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SHARE NEWS 2nd June 2006
SENSEX CLOSED AT 10071 a 3 ½ MONTH LOW, SHEDDING 327 POINTS.
NIFTY FELL BY 109 POINTS TO CLOSE AT 2962.
RUPEE REMAINED STABLE AT 46.36.
MARKET ANALYSIS
The extent of weakness in the market was demonstrated clearly yesterday when positive cues from international markets failed to provide any kind of respite for the bulls. The onslaught is likely to scare even the retail segment of the market. The market could seek lower levels due to the lack of confidence.
With the market so close to previous Monday’s low, the chances of a retest of that level are pretty high. Bulls may have to wait for a retest before contemplating on long positions. Until then, traders may resort to short selling on upmoves.
INDEX MOVEMENTS
The Nifty is heading towards the last projection level at 2877. The index is likely to face resistance at 3025. Short term charts continue to show weakness. The breach of the previous bottom at 2896 is likely to bring a bout of selling. It would be advisable to cover short positions near 2884-2877. A close below 2877 however could push the index lower to 2730.
The Bank Nifty appears to be the weakest among the three indices. Short selling is advised for a retest of the previous bottom at 3972.
The CNX IT is forming bullish divergences and therefore there is a possibility of a corrective upmove. Traders may wait for a close below 3719 before short selling.
MARKET NEWS
· April fiscal deficit at 21.5% of annual target
· GACL May cement sales up 20% yoy
· Cadila gets USFDA ok for anticoagulant drug
· Mercator Lines Q4 net down at Rs.49.4 crores
· EIH net up Rs.37.3 crores
· Britannia Q4 net up at Rs.28.8 crores
·
· Tata power inks with international players to bid for mega power projects
· Hexaware Technologies in alliance with SAS
· Wockhardt gets nod to market Clarithromycin
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 |
| BIOCON | 381.00 |
| CORPORATION BANK | 296.00 |
| HCL TECH | 481.00 |
| HPCL | 285.00 |
| IFCI | 10.10 |
| INDIAN HOTELS | 1101.00 |
| IOB | 81.65 |
| IPCL | 225.50 |
| | 250.00 |
| SAIL | 75.40 |
| VIJAYA BANK | 42.00 |
| ZEE | 219.75 |
FUTURE OPTIMISM
| SCRIP | VIEW | STRATEGY |
| JET AIRWAYS FUTURES | BEARISH | SELL < 705.75 TARGET 681 – STOP > 731 |
| | | |
CASH MARKET – SHORT TERM
| SCRIP | VIEW | STRATEGY |
| ANDHRA BANK | BEARISH | SELL < 71.50 TARGET 69.50 – STOP > 73.55 |
| BANK OF | BEARISH | SELL @ 115 TARGET 113.25 – STOP > 116.75 |
| BHEL | BEARISH | SELL < 1905 TARGET 1895 – STOP > 1915 |
| CANARA BANK | BEARISH | SELL < 227.75 TARGET 224.50 – STOP > 231.10 |
| | | |
| Courtesy: Prognosis Consultancy Services |
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