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The markets started the day’s session on a very optimistic note with almost 125 odd point’s upward gap led by strong global cues particularly the strong trading by the Asian markets. The recent rally in the markets is definitely led by the huge inflows by FII’s and massive liquidity in the systems and better than expected corporate earnings so far. Post good and firm opening markets trimmed the initial gains but soon gained momentum in last hour of trade to close in the green. The day’s rally was mainly led by buying in select financials, auto, metal, cement and healthcare stocks while selling in fmcg and it stocks capped the gains to some extent. The overall traded volumes were higher compared to the earlier day by almost 11% and were at Rs 1806 bn. While delivery based volumes were also higher compared to the earlier day at 45.1% of the total traded turnover. Among the Fund activities FII’s were net buyers to the tune of Rs 7.05 bn on 22nd October 2010. While on 25th October 2010, FII’s bought shares worth Rs. 5.87 bn in cash segment (provisional) while in the F&O segment they were net buyers to the tune of Rs 7.45 bn whereas Domestic Funds sold shares worth Rs. 3.86 bn (provisional).
n Technical Comments
Selling pressure at 50% retracement level
Equity benchmarks bounced back on Monday after witnessing a sell-off in the previous session on Friday. The support was led by financial, cement, auto, healthcare and select metal companies' shares along with Reliance Industries, TCS, NTPC, Bharti and HUL, which held the Nifty above 6100 level during the day. However, we still feel that the rise from the low of 5966 is only the part of the corrective rally, which is expected to die in a session or two as the current range remains within the band of 6000-6150. Moreover, Nifty witnessed selling pressure at 50% retracement level of the recent fall, which is also signaling that the downtrend will soon resume.
BSE Auto:
BSE Auto index is trading within a narrow range of 200 odd points, whose upper boundary is packed at 9885 and lower boundary is packed at 9682. Hence, the breakout from either side of the range will confirm the next move, whether up or down! However, looking at the hourly price movement and the slope of the averages, probability of an upside breakout is quite high.
n Results Today
Birla Corpn. | Bosch | Central Bank | DCM Shriram Con. | Deepak Fert | Dena Bank |
Dish TV | Guj Alkalies | HCL Infosystems | Jindal Steel | JSW Steel | Jyoti Structures |
M R P L | Marico | NOCIL | NTPC | Raymond | SRF |
Sterlite Inds. | Tata Inv.Corpn. | Tech Mahindra | Tinplate Co. | TRF | TV 18 India |
UltraTech Cem. | United Phosp. | Voltas |
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