9am with Emkay; 29 October, 2010

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9am with Emkay

 

n        Technical Comments

Three times lucky

Nifty closed below the 6000 level - a psychologically important level, on expiry day for the month of October 2010, especially after extremely volatile trade in last one hour of trade. However, today again Nifty managed to find support near 5966 level and this has happened for the third time in past few sessions – “three times lucky”. Moreover, number three plays a very prominent role throughout the entire field of technical analysis and hence the level of 5966 should be looked as a key pivot in the coming sessions. If Nifty manages to hold this level, then this consolidation phase will provide the base to go pass the previous high of 6357. On the contrary, if 5966 get violated on closing basis then the slide of Nifty will continue upto 5850-5800 levels.

BSE Oil & Gas

BSE Oil & Gas index is currently resting at the support of 20-DSMA and overall trend is still up as the higher top higher bottom formation is still intact. So a daily positive close in this index will back the confidence of the bulls and we may see this index scaling fresh highs in the near future.

n        Results Today

A B B	Ashapura Minech.	Atlas Copco (I)	B H E L	Ballarpur Inds.	Bharat Electron
Bilcare	Blue Star	Century Plyboards	Federal Bank	GE Shipping Co	Gillette India
Godawari Power	Graphite India	Guj Fluorochem	Hero Honda Motor	Hind.Construct.	I O B
ICICI Bank	Indian Metals	ITC	Jagran Prakashan	Jet Airways	JK Paper
KPIT Infosys.	M & M	Madhucon Proj.	Mah. Seamless	Moser Baer (I)	Motherson Sumi
Nag. Fert & Chem	Natl.Fertilizer	Nava Bharat Vent	Nestle India	Nirma	Puravankar.Proj.
Radico Khaitan	S C I	S KumarsNation	Shoppers' Stop	SJVN	Subex
Syndicate Bank	Tata Chemicals	UCO Bank	Volt.Transform.	Welspun Corp