Pre-Market Report: 10.08.2009
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B. Karthick
Aug 10, 2009, 12:22:38 AM8/10/09
to Kences1
Time for a rebound on Dalal Street
Stocks in India are likely to trade higher on opening bell after the
Sensex fell more than 350 points on Friday. Expect the benchmark index
to gain more than 150 points or nearly one percent for the day.
Asia is of for a good Start as the benchmark indices in Japan and
South Korea are up by more than 1 percent on opening bell. Crude Oil
and Gold corrected a little bit in early morning trade.
On Wall Street Stocks rallied Friday, with the Dow and S&P 500 closing
at the highest point in nine months, after the July jobs report showed
the smallest number of job cuts in nearly a year, adding to recovery
hopes.
Auto and Realty stocks were among the major losers on Friday, and we
expect Realty bounce back int today's trade. Metal stocks look like
they have some more room to grow, going forward as commodity prices
remain firm.
Investors booked profits in stocks that have had a dream run. Tech
Mahindra fell more than 7 percent to Rs 767. United Spirits, Suzlon
Energy, IRB Infra and Brand House Retail were some of the stocks that
are under sever selling pressure.
Prism Cement looks strong at RS 53 even after gaining more than 15
percent on huge volumes in a falling market. Analysts attribute the
spurt in the stock price to the company's plans to consolidate the
business of H.& R. Johnson Limited and RMC Readymix Private Limited
with the Company.Barack Valley Cement and Sun Pharma Advance Research
have seen huge volumes and look interesting at these levels.
Today might be a good day for the bulls as there is a strong chance
for decent gains in equities. Traders could look at stocks like Genus
Power, Punjab Chemicals, India Info line and Fortis Healthcare for
some intraday moves.
"USE EVERY RISE TO BOOK PROFITS"
"ALWAYS KEEP STRICT STOPLOSS TO AVOID HUGE LOSS"
Key Levels for Today Trade:
NIFTY INDEX Resistance : 4513 / 4564 / 4585 / 4609 / 4630
NIFTY INDEX Support : 4469 / 4448 / 4424 / 4398
Mean :4491
Key Numbers for NIFTY on upside 4564 / 4585 / 4630
Key numbers for NIFTY on down side 4469
BANK NIFTY INDEX Resistance: 7312 / 7375 / 7469 / 7563
BANK NIFTY INDEX Support :7186 / 7123 / 7060
Mean : 7249
Previous Close Box:
BSE Sensex 15160.24 -353.79
NSE Nifty 4481.40 -104.10
USD Rs.47.86
Oil Nymex $70.57
B.Karthick
Research Analyst
Stocks in India are likely to trade higher on opening bell after the
Sensex fell more than 350 points on Friday. Expect the benchmark index
to gain more than 150 points or nearly one percent for the day.
Asia is of for a good Start as the benchmark indices in Japan and
South Korea are up by more than 1 percent on opening bell. Crude Oil
and Gold corrected a little bit in early morning trade.
On Wall Street Stocks rallied Friday, with the Dow and S&P 500 closing
at the highest point in nine months, after the July jobs report showed
the smallest number of job cuts in nearly a year, adding to recovery
hopes.
Auto and Realty stocks were among the major losers on Friday, and we
expect Realty bounce back int today's trade. Metal stocks look like
they have some more room to grow, going forward as commodity prices
remain firm.
Investors booked profits in stocks that have had a dream run. Tech
Mahindra fell more than 7 percent to Rs 767. United Spirits, Suzlon
Energy, IRB Infra and Brand House Retail were some of the stocks that
are under sever selling pressure.
Prism Cement looks strong at RS 53 even after gaining more than 15
percent on huge volumes in a falling market. Analysts attribute the
spurt in the stock price to the company's plans to consolidate the
business of H.& R. Johnson Limited and RMC Readymix Private Limited
with the Company.Barack Valley Cement and Sun Pharma Advance Research
have seen huge volumes and look interesting at these levels.
Today might be a good day for the bulls as there is a strong chance
for decent gains in equities. Traders could look at stocks like Genus
Power, Punjab Chemicals, India Info line and Fortis Healthcare for
some intraday moves.
"USE EVERY RISE TO BOOK PROFITS"
"ALWAYS KEEP STRICT STOPLOSS TO AVOID HUGE LOSS"
Key Levels for Today Trade:
NIFTY INDEX Resistance : 4513 / 4564 / 4585 / 4609 / 4630
NIFTY INDEX Support : 4469 / 4448 / 4424 / 4398
Mean :4491
Key Numbers for NIFTY on upside 4564 / 4585 / 4630
Key numbers for NIFTY on down side 4469
BANK NIFTY INDEX Resistance: 7312 / 7375 / 7469 / 7563
BANK NIFTY INDEX Support :7186 / 7123 / 7060
Mean : 7249
Previous Close Box:
BSE Sensex 15160.24 -353.79
NSE Nifty 4481.40 -104.10
USD Rs.47.86
Oil Nymex $70.57
B.Karthick
Research Analyst
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