Market Outlook June 7, 2011; Angel Broking, India Research

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Dealer’s Diary
The key benchmark indices registered small gains in a volatile trading session.
The market edged lower in early volatile trade as Asian stocks fell. Volatility
continued as the key benchmark indices weakened once again after recovering
from the day's lows in morning trade. The market hit one-week low in
mid-morning trade. The market trimmed losses in early afternoon trade.
Volatility was high as intraday recovery gathered steam in afternoon trade.
The market moved into the positive zone in mid-afternoon trade. The market
trimmed gains after hitting fresh intraday high in late trade with the Sensex and
Nifty closing up by 0.2% and 0.3%, respectively. The mid-cap index closed
down by 0.3%, while the small-cap index gained 0.2%. Among the front
runners, Cipla, HDFC, HDFC Bank, TCS and Infosys gained 1–2%, while
JP Associates, Hindalco Inds, Bajaj Auto, M&M and ONGC lost 1–3%. Among
mid caps, UTV Software, Berger Paints, Raymond, Glodyne Tech and Cox Kings
gained 6–10%, while Standard Chartered, Sterling Intl., Sunteck Realty, Bayer
Crop. and HT Media lost 4–18%.
Markets Today
The trend deciding level for the day is 18,379/5,518 levels. If NIFTY trades
above this level during the first half-an-hour of trade then we may witness a
further rally up to 18,500–18,579/5,557–5,581 levels. However, if NIFTY
trades below 18,379/5,518 levels for the first half-an-hour of trade then it may
correct up to 18,299–18,179/5,494–5,455 levels.