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n Dealer Comments
The markets started the day’s session on marginal positive note with 30 odd point’s upward gap tracking weak to subdued cues from the global markets particularly the mixed Asian counterparts. After a sluggish start markets gathered steam with each passing hour and kept on surging northbound till the closing bells. The day’s rally was mainly led by slew of positive news flows like rising exports, expanding manufacturing sector growth, better auto sales numbers for November and government’s divestment program getting better response helped boosting the market sentiments. Metal and mining stocks good buying action across the board post strong investor response to the MOIL FPO issue. Even once again today banking stocks were buzzing with good buying action across the space particularly the 9 PSU banks in anticipation of government okaying to recapitalize them and in anticipation of a strong credit offtake going ahead. Besides the day’s rally was supported by good buying in recently battered realty stocks, capital goods, power, select auto and oil & gas companies stocks. Overall markets have witnessed a smart pull back in last three days with sensex regaining almost 700 odd points. Finally the markets closed the day on a positive note towards the end at almost day’s highs with Sensex gaining 329 points or 1.68% higher to settle at 19850 levels while Nifty gained 98 points or 1.67% higher to settle at 5961 levels. The overall traded volumes were slightly lower compared to the earlier day by almost 15% and were at Rs 1194 bn. While delivery based volumes were marginally lower compared to the earlier day at 39% of the total traded turnover. Among the Fund activities FII’s were net buyers to the tune of Rs 11.89 bn while Domestic Funds were net sellers to the tune of Rs 3.05 bn respectively on 30th November 2010. While on 1st December 2010 FII’s were net buyers to the tune of Rs 4.91 bn in the cash segment while in the F&O segment FII’s were net buyers to the tune of Rs 16.71 bn while Domestic Funds were net sellers to the tune of Rs 2.00 bn.
n Technical Comments
6050 – Key pivot
Equity benchmarks closed another session on a strong note – Nifty held 5950 level at close on Wednesday by rising 98 points. Indices consistently maintained their uptrend this week. Buying nearly in all sectors and positive global cues were the supportive factors for today's rally. Also the hurdle of internal trendline is taken out by Nifty and now the next key pivot to watch out for is 6050, which is the resistance of 50-DSMA.
BSE Bankex:
BSE Bankex continue to maintain its up surge and now the next pivot to watch out for is 14202, which is barrier of 20-DSMA. Once that is surpassed, the probability of BSE Bankex going all the way upto the previous swing high will increase.
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