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9am with Emkay |
n Dealer Comments
The markets started the day’s session on a negative positive note by 80 odd points downward gap led by negative cues from the world markets particularly the Asian counterparts. Post initial bad opening markets made a strong attempt to regain lost ground but once again were gripped with selling pressure at higher levels. The day’s sell off by foreign investors on rate hike fears in China, payment default by Dubai group, eurozone worries resurfacing and disappointing IIP nos for the month of September shook the markets very badly. Even outcome of the G20 meeting in Seoul today late in the evening kept the investors resorting to profit booking or selling in the markets till the closing bell.
The day was marked with an all round selling spree across the board and even the broader markets were not spared for the day. Today most of the major commodities like base metals, crude oil, gold and silver were caught in the slaughter including soft commodity like sugar. Finally once again markets closed the day on substantial negative note towards the end at almost day’s lows with Sensex losing 432 points or 2.11% lower to settle at 20157 levels while Nifty lost 123 points or 1.98% lower to settle at 6071 levels. On a weekly basis both Sensex and Nifty plunged 4% each while Midcap index lost 2.9% and Smallcap index lost 1.3% each respectively. On a weekly basis among the sectoral indices all of them posted losses with Realty index being the biggest loser down 7%, Bankex index down 6.1%, Oil & Gas index down 4.2% and Capital Goods index down 4% each respectively. The overall traded volumes were quite higher compared to the earlier day by almost 44% and were at Rs 2151 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 0.98 bn on 11th November 2010. While on 12th November 2010, FII’s sold shares worth Rs. 7.82 bn in cash segment (provisional) while in the F&O segment they were net sellers to the tune of Rs 3.21 bn whereas Domestic Funds bought shares worth Rs. 2.45 bn (provisional).
n Technical Comments
Weekly Bearish Engulfing
Bears took complete control due to which Nifty saw a loss of 250 odd points on weekly basis. Moreover, Nifty has formed a Bearish Engulfing candlestick pattern on weekly degree, which makes us believe that the current fall may extend upto 5950 level. Also, the daily MACD has given a sell signal after a negative divergence, again telling the same story of an impending correction. However, as intraday charts looks fairly oversold, we will recommend to sell on rise in the range of 6130-6150.
BSE Bankex:
BSE Bankex drifted southward after finding resistance at the upper boundary of the rising channel. Also, the momentum oscillator MACD has given a negative crossover, after a negative divergence. Hence, we are looking for lower targets in range of 13600-13500 for this index.
n Results Today
ABG Shipyard | Arshiya Intl. | City Union Bank | Gitanjali Gems | H F C L | ISMT |
Kiri Dyes Chem. | Sh.Renuka Sugar |
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