Market Outlook - July 15, 2011: Angel Broking,

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Dealer’s Diary
The market edged lower in early trade reacting to three serial bomb blasts in
Mumbai on Wednesday evening. A bout of volatility was witnessed as the key
benchmark indices trimmed losses after hitting fresh intraday lows in morning
trade. The market further trimmed intraday losses in mid-morning trade. The
market moved into the positive zone in early afternoon trade before surging in
the afternoon trade. The indices trimmed gains after hitting fresh intraday high
in mid-afternoon trade. High volatility was witnessed in late trade as the key
benchmark indices gave up strong intraday gains. The Sensex and Nifty closed
with gains of 0.1% and 0.3%, respectively. The mid-cap and small-cap indices
closed with gains of 0.4% and 0.2%, respectively. Among the front runners,
DLF, Tata Motors, Cipla, ICICI and SBI gained 1–3%, while TCS, Infosys,
RCOM, Bajaj Auto and ONGC lost 1–2%. Among mid caps, SpiceJet, PTC
India, Supreme Inds, Cholamandalam Investment and Finance, and IRB Infra
gained 5–8%, while SKS Microfinance, GSPL, Godfrey Philips, Himadri
Chemical and KGN Industries lost 3–10%.
Markets Today
The trend deciding level for the day is 18,596/5,584 levels. If NIFTY trades
above this level during the first half-an-hour of trade then we may witness a
further rally up to 18,866–19,114/5,670–5,741 levels. However, if NIFTY
trades below 18,596/5,584 levels for the first half-an-hour of trade then it may
correct up to 18,348–18,079/5,513–5,427 levels.