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21 January 2011

Market Outlook-Angel Broking, India Research January 21, 2011

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Markets Today
The trend deciding level for the day is 18,981/5,692 levels. If Nifty trades
above this level during the first half-an-hour of trade then we may witness a
further rally up to 19,166–19,286/5,749–5,787 levels. However, if Nifty trades
below 18,981/5,692 levels for the first half-an-hour of trade then it may correct
up to 18,861–18,675/5,654–5,597 levels.



Dealer’s Diary
The key benchmark indices edged lower in early trade in Thursday’s session on
weak Asian stocks. A bout of volatility was witnessed as key benchmark indices
trimmed losses in morning trade. The key benchmark indices weakened once
again after recovering sharply to hit fresh intraday highs in mid-morning trade,
as weak Asian stocks dampened sentiment. The market extended losses in early
afternoon trade and hit a fresh intraday low in afternoon trade. Bank stocks led
a sharp intraday rebound on the bourses, which turned positive to hit fresh
intraday high in mid-afternoon trade. The key benchmark indices closed with
small gains in a choppy trade, shrugging off weak global stocks, with the
Sensex and Nifty closing up by 0.4% each. The mid-cap index closed up by
0.1%, while the small-cap index closed 0.04% up. Among the front liners,
ICICI Bank, Jindal Steel, HDFC Bank, RCOM and TCS gained 1–3%, while ITC,
ONGC, Bajaj Auto, RIL and Bharti Airtel lost 1–2%. Among mid caps, Britannia
Industries, Sterling International, Mahindra & Mahindra Finance,
Orchid and SRF gained 5–9%, while Torrent Pharma, Kirloskar Brothers,
HCL Infosystems, Kirloskar Oil Engines and Thermax fell 4–6%.

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