06 December 2010

Market Outlook- Angel Broking, India Research December 6, 2010

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Markets Today
The trend deciding level for the day is 19,971/5,994 levels. If NIFTY trades
above this level during the first half-an-hour of trade then we may witness a
further rally up to 20,064–20,161/6,024-6,055 levels. However, if NIFTY
trades below 19,971/5,994 levels for the first half-an-hour of trade then it may
correct up to 19,873–19,780/5,963-5,933 levels.




Dealer’s Diary
The key benchmark indices closed flat as the market took a breather after
strong gains in the previous four trading sessions. However, intraday volatility
was high. The key benchmark indices swung between gains and losses at the
onset of the trading session. The market edged higher to hit a fresh intraday
high in morning trade; however, indices once gain slipped into the red in
mid-morning trade. The indices moved between the positive and negative
terrains near the flat line in early afternoon trade. Finally, the Sensex and Nifty
ended with losses of 0.1% and 0.3%, respectively. BSE mid-cap and small-cap
indices suffered steep losses, closing down by 2.3% and 3%, respectively.
Among the front liners, Hero Honda, Cipla, Jindal Steel, M&M and HUL gained
1–3%, while DLF, Reliance Infra, JP Associates, Sterlite Inds and ACC lost 2–5%.
Among mid caps, Manappuram General Finance, Shree Renuka Sugars, HMT,
Jet Air India and Jyothy Lab gained 2–4%, while Welspun Corp, Ackruti City,
KS Oils, Videocon and MVL lost 10–27%.

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