Hi to all,
- BSE for Sensex movements and Stock market updates.
- NSE Nifty for latest updates and announcements.
- The Hindu - Indian National Newspaper.
- Tamil Daily - Dina Thanthi - Tamil Newspaper - Tamil Nadu.
- Yahoo Mail! to sign into your yahoo mail account.
- Google News is a online automated updated news site.
- Shopping Froogle shopping site.
- Free Downloads downloads site Softpedia.com.
- Home Page Blogger
SHARE NEWS 17th May 2006
SECOND SUCCESSIVE SENSEX CRASH OF 576 POINTS TO 11379 SEEN AS A CORRECTION; SENSEX RECOVERED REMARKABLY DURING CLOSING STAGE AND ENDED 51.53 POINTS IN THE GREEN AT 11874. NIFTY ALSO CLOSED HIGHER AT 3523.
RUPEE SLID FURTHER AT 45.52 AGAINST THE DOLLAR. METALS MADE A GOOD RECOVERY AFTER YESTERDAY’S FALL.
MARKET ANALYSIS
The market made a smart recovery after dropping more than 1300 points from the top that the Sensex just four sessions back. It may be a bit early to confirm the beginning of the upmove since today’s market movement would be a critical factor in deciding the directional bias. One could play it safe today by taking positions with strict stop losses. If the market registers a higher close, the worst may be over and market could to reach the top once again. But if it does not do so today, the market may slip back into a correction mode.
INDEX MOVEMENTS
The Nifty is likely to head towards the resistance at 3592 followed by 3627. Intermediary resistance at 3578 has to be surpassed for the market to maintain momentum. The Nifty is likely to take support at 3450 in the near term.
Long positions on the Bank Nifty may be contemplated on a close above 4725. If a lower close is registered today, the index could turn weak and in the intermediate timeframe, it could move towards the trading zone bottom at 4380.
The CNX IT has a chance of staging an upmove as long as it holds above 4275. Traders may place a stop below this level and hold on to long positions for the time being.
MARKET NEWS
· Dr.Reddy’s launches drug for asthma, COPD
· Fiscal deficit can be cut to 3% of GDP: FM
· LVB Q4 net down at Rs.14.23 crores
· Dabur to issue up to $25 million in shares, debentures
· Punj Lloyd bags Rs.138 crore contract
· GV Films to acquire television channel
· Salora International to set up a JV firm
DELIVERY PICKS
| SCRIP | BUY ABOVE |
| |
|
MID CAP STOCKS
| SCRIP BUY | ABOVE |
| KESORAM INDS | 271.80 |
| MANGALAM CEM | 199.00 |
| PRAJ | 201.60 |
| SAIL | 89.60 |
| SHREE CEM | 1040.00 |
| GVK POWER | 324.00 |
SMALL CAP STOCKS
| SCRIP | BUY ABOVE |
| GUJ SIDHEE CEM | 22.10 |
| VASISHTI DET | 25.40 |
LIQUIDATE
| SCRIP | SELL BELOW |
| HPCL | 319.00 |
| OBC | 230.25 |
FUTURE OPTIMISM
| SCRIP | VIEW | STRATEGY |
| ONGC FUTURES | BULLISH | BUY @1360 TARGET 1371 – STOP< 1349 |
CASH MARKET – SHORT TERM
| SCRIP | VIEW | STRATEGY |
| HLL | BULLISH | BUY > 273.50 TARGET 278.50 – STOP < 268.25 |
| Courtesy: Prognosis Consultancy Services |
No comments:
Post a Comment