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SHARE NEWS 24th May 2006
SENSEX RECOVERS AFTER THE HIGHEST SECOND BLACK MONDAY INTRA DAY FALL OF 1112 TO END THE DAY AT 10823 BY BOUNCING BACK BY 341 POINTS. NIFTY INCREASED BY 118 POINTS TO CLOSE AT 3199.
MARKET ANALYSIS
After an initial see-saw like movement in the morning yesterday, it was rather a stable market that regained back 38% of its losses. The volumes were however lower than what was recorded on Monday. The market breadth turned positive. Repeated assurance from the Finance Minister helped the markets to regain lost ground.
It would be prudent to stay invested in the market and opt for less risk avenues of investment like options. Futures traders are advised to venture into the market with strict stop losses. Hedging positions suitably at the right point of time would avert any major down fall in the future.
INDEX MOVEMENTS
The reversal bar formation and the momentum indicators in the oversold territory is likely to bring about a relief rally to 3310 beyond which it can move to 3340. The Nifty is gaining momentum in the short term and is heading towards the intermediary resistance at 3270. It is advisable to buy on dips with a stop below 2997.
The Bank Nifty can move upto 4450 as part of the current upmove before correcting again. Long positions are advised with the above mentioned level as the target.
MARKET NEWS
· L&T wins Rs.3.47 billion order from Kerala
· Government to raise petrol, diesel prices in 2-3 days
·
· Lupin, Cipla, Sun Pharma get USFDA nod
· Markets bounce back
· Crompton Greaves Q4 net surges 38%
· Hindalco proposes Rs.7700 crore smelter plant in MP
DELIVERY PICKS
SCRIP | BUY ABOVE |
RELIANCE | 980.00 |
MID CAP STOCKS
SCRIP BUY | ABOVE |
SMALL CAP STOCKS
SCRIP | BUY ABOVE |
LIQUIDATE
SCRIP | SELL BELOW |
FUTURE OPTIMISM
SCRIP | VIEW | STRATEGY |
GRASIM FUTURES | BULLISH | BUY @ 1878.25 TARGET 1926 – STOP < 1830 |
RELIANCE FUTURES | BULLISH | BUY @ 953.50 TARGET 973 – STOP < 933.50 |
CASH MARKET – SHORT TERM
SCRIP | VIEW | STRATEGY |
GAIL | BULLISH | BUY @ 237.75 TARGET 241 – STOP < 234 |
Courtesy: Prognosis Consultancy Services |
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