Market Outlook - July 19, 2011 -Angel Broking,

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Dealer’s Diary
The market edged lower in early trade as US index futures dropped. A bout of
volatility was witnessed as the key benchmark indices pared gains after hitting
fresh intraday highs in morning trade. The market regained the positive terrain
after slipping into red once again in mid-morning trade. The market once again
slipped into red in early afternoon trade as most Asian stocks fell. The market
hit a fresh intraday low in afternoon trade as European shares dropped in early
trade. The market hovered in red in mid-afternoon trade. Volatility ruled the
roost in late trade as the market hit a fresh intraday low. The Sensex and Nifty
closed with losses of 0.3% each. The mid-cap index ended higher by 0.2%,
while the small-cap index closed with gains of 0.4%. Among the front runners,
Hindalco Industries, BHEL, Tata Power, HDFC Bank and HDFC gained 1–3%,
while TCS, Tata Motors, Cipla, Mahindra & Mahindra and RCom lost 1–2%.
Among mid caps, Himadri Chemicals, Godfrey Phillips, Sujana Towers,
TTK Prestige and Alstom Projects gained 6–14%, while KGN Industries, Amtek
Auto, GTL, Motilal Oswal and Zydus Wellness lost 3–5%.
Markets Today
The trend deciding level for the day is 18,533/5,572 levels. If NIFTY trades
above this level during the first half-an-hour of trade then we may witness a
further rally up to 18,597 – 18,686/5,592 – 5,617 levels. However, if NIFTY
trades below 18,533/5,572 levels for the first half-an-hour of trade then it may
correct up to 18,444 – 18,380/5,546 – 5,526 levels.