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22 September 2011

MARKET REPORT - September 22, 2011: Angel Broking

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Dealer’s Diary
The key benchmark indices nudged higher in early trade as most Asian
stocks rose and swung between gains and losses later. The market slipped
into the red to hit a fresh intraday low in morning trade, reversing direction
after hitting a 1.5-week high, and then alternately moved between the
positive and negative terrain in mid-morning trade. A bout of volatility was
witnessed in early afternoon trade as the key benchmark indices alternately
swung between the positive and negative zone. The market recovered after
hitting a fresh intraday low in early afternoon trade but once again
weakened in mid-afternoon trade on eurozone debt worries. The key
benchmark indices nudged lower amid intraday volatility on eurozone debt
worries, with the Sensex and Nifty closing down by 0.2% and 0.1%,
respectively. A rally in a number of side counters was the highlight of the
day's trading session. The mid-cap and small-cap indices closed up by 0.7%
each. Among the front runners, ICICI Bank, Jaiprakash Associates, Coal
India, Wipro and SBI gained 1–2%, while Hero MotoCorp, Hindalco
Industries, Maruti Suzuki, RIL and Bajaj Auto lost 1–3%. Among mid caps,
Prism Cement, Strides Arcolab, Glodyne Technoserve, Bajaj Hindustan and
JSL gained 7–13%, while Responsive Industries, Himadri Chemicals, Rajesh
Exports, India Infoline and A2Z Maintenance and Engineering lost 2–5%.

Markets Today
The trend deciding level for the day is 17,086/5,137 levels. If Nifty trades
above this level during the first half-an-hour of trade then we may witness a
further rally up to 17,171–17,276/5,164–5,196 levels. However, if Nifty
trades below 17,086/5,137 levels for the first half-an-hour of trade then it
may correct up to 16,980–16,895/5,106–5,079 levels.

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