30 June 2011

June 30, 2011: Market Outlook India Research- Angel Broking,

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Dealer’s Diary
The key benchmark indices opened on a firm note tracking higher Asian shares.
A bout of volatility was witnessed as the key benchmark indices regained
strength after paring gains from 3.5-week highs in morning trade. The market
surged to 6.5-week high in mid-morning trade but trimmed gains in early
afternoon trade. The market held firm in mid-afternoon trade and surged to
fresh intraday high in late trade. The key benchmark indices extended gains in
late trade as world stocks rose, buoyed by hopes that the Greek parliament will
vote in favour of additional austerity measures with the Sensex and Nifty ending
up by 1.1% and 1.0%, respectively. The mid-cap and small-cap indices also
closed in green, up by 0.8% and 1.0%, respectively. Among the front-runners,
Sterlite Industries, ITC, HUL, HDFC Bank and Reliance Infra gained 2–4%,
while ONGC, Bajaj Auto, Jaiprakash Associates, DLF and M&M lost 0–2%.
Among mid caps, KS Oils, Bata India, Shree Renuka Sugars, Page Industries
and Hathway Cable gained 7–16%, while Bajaj Holdings, GTL, Kirloskar Oil
Engine, S Kumar Nation and J&K Bank lost 3–5%.
Markets Today
The trend deciding level for the day is 18,654/5,592 levels. If NIFTY trades
above this level during the first half-an-hour of trade then we may witness a
further rally up to 18,755 –18,817/5,617–5,634 levels. However, if NIFTY
trades below 18,654/5,592 levels for the first half-an-hour of trade then it may
correct up to 18,592–18,491/5,575–5,550 levels

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