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9am with Emkay |
n Dealer Comments
The markets did start the day’s session on a marginal positive note by 45 odd points upward gap led by mixed cues from the world markets particularly the Asian counterparts. But the good start could not last for a longer period and indices tumbled in the red in just one hour of trades. The investors remained cautious ahead of the outcome of meetings of G-20 world leader in South Korea on Thursday and Friday. Korean market saw a sharp fall today led by $1.9 billion selling in the last minute of the trading, attributed to the failure of US and Korean counterpart failing to reach a free trade accord. Even the European markets reeled under selling pressure post their opening leading to further dampening the sentiments in our bourses. The days fall was mainly led by selling pressure in realty, oil & gas, banking, capital goods and technology stocks. Finally markets closed the day on substantial negative note towards the end at almost day’s lows with Sensex losing 287 points or 1.37% lower to settle at 20589 levels while Nifty lost 81 points or 1.31% lower to settle at 6194 levels. The overall traded volumes were quite higher compared to the earlier day by almost 37% and were at Rs 1493 bn. While delivery based volumes were slightly lower compared to the earlier day at 40.8% of the total traded turnover. Among the Fund activities FII’s were net buyers to the tune of Rs 1.08 bn while Domestic Funds were net sellers to the tune of Rs 0.99 bn respectively on 10th November 2010. While on 11th November 2010, FII’s sold shares worth Rs. 0.60 bn in cash segment (provisional) while in the F&O segment they were net sellers to the tune of Rs 5.41 bn whereas Domestic Funds sold shares worth Rs. 2.69 bn (provisional).
n Technical Comments
Negative divergence on daily degree
Nifty traded in a narrow range and that too below its 20-HSMA in the first half of today’s session. Thereon, bears took the upper hand and turned the market in their favor in the second half, to conclude with a loss of 80 odd points. Taking into account the negative divergence between the momentum oscillator and the daily prices of Nifty, we feel that ongoing fall can continue upto 6070 level, which 61.8% retracement area of the current rally. But if Nifty failed to find support near this 61.8% retracement zone then it is possible that the current reaction may extend upto 5937 level, which is the previous swing low. Especially, an important pivot for coming session is 6202, as a close below this level will form a Dark-cloud Cover (bearish candlestick pattern) on weekly degree and with that the probability of Nifty breaking the support of Golden retracement (i.e. 61.8%) will also soar.
BSE Oil & Gas:
BSE Oil & Gas index has formed Shooting Star candlestick pattern which sends the warning of an impending top. The pattern looks more promising due to the fact that it is formed at the upper boundary of a rising wedge and hence we feel that this index can correct upto 10,800 levels in the near future.
n Results Today
AIA Engg. | Allcargo Global | Allied Digital | BEML Ltd | Bombay Rayon | D C Holdings |
Den Networks | Educomp Sol. | Gammon India | H P C L | Himadri Chemical | IL&FS Transport |
India Cements | Indo Tech | Indraprastha Gas | Ispat Inds. | JK Lakshmi Cem. | Lakshmi Energy |
Oil India | Parsvnath Devl. | Pipavav Shipyard | Prakash Inds. | Reliance Infra. | Reliance Power |
Sanghvi Movers | Selan Expl. Tech | Sh.Global Trad. | Shiv-Vani OilGas | Simplex Infra | Tata Power Co. |
Tata Steel | Time Technoplast | Tulip Telecom | Unity Infra. | Wockhardt |
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