27 June 2011

June 27, 2011:: Angel Broking, Market Outlook India Research

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Dealer’s Diary
The key benchmark indices advanced in early trade on firm Asian stocks and
extended initial gains to hit one-week high in the morning trade. The market
regained strength after trimming gains from the day's high in mid-morning
trade. The market once again trimmed gains after surging to its highest level in
more than a week in early afternoon trade and held firm in afternoon trade as
European markets opened on a firm note. The market surged to a fresh
intraday high in mid-afternoon trade. The market galloped to settle near the
day's highs buoyed by firm world stocks with the Sensex and Nifty closing up by
2.9% and 2.8%, respectively. The mid-cap and small-cap indices also closed in
green, up 2.3% and 1.8%, respectively. Among the front-runners, Hero Honda,
SBI, Jaiprakash Associates, HDFC and L&T gained 4–6%, while only Reliance
Infra and Reliance Industries closed in red, losing 0–1%. Among mid caps,
SpiceJet, Jet Air India, Godfrey Philips, Sobha Developers and OnMobile Global
gained 8–20%, while Jyothy Labs, Redington India, India Cements,
SKS Microfinance and DB Realty lost 1–5%.
Markets Today
The trend deciding level for the day is 18,082/5,397 levels. If NIFTY trades
above this level during the first half-an-hour of trade then we may witness a
further rally up to 18,427–18,614 /5,552–5,632 levels. However, if NIFTY
trades below 18,082/5,397 levels for the first half-an-hour of trade then it may
correct up to 17,896–17,551/5,317–5,163 levels.

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