more upside in
this stock.
"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 / 4757 / 4732 / 4688
Mean :4820
Key Numbers for NIFTY on upside 4835 / 4860 / 4887
Key numbers for NIFTY on down side 4805 / 4782 / 4732
BANK NIFTY INDEX Resistance:8026 / 8138 / 8250
BANK NIFTY INDEX Support :7833 / 7792 / 7759
Mean :7929.5
Previous Close Box:
BSE Sensex 16264.30 47.439
NSE Nifty 4829.55 10.15
USD Rs.48.51
Oil Nymex $69.12
Stocks in India are likely to consolidate and might take a breather
after successfully breaching the 16,000 mark last week. Expect the
benchmark index or the Sensex to give up nearly 0.5 percent or 80
points for the day, as the bulls look too tired to keep the rally
going.
On Wall Street,markets dipped on Friday as a five-day rally lost
steam, despite indications that consumer confidence is
growing.Nonetheless, the Dow Jones Industrial Average closed down 22
points, to 9,605 on Friday; the NASDAQ index lost 3 points to 2,081,
and the S&P 500 dropped 1.4 points to 1,043.
There seems to be a tug of war between the Bulls and the Bears. The
Sensex flirted with the dotted line too many times on Friday, but
Bulls prevailed at the end thanks to a 100 point spike in the final
hour of trade. With the Sensex grinding its way to another 2009 high
last week, confusion is outpacing elation among investors.
There could be some stock specific action in today's session. Patni
Computers Rs 395 might on news that the promoters and the PE firm are
looking to sell their stakes, as the valuation looks ripe to exit.
Glenmark Pharma Rs 219 might see some activity after the company
raised 4.13 billion rupees from a share sale to institutional
investors at Rs 221/share. The company also plans to set up a unit to
produce Oncology Druge in Argentina.
There was lot of activity among the banking stocks on Friday as there
were some news reports suggesting changes in draft norms and hiking
the cap in held-to-maturity segment.Dhanalakshmi Bank, Lakshmi Vilas
Bank and Central Bank vaulted on the news. Also Raj Television
continued to rally and added 15 percent to its tally ending the day at
Rs 82. Time to book profits in this stock.Textile stocks have sprung
back to life on Friday. Himatsingka Seide at RS 39 has seen unusual
volumes and looks hot at current market price.SKumars Nationwide
gained 8 percent and finished at Rs 52 and we see some more upside in
this stock.
"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 / 4757 / 4732 / 4688
Mean :4820
Key Numbers for NIFTY on upside 4835 / 4860 / 4887
Key numbers for NIFTY on down side 4805 / 4782 / 4732
BANK NIFTY INDEX Resistance:8026 / 8138 / 8250
BANK NIFTY INDEX Support :7833 / 7792 / 7759
Mean :7929.5
Previous Close Box:
BSE Sensex 16264.30 47.439
NSE Nifty 4829.55 10.15
USD Rs.48.51
Oil Nymex $69.12
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