Market Outlook-Angel Broking, India Research January 19, 2011

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Markets Today

The trend deciding level for the day is 19,049/5,709 levels. If Nifty trades

above this level during the first half-an-hour of trade then we may witness a

further rally up to 19,164-19,236/5,746-5,768 levels. However, if Nifty trades

below 19,049/5,709 levels for the first half-an-hour of trade then it may correct

up to 18,977-18,862/5,687-5,649 levels.

Dealer’s Diary
The key benchmark indices opened Tuesday’s session on a positive note, with
the market breadth being strong. Higher Asian stocks also underpinned
sentiments. The key benchmark indices further pared gains to hit fresh intraday
lows in mid-morning trade as index heavyweight Reliance Industries reversed
initial gains, but the market regained strength in early afternoon trade as higher
Asian markets supported domestic bourses. The key benchmark indices held the
positive zone in mid-afternoon trade as European stocks edged higher and
surged to hit fresh intraday highs in late trade on firm global stocks with the
Sensex and Nifty ending up by 1.1% and 1.2%, respectively. The mid-cap index
closed 0.5% higher, while the small-cap index closed 0.3% higher. Among the
front liners, TCS, Sterlite Industries, Jindal Steel, Wipro and Cipla gained 2.5–
5.5%, while Reliance Infrastructure, Tata Power, Bharti Airtel, HDFC and DLF
lost 0.5–5.0%. Among mid caps, Opto Circuits, ING Vysya Bank, Shoppers
Stop, Gitanjali Gems and Polaris Software gained 5–11%, while Bata India,
Amara Raja Batteries, Glenmark Pharma, Kirloskar Brothers Investments and
Coromandel International fell 4–8%.