Thursday, June 01, 2006

INDIAN SHARE SCENARIO 01.06.2006

 

 

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SHARE NEWS 1st June 2006

 

SENSEX  CLOSED AT 10399 SHEDDING 388 POINTS. SENSEX TOTAL FALL FOR THE MONTH OF MAY WAS 1644 POINTS, i.e. 13.7%.

NIFTY FELL BY 114  POINTS TO CLOSE AT 3071.

RUPEE UNDER PRESSURE HAS TUMBLED TO A NEW LOW OF 46.36.

 

MARKET ANALYSIS

The market could stage a recovery after yesterday’s sharp fall and the positive cues from the international markets. However, given the current bearish outllok in the intermediate timeframe, the upmove that we are likely to witness may only be temporary in nature. It may be a matter of time before the market starts seeking lower levels once again. Hence, only intra-day traders may try to capitalize the upmove. Position traders may allow the upmove to fade and then resort to short selling once again.


INDEX MOVEMENTS
The Nifty is losing momentum and is likely to head towards 2973.  On breaching this level the index is likely to head lower to 2897. In the short term charts the Nifty has formed a reversal formation suggesting that a rise is probable to 3110 followed by 3144 on holding above 3080.

The Bank Nifty broke through the support zone with a gap and never looked like moving above it. This is an indication of weakness. The index is likely to move lower. Short selling would be preferred at higher levels.

 

The CNX IT may try to move up to 3941 before succumbing to selling pressure.

 

MARKET NEWS

·        Q4 GDP at 9.3% on better farm output

·        Rupee hits 3-month low

·        Infosys invests 1.2% of total revenues on R&D in FY06

·        NOCIL Q4 net profit at Rs.1.43 crores

·        Tata Chemicals Q4 net down at Rs. 64.4 crores

·        Infosys says rupee volatility a concern

·        Dr.Reddy posts Q4 net loss, sets 1:1 bonus

 


DELIVERY PICKS

SCRIP

BUY ABOVE

HDFC BANK

775.00


MID CAP STOCKS

SCRIP BUY

ABOVE

 

 


SMALL CAP STOCKS

SCRIP

BUY ABOVE

 

 


LIQUIDATE

SCRIP

SELL BELOW

DABUR

131.00

KOCHI REFINERIES

158.00

L&T

2300.00

LUPIN LABS

1015.00

PNB

400.00

 

FUTURE OPTIMISM

SCRIP

VIEW

STRATEGY

ARVIND MILLS FUTURES

BEARISH

SELL < 73.25 TARGET 71.65 – STOP > 74.85

IDBI FUTURES

BEARISH

SELL < 69.40 TARGET 68  – STOP > 70.90


CASH MARKET – SHORT TERM

SCRIP

VIEW

STRATEGY

BPCL

BEARISH

SELL @ 395 TARGET  392 – STOP > 398.10

HPCL

BEARISH

SELL < 304 TARGET 291 – STOP > 317.75

ITC

BEARISH

SELL < 162.50 TARGET 157.75 – STOP > 167.50

OBC

BEARISH

SELL < 201.20 TARGET 187.30 – STOP > 215.10

PNB

BEARISH

SELL < 402 TARGET 398 – STOP > 406.25

 

Courtesy: Prognosis Consultancy Services

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