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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 |
| | 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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