Visit http://indiaer.blogspot.com/ for complete details �� ��
Edelweiss Technical Reflection (ETR)
§ The index staged a recovery yesterday after it traded in a choppy range in the first half, and rally from the low of 6039 till the high of 6128 in the second half. The gap between 6032 and 6084 has been marginally left unfilled and is likely to get covered on the back of waning momentum and negative price patterns. The oscillators on the daily chart continue to point lower throwing caution to any short-term pullback. Market wide breadth continues to be weak despite the up day suggesting the bearish overhang. Nifty 50 stocks breadth was marginally in favor of advances. Yesterday’s up move seems shallow and is likely to face selling pressure near 6175-6190 range. However the medium term uptrend remains intact as long as 5937 is not violated. It is advisable to trade individual stocks on their merit.
§ The second half rally came on the back of buying activity in Banking, Pharma and IT stocks. Whereas Realty, Consumer Durables and Power witnessed selling activity. Bullish Setups: TATA, ITC, CHMB, CIPLA, HDFC, WLCO. Bearish Setups: JSP, BHEL, HPCL, IVRC.
§ European indices closed in the green taking support on short-term moving averages. The US indices closed marginally in the red after dropping from the highs, indicating further near-term weakness before sustained recovery sets in. DXY continues to build on previous gains, but has reacted from the 50 DMA indicating a brief consolidation. Gold has recovered from medium term bull channel support at $1345 and is ready to resume the uptrend towards $1425-$1460.
§ Interesting chart setups: TATA, LT, ITC, CIPLA, JSP, IVRC
Stocks in News
§ Dabur buys US hair care co for $100 m (ET)
§ Vedanta to raise $6-b debt for Cairn India buy (ET)
§ SpiceJet recasts board;S Natrajhen made COO (ET)
§ Kingfisher Airlines trims Q2 losses by 44% (ET)
§ Mahindra Satyam enters profit zone first time after scam (ET)
§ HPCL lines up 13k-cr capex (ET)
§ IOC to invest 2,500 cr (ET)
§ NTPC to go solo for cement foray (ET)
§ Tecpro bags 94-cr deal to supply plant (ET)
§ Mahindras to re-enter compact SUV segment with Thar launch (ET)
§ TechMa- Satyam merger stalled by’ certain issues (DNA)
§ HCL Tech in $100m deal (DNA)
§ HCC’s infra subsidiary to raise Rs 300cr by march (DNA)
Sales Traders Commentary
§ On Monday, equity benchmarks strengthened in the last couple of hours after consolidation as well as sell-off since the previous week. Major buying was witnessed in financials, technology, FMCG and metal companies' shares. Improved trade data and easing of inflation in October 2010.
§ The Sensex closed at 20297, up 141 points, while the Nifty rose 50 points, closing at 6121.
§ Gainers were State Bank of India (4.28%), Cipla (4.15%), Mahindra & Mahindra (3.30%), H D F C Bank (3.00%), Tata Steel (1.79%), and Bharti Airtel (1.62%).
§ Losers were D L F (1.68%), NTPC (1.64%), Reliance Energy (1.41%), Reliance Communications (1.12%), ACC (1.11%), and Maruti Suzuki India (1.04%).
§ The Bankex was up 2.22%. Major gainers were Federal Bank (5.32%), H D F C Bank (3%), Canara Bank (2.18%), Bank of India (0.43%) and Bank of Baroda (0.37%).
§ The Healthcare index was up 1.19%. Major gainers were Cipla (4.15%), Apollo Hospitals Enterprise (1.3%), Biocon (0.56%), Cadila Healthcare (0.38%), and Divis Laboratories (0.23%).
§ The Auto index jumped 0.90%. Major gainers were Apollo Tyres (1.99%), Ashok Leyland (1.55%), Hero Honda Motors (0.96%), Bajaj Auto (0.88%), and Exide Industries (0.06%).
§ The Realty index dipped 1.32%. Major losers were Anant Raj Industries (2.15%), D L F (1.68%), Housing Development and Infrastructure (0.76%), D B Realty (0.67%), and Ackruti City (0.53%).
§ Globally, while Asian markets ended mixed, Europe was trading lower.
No comments:
Post a Comment