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9am with Emkay |
n Dealer Comments
The markets did start the day’s session on a positive note with almost 65 odd point’s upward gap tracking subdued cues from the global markets particularly the mixed Asian counterparts. Post good opening markets exhibited a very range bound movement till almost noon time with indices trading around the dotted lines. Post eased inflation figure at 7.5% for the month of November 2010, good buying emerged in the markets particularly the banking stocks as fears of further rate tightening by RBI in its review meeting on Thursday 16th eased out and focus on loosening of cash crunch. Even hopes of better Q3 advance tax figures by corporates tomorrow further aided the buying momentum in the markets. Once again the broader markets outperformed the major indices showing that still bargain hunting is still on post good rundown in last so many trading sessions. Today markets saw good buying in the Metal space for second day in a row on hopes of steel price hike buzz and demand to remain robust going ahead. Going ahead markets will continue to be driven by the news of the day, sometimes positive and sometimes negative but the only console is that the underlying sentiment and the outlook growth story shall continue to remain positive. Finally the markets closed the day on a positive note towards the end near almost day’s highs with Sensex gaining 107 points or 0.55% higher to settle at 19799 levels while Nifty gained 36 points or 0.62% higher to settle at 5944 levels. The overall traded volumes were quite lower compared to the earlier day by almost 26% and were at Rs 1059 bn. While delivery based volumes were almost flattish compared to the earlier day at 38.1% of the total traded turnover. Among the Fund activities FII’s were net sellers to the tune of Rs 2.48 bn while Domestic Funds were net buyers to the tune of Rs 3.26 bn on 13th December 2010. While on 14th December 2010 FII’s were net buyers to the tune of Rs 0.33 bn in the cash segment while in the F&O segment FII’s were net sellers to the tune of Rs 12.72 bn while Domestic Funds were net buyers to the tune of Rs 3.49 bn.
n Technical Comments
Nifty recovers 200 pts in 3 days
Nifty ended on a positive note after weak start in the opening bell. The pullback rally which started on Friday further gained strength today. Nifty is now slowly inching towards 6000 mark after testing lows of 5740 on Friday. However, in the range of 5940-5950, it is constantly facing some selling pressure. Hence that range needs to be monitor closely. Once the range is surpassed, we will be heading for our short term bias of 6069 level. Any dip toward 20-HSMA packed at 5876, should be used as a buying opportunity for the target of 6000 plus level.
BSE Bankex:
BSE Bankex is struggling at the resistance of 50-HEMA and hence in the coming session we may see some profit booking activity in the banking stocks. The target of this index is packed at 11,300-level as of now.
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