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SHARE NEWS 31st May 2006
SENSEX SHOWS SIGNS OF ANOTHER DOWNSLIDE AFTER A GRADUAL UPMOVE. SENSEX CLOSED AT 10787 A FALL OF 67 POINTS AT THE CLOSE.
NIFTY SHED 30 POINTS TO CLOSE AT 3185.
AUTO STOCKS FELL DUE TO CONCERNS OVER RISE IN FUEL PRICES TO ANNOUNCED BY GOVT. SHORTLY AND ALSO INCREASING INTL. OIL PRICES.
CEMENT AND METAL STOCKS TOO FELL SHARPLY.
IT AND CONSUMER GOODS STOCKS PUSHED UP THE INDEX MODERATELY.
MARKET ANALYSIS
The market appears poised for the resumption of the downtrend that was witnessed in the previous week. The technical picture of some of the key stocks is not looking good and this could have an impact on the index. Given the current view, it may be prudent to lighten long positions on upmoves and short sell weak counters on upmoves.
The low consumer confidence index numbers spooked sentiment in the
INDEX MOVEMENTS
The Nifty closed below the 5-DMA making it susceptible to a slide to 3140, the support level. The momentum too has turned weak. Short term charts too indicate weakness creating the probability of the index moving lower to 3013 in the near term. Up moves are likely to face resistance near 3252.
A drop below 4274 is likely to put the Bank Nifty on a downtrend. A close below this level could see the index test the previous bottom at 3972.
MARKET NEWS
· Blue Dart adds 2 Boeing 757s to its fleet
· Ipca Labs Q4 net up 23% yoy
· Rajesh Exports FY 06 net up 54.4% yoy
· Tata Power Q4 net down 19%
· M&M Q4 net below forecast, costs rise
· L&T plans 5 billion rupee spend on new
· Sundaram Fasteners to set up unit in Uttaranchal
· Hero Honda Q4 net rises 29%, beats forecast
· Tata Coffee to tie- up with Beeyu Overseas
DELIVERY PICKS
| SCRIP | BUY ABOVE |
| | |
MID CAP STOCKS
| SCRIP BUY | ABOVE |
| | |
SMALL CAP STOCKS
| SCRIP | BUY ABOVE |
| | |
LIQUIDATE
| SCRIP | SELL BELOW |
| AUROBINDO PHARMA | 599.00 |
| BAJAJ AUTO | 2800.00 |
| BANK OF | 231.00 |
| BONGAIGOAN REFINERIES | 58.50 |
| COLGATE | 371.00 |
| MTNL | 165.50 |
| SCI | 140.00 |
| TATA STEEL | 540.00 |
| TATA TEA | 715.00 |
| VSNL | 397.00 |
FUTURE OPTIMISM
| SCRIP | VIEW | STRATEGY |
| ARVIND MILLS FUTURES | BEARISH | SELL < 78.20 TARGET 74 – STOP > 82.60 |
| SRF FUTURES | BEARISH | SELL < 228 TARGET 219 – STOP > 237 |
| TCS FUTURES | BEARISH | SELL < 1840 TARGET 1800 – STOP > 1880 |
CASH MARKET – SHORT TERM
| SCRIP | VIEW | STRATEGY |
| CIPLA | BULLISH | BUY @ 238.50 TARGET 242 – STOP < 234.40 |
| OBC | BEARISH | SELL @ 212 TARGET 209 – STOP > 215.10 |
| RANBAXY | BEARISH | SELL @ 419.75 TARGET – STOP > 424.25 |
| Courtesy: Prognosis Consultancy Services |
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