Pre-Market Report: 30.07.2009
0 views
Skip to first unread message
B. Karthick
Jul 30, 2009, 12:21:29 AM7/30/09
to Kences1
Sensex to be range bound, Minor correction on cards
Stocks on Dalal Street are likely to trade in range after being very
volatile on Wednesday. We have seen some panic selling in the
afternoon session, as investors were spooked by a crash in Shanghai
benchmark index which fell more than 5 percent for the day. We expect
the Sensex to trade in with a band of one percent or 150 points.
On Wall Street, Stocks had their fourth straight day of minimal moves
Wednesday as commodity prices slid and manufacturing index slid more
than expected.The Dow fell 26.00, or 0.3 percent, to 9,070.72, The
broader Standard & Poor's 500 index fell 4.47, or 0.5 percent, to
975.15, while the Nasdaq composite index slid 7.75, or 0.4 percent, to
1,967.76.
As expected, IT stocks remained solid as the sectoral index gained
nearly 0.3 percent for the day. Realty stocks took a beating and
rightfully so, after double digit percentage gains last week. Metals
were under pressure as well.
The stock of Tata Steel is likely to witness some more selling today
after reporting lacklustre results. The stock looks weak even after a
sell off yesterday. We see the stock falling to atleast Rs 400 in the
coming days from the CMP of Rs 442. Also stay away from the energy
names like Cairn India, Essar Oil and the exploration stocks, as there
might be a negative impact on this sector after a steep fall in the
price of oil.
Crude futures tumbled almost 6% Wednesday as U.S. oil inventories
unexpectedly rose, raising fresh concerns of weak demand. Light, sweet
crude for September delivery settled down $3.88, or 5.8%, at $63.35 a
barrel on the New York Mercantile Exchange.
Midcaps remained immune to the carnage yesterday. We expect this
sector to be resilient during the slide in the market. IT which
remained strong yesterday, might in the line of fire today,as there
might be some selling pressure in this sector.20 Microns, Allied
Digital, Amtek Auto, DLF, India Bulls Securities, JP Hydro and Jain
Irrigation Systems are some of the stocks 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 : 4523 / 4572 / 4587 / 4638
NIFTY INDEX Support : 4502 / 4484 / 4469 / 4424 / 4398 / 4374
Mean : 4512.5
Key Numbers for NIFTY on upside 4523 / 4572
Key numbers for NIFTY on down side 4502 / 4469 / 4398
BANK NIFTY INDEX Resistance:7299 / 7382 / 7469 / 7563
BANK NIFTY INDEX Support :7111 / 6992 / 6939 / 6881
Mean : 7205
Previous Close Box:
BSE Sensex 15173.46 -158.48
NSE Nifty 4513.50 -50.60
USD Rs.48.47
Oil Nymex $62.93
Stocks on Dalal Street are likely to trade in range after being very
volatile on Wednesday. We have seen some panic selling in the
afternoon session, as investors were spooked by a crash in Shanghai
benchmark index which fell more than 5 percent for the day. We expect
the Sensex to trade in with a band of one percent or 150 points.
On Wall Street, Stocks had their fourth straight day of minimal moves
Wednesday as commodity prices slid and manufacturing index slid more
than expected.The Dow fell 26.00, or 0.3 percent, to 9,070.72, The
broader Standard & Poor's 500 index fell 4.47, or 0.5 percent, to
975.15, while the Nasdaq composite index slid 7.75, or 0.4 percent, to
1,967.76.
As expected, IT stocks remained solid as the sectoral index gained
nearly 0.3 percent for the day. Realty stocks took a beating and
rightfully so, after double digit percentage gains last week. Metals
were under pressure as well.
The stock of Tata Steel is likely to witness some more selling today
after reporting lacklustre results. The stock looks weak even after a
sell off yesterday. We see the stock falling to atleast Rs 400 in the
coming days from the CMP of Rs 442. Also stay away from the energy
names like Cairn India, Essar Oil and the exploration stocks, as there
might be a negative impact on this sector after a steep fall in the
price of oil.
Crude futures tumbled almost 6% Wednesday as U.S. oil inventories
unexpectedly rose, raising fresh concerns of weak demand. Light, sweet
crude for September delivery settled down $3.88, or 5.8%, at $63.35 a
barrel on the New York Mercantile Exchange.
Midcaps remained immune to the carnage yesterday. We expect this
sector to be resilient during the slide in the market. IT which
remained strong yesterday, might in the line of fire today,as there
might be some selling pressure in this sector.20 Microns, Allied
Digital, Amtek Auto, DLF, India Bulls Securities, JP Hydro and Jain
Irrigation Systems are some of the stocks 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 : 4523 / 4572 / 4587 / 4638
NIFTY INDEX Support : 4502 / 4484 / 4469 / 4424 / 4398 / 4374
Mean : 4512.5
Key Numbers for NIFTY on upside 4523 / 4572
Key numbers for NIFTY on down side 4502 / 4469 / 4398
BANK NIFTY INDEX Resistance:7299 / 7382 / 7469 / 7563
BANK NIFTY INDEX Support :7111 / 6992 / 6939 / 6881
Mean : 7205
Previous Close Box:
BSE Sensex 15173.46 -158.48
NSE Nifty 4513.50 -50.60
USD Rs.48.47
Oil Nymex $62.93
Reply all
Reply to author
Forward
0 new messages