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9am with Emkay |
Contents
n Dealer Comments
The markets started the day’s session on negative note with 60 odd point’s downward gap despite firm cues from the global markets particularly the Asian markets mainly led by disappointing set of result by Infosys. Post weak opening markets did make an attempt to recover the initial lost ground but again was met with selling pressure at those levels. Once again bears crowded the markets after Wednesday’s attempt by bulls to regain control over the market. Just as we sensed a sigh of relief after yesterday’s short covering in the Nifty and stocks future, today once again we saw fresh short built up in banking, technology stocks and also Nifty. Wednesday’s star performers the rate sensitive stocks today took huge beating as profit booking chipped in these stocks. The markets are still lurking in danger as inflation is 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 December’s inflation report continue to weigh on the sentiments as of now. After yesterday’s winning session finally the markets closed the day on a negative note towards the end at almost day’s lows with Sensex losing 352 points or 1.80% lower to settle at 19182 levels while Nifty lost 111 points or 1.90% lower to settle at 5752 levels. The overall traded volumes were quite lower compared to the earlier day by almost 18% odd and were at Rs 1701 bn. While delivery based volumes were higher compared to the earlier day at 38.9% of the total traded turnover. Among the Fund activities FII’s were net sellers to the tune of Rs 1.29 bn while Domestic Funds were net buyers to the tune of Rs 2.42 bn respectively on 12th January 2011. While on 13th January 2011 FII’s were net sellers to the tune of Rs 2.49 bn in the cash segment while in the F&O segment FII’s were net buyers to the tune of Rs 5.54 bn while Domestic Funds were net buyers to the tune of Rs 2.42 bn.
n Technical Comments
Inside bar
Bears again took over in today’s session after the bulls attempt to regain control yesterday. Frontline stocks saw heavy butchering in today’s session, due to which Nifty closed with a loss of 111 points at 5751. Moreover, today price action have produce an inside day (A day in which the total price range is entirely within the previous day’s price range) in Nifty, meaning that the security is taking a breather from the ongoing downtrend, or is in the early stages of a counter trend move. However, for confirmation one should look for a break of previous day’s range (i.e. 5875-5711), on either side. But as Nifty is trading at a couple of key support areas, we feel that the previous day’s range (i.e. 5875-5711) will get broken on the upside.
Bank Nifty:
Bank Nifty has still not gone below the previous swing low of 10631 and hence we still feel that this index can surge upto our mentioned target range of 11,200 to 11,400, meaning that today’s move was just a retracement of the previous two sessions rise.
n Results Today
Godrej Propert. | H D F C | REI Agro | Zee Entertainment |
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