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SHARE NEWS 19th May 2006
SENSEX’S HIGHEST AND HEAVIEST FALL, SHAKING THE SHARE MARKET RUDELY, BY 826 POINTS ENDING AT 11391.
NIFTY FELL BY 246 POINTS TO END THE DAY AT 3391.
SHARP DECLINE OF RUPEE 27 PAISE AGAINST THE DOLLAR AT 45.47.
SENSEX FELL FURTHER TODAY 19TH MAY BY 452 POINTS TO CLOSE AT 10931.
NIFTY FELL BY 142 POINTS TO END AT 3246.
MARKET ANALYSIS
The market bounced back smartly after the precipitous fall on the previous two sessions. However, given the susceptibility of this market towards international trends, it could surrender a portion of its gains today. The international markets have tumbled once again following high inflation data stroking fears that the Fed could raise interest rates once again.
Traders who are sitting on profitable long positions may lighten positions at the open and wait for a dip to reenter. The long-term uptrend remains intact but the intermediate timeframe trend may have turned sideways. This implies that traders may have to take contrarian views in the short-term.
INDEX MOVEMENTS
The Nifty is likely to enter into a deep correction in the event of it closing below 3290, the next supports being 3213 and 3047. In the event of a relief rally, the Nifty is likely to scale 3500 where it is advisable to partially liquidate long positions. As the short-term charts are in the oversold zone, the breach of 3500 is likely to take it up to 3538.
The Bank Nifty has tested the trendline support at 4485. If it recovers from this stage, traders may contemplate small exposures on the long side for a pull back on the intermediate timeframe.
MARKET NEWS
· · Reliance Energy bags Rs.2356 crore contract for Phase I of Mumbai Metro Rail Project
· Tata Motors plans small car plant in
· Uninformed reports led to a manufactured crisis: P.Chidambaram
· Strides Acrolab completes acquisition of ICN
·
· Tata Steel Q4 net dips 13.75 % yoy
· PNB Q4 net down 20% yoy
· IBP Q4 net profit at Rs.533.2 crore
· Infrastructure sector will offer 300% returns by 2010: Edelweiss
DELIVERY PICKS
| SCRIP | BUY ABOVE |
| | |
MID CAP STOCKS
| SCRIP BUY | ABOVE |
| | |
SMALL CAP STOCKS
| SCRIP | BUY ABOVE |
| | |
LIQUIDATE
| SCRIP | SELL BELOW |
| ANDHRA BANK | 77.15 |
| APOLLO TYRES | 286.00 |
| ASIAN PAINTS | 581.30 |
| AUROBINDO PHARMA | 625.25 |
| INDIAN HOTELS | 1307.00 |
| | 165.00 |
FUTURE OPTIMISM
| SCRIP | VIEW | STRATEGY |
| | | |
CASH MARKET – SHORT TERM
| SCRIP | VIEW | STRATEGY |
| | BULLISH | BUY > 162.75 TARGET 166.50 – STOP < 158.50 |
| Courtesy: Prognosis Consultancy Services |
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