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9am with Emkay |
n Dealer Comments
The markets once again started the day’s session on a very flattish note led by weak to subdued cues from the world markets particularly the weak Asian counterparts. Post flattish opening markets immediately slipped in the negative zone and continued to trade in the red till almost post noon trades in the absence any major flows and trigger. After a very good buying yesterday fmcg stocks were seen languishing in the red and continued to witness some selling pressure till the end. After a decent run up in past few trading sessions markets seem have been taking a breather and looks to be in a consolidation phase for temporary period. Post good set of Q2 numbers by Tata Motors, the stock did open with a big bang almost up 6 odd percent in early trades but profit booking and selling pressure by local and private insurance dragged the stock down at the end. The days fall was mainly led by selling in capital goods, banking, metal, fmcg and healthcare stocks while buying in consumer durables and it stocks capped the losses for the day. Finally markets closed the day on negative note towards the end at almost day’s lows with Sensex losing 57 points or 0.27% lower to settle at 20876 levels while Nifty lost 26 points or 0.41% lower to settle at 6275 levels. The overall traded volumes were quite lower compared to the earlier day by almost 22% and were at Rs 1080 bn. While delivery based volumes were slightly higher compared to the earlier day at 41.8% of the total traded turnover. Among the Fund activities FII’s were net buyers to the tune of Rs 6.65 bn while Domestic Funds were net sellers to the tune of Rs 3.91 bn respectively on 9th November 2010. While on 10th November 2010, FII’s sold shares worth Rs. 0.32 bn in cash segment (provisional) while in the F&O segment they were net sellers to the tune of Rs 14.70 bn whereas Domestic Funds sold shares worth Rs. 1.43 bn (provisional).
n Technical Comments
Dry session
Nifty spent most part of today’s session within a narrow range of 30 odd points. However, in last half an hour we saw some selling activity due to which the final closing of Nifty was below its 20-HSMA. After observing today’s session we feel that Nifty may remain sideways or can see a minor correction of 50 odd points, in the coming session. But, that correction if at all seen should only be used for adding fresh long in the region of 6230-6200, due to fact that this is only a correction of minute to minuette degree in on ongoing uptrend.
BSE IT:
BSE IT index has given a breakout from an inverse Head-and-shoulders pattern and hence in the near future we are looking for targets in range of 6400-6500.
n Results Today
Anant Raj Inds. | Apollo Tyres | Bharati Shipyard | Bhushan Steel | Cipla | Core Projects |
Guj NRE Coke | H D I L | Jai Balaji Inds. | Lanco Infratech | MMTC | NESCO |
PSL | Ranbaxy Labs. | REI Six Ten | Shree Cement |
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