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16 February 2011

Market Outlook -Angel Broking, India Research February 16, 2011

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Dealer’s Diary
The key benchmark indices opened positive but soon slipped into red. The
volatility was high throughout the day. The market soon regained the positive
zone but slipped once again into the negative zone in morning trade. The
market hit fresh intraday low but recovered soon after to trim some of its losses.
This recovery was short-lived as the key benchmark indices formed fresh
intraday lows. The market then rebounded sharply to form fresh intraday high
in early afternoon trade. The key benchmark indices pared some gains but once
again regained strength to form fresh intraday highs in mid-afternoon trade.
The key benchmark indices pared gains in late trade but managed to close in
green. The Sensex ended the day up by 0.4%, while the Nifty closed higher by
0.5%. The mid-cap and small-cap indices ended lower by 0.1% and 0.6%,
respectively. Among the front liners, RCOM, RIL, Tata Motors, Bajaj Auto and
Tata Power gained 2–4%, while Jaiprakash Associates, Hindalco Industries,
DLF, BHEL and L&T lost 2–3%. Among mid caps, STC, Jai Corp., Prakash
Industries, Strides Arcolab and HMT gained 5–16%, while DEN Network, Triveni
Engineers, Cox & Kings, Kirloskar Brothers and Jubilant Life lost 5–7%.

Markets Today
The trend deciding level for the day is 18,229/5,465 levels. If NIFTY trades
above this level during the first half-an-hour of trade then we may witness a
further rally up to 18,407-18,540/5,522–5,563 levels. However, if NIFTY
trades below 18,229/5,465 levels for the first half-an-hour of trade then it may
correct up to 18,096–17,918/5,424–5,367 levels

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