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9am with Emkay |
n Dealer Comments
The markets started the day’s session on a positive note with almost 60 odd point’s upward gap tracking subdued cues from the global markets particularly the Asian markets. Post positive opening markets gyrated in a very narrow range till almost closing bell and in the last half hour of trade saw a steep move upwards. Today post announcement that GOM were scheduled to meet on January 5, 2011 to discuss a possible decontrol of the urea prices led good buying in fertilizer stocks with RCF, National Fert, Chambal Fert, Nagarjuna Fert and SPIC edging higher. The day’s rally was mainly led by good buying in consumer durables, technology, realty, capital goods and metal stocks. Today’s rally was seen despite weak cues from the Asian and the European markets. Total turnover was low when compared to previous F&O expiry days. So, one cannot read too much into the advance of the last two days. The next few sessions could again be choppy and rangebound before things start to pick up. Finally the markets closed the day on a positive note for second day in a row towards the end at almost day’s highs with Sensex gaining 133 points or 0.66% higher to settle at 20389 levels while Nifty gained 42 points or 0.68% higher to settle at 6102 levels. The overall market breadth indicating the strength of the market was positive as broader markets witnessed good buying action with Midcap index and Smallcap index gaining almost 0.65% each and was at almost 1.3 x. The overall traded volumes were quite higher compared to the earlier day by almost 37% and were at Rs 1881 bn. While delivery based volumes were also higher compared to the earlier day at 44.7% of the total traded turnover. Among the Fund activities FII’s were net buyers to the tune of Rs 5.96 bn on 29th December 2010. While on 30th December 2010 FII’s were net buyers to the tune of Rs 21.86 bn in the cash segment while in the F&O segment FII’s were net buyers to the tune of Rs 1.84 bn while Domestic Funds were also net sellers to the tune of Rs 8.48 bn.
n Technical Comments
Above 6100
After consolidating for the major part of the day, finally Nifty broke on upside to close the December settlement above 6100-mark. Since Nifty has cleared one of the two resistance line (grey one) and has also made a higher high on daily charts, the outlook still remains positive and we can see some more upsides upto 6140 to 6150 levels. However, unless 6150 (which is the hurdle of the yellow resistance line) is surpassed upside in this ongoing up-move seems to be limited.
BSE Capital Goods:
BSE Capital Goods index has given a close above its 20-DSMA and hence in the near future this index can rise upto 15560 level, which is the resistance of the upper Bollinger band.
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