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9am with Emkay |
n Dealer Comments
The markets once again did start the day’s session on a marginal positive note with just 30 odd points upward gap tracking subdued cues from the global markets particularly the Asian markets. But immediately indices slipped in the red and slipped almost 200 odd points at very onset of the trading session. Around 11 am markets made a very brave attempt to recover the lost ground but couldn’t succeed as it was met with more aggressive selling at those recovered levels. As if Friday's ferocious slide was not enough, the bulls got yet another jolt at the start of the new week on Monday that too on another heavy volume day. So quite clearly, the bulls continue to be under tremendous pressure as FII’s slowly taking some profit off the table after last year's solid gains. With inflation showing no signs of abating, key interest rate hike on the card to tame the rising inflation, policy stalemate at the centre and few concerns on macro economic front ahead of the release of the IIP data and December’s inflation report continues to weigh on the sentiments as of now. Initially banking stocks saw some buying interest but once again got hammered very badly in the second half of the session with most of the heavy weights banking stocks losing very badly. Even the stocks from the capital goods space saw good selling pressure for the day. Besides, selling was also witnessed in auto, metal, consumer durables and oil & gas stocks. Once again one important thing to observe was that the day’s loss was broad based as even the midcap and smallcap stocks were not saved from the carnage for straight second day with the AD ratio being negative 4 x. Finally both the benchmark indices Sensex and Nifty have lost more than 1400 and 400 points in last six trading session. The overall traded volumes were quite higher compared to the earlier day by almost 30% odd and were at Rs 1778 bn. While delivery based volumes were also higher compared to the earlier day at 44.4% of the total traded turnover. Among the Fund activities FII’s were net sellers to the tune of Rs 9.67 bn while Domestic Funds were net buyers to the tune of Rs 5.35 bn respectively on 7th January 2011. While on 10th January 2011 FII’s were net sellers to the tune of Rs 11.38 bn in the cash segment while in the F&O segment FII’s were net buyers to the tune of Rs 20.13 bn while Domestic Funds were net buyers to the tune of Rs 10.18 bn.
n Technical Comments
Weak start to the week
Following the previous week’s downtrend, Nifty started the second week of January, 2011with a free-fall across the board. It continued its losing streak for the fifth consecutive session, and violated the lower boundary of the trend channel packed at 5790 on closing basis, which means that the current fall can extend upto 200-DSMA packed at 5600. However, as the hourly chart of Nifty is fairly oversold, we feel that in the coming session a 38.2% (packed at 5908) bounce of the recent fall is quite possible.
Bank Nifty:
Since Bank Nifty (currently @ 10666) has met our mentioned target of 10,700-level and has also broken its 200-DSMA, we may see extensions in this ongoing fall. However, looking at the hourly chart, which is quite oversold, we may see a short term bounce from current levels and that will be a good opportunity to add fresh shorts.
n Results Today
Pfizer |
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