9am with Emkay; 28 October, 2010

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9am with Emkay

n        Dealer Comments

The markets started the day’s session on a very subtle note with almost 40 odd point’s upward gap led by weak to subdued cues from the world markets. Post positive opening markets immediately gave up the initial gains and started to trade in the red as selling pressure in commodity and realty stocks dragged the markets lower. However subdued trades continued till noon in the absence of flows in the markets. The markets continued its downward trend for second day in a row on the back of profit booking ahead of the expiry of October derivatives series on Thursday. The markets witnessed huge selling pressure in the second half of the session, but finally managed to close above its psychological important levels of 20000 for Sensex and 6000 for Nifty. The overall traded volumes were extremely higher compared to the earlier day by almost 32% and were at Rs 2292 bn. While delivery based volumes were marginally lower compared to the earlier day at 40.5% of the total traded turnover. Among the Fund activities FII’s were net buyers to the tune of Rs 7.00 bn while Domestic Funds were net sellers to the tune of Rs 3.44 bn respectively on 26th October 2010. While on 27th October 2010, FII’s sold shares worth Rs. 0.09 bn in cash segment (provisional) while in the F&O segment they were net sellers to the tune of Rs 1.06 bn whereas Domestic Funds sold shares worth Rs. 5.18 bn (provisional).

n        Technical Comments

5966 – A key pivot

Again for the second consecutive day, Nifty maintained its downward movement to end the day with a loss of 70 odd points. However, on closing basis it managed to hold the psychological important level of 6000. Moreover, now the level of 5966 will act as a key pivot, because the break of this level will incur the lower top lower bottom formation and hence the probability of market sliding further upto 5830 will increase.

BSE Capital Goods

BSE Capital Goods index has reacted southward after finding resistance at the 20-DSMA and hence in the near future it can correct upto 15,500 level.

n        Results Today

Adani Enterp.	Alok Inds.	Andhra Bank	Arvind Ltd	Asahi India Glas	Bank of Baroda
BGR Energy Sys.	BOC India	C C C L	Cairn India	Colgate-Palm.	Dhanlaxmi Bank
EIH	Essar Shipping	Glaxosmit Pharma	Grasim Industries	Guj Gas Company	HEG
Hexaware Tech.	HMT	IDBI Bank	IRB Infra.Devl.	Kirl. Brothers	Mercator Lines
Monnet Ispat	Monsanto India	Navneet Publicat	Netwrk.18 Media	NHPC Ltd	NMDC
O N G C	Orchid Chemicals	PeninsulaLand	PhoenixMills	PTC India	PunjabNatl.Bank
S A I L	SREI Infra. Fin.	Sun TV Network	Tata Comm	Tata Global	Tube Investments
United Breweries	Whirlpool India	Zee Entertainmen