Daily Report August 29th Tuesday

Nifty (3401) SUPPORT-3380-3361-3337 RESISTANCE-3435-3475-3504 Nifty range 3380-3475 and higher levels profit booking would come but in case we close above 3450-3470 we could see another 100-150points rise in last 2days of F&O expiry. ONGC-RELIANCE would be the stock to be watch RIL above 1126 would target rs.1160-1190 and even above soon, and strict trailing stop loss is maintained at 3355 for nifty. TOP 5GAINERS=HINDPETRO-BPCL-LT-HINDALCO-RANBAXY TOP5LOSER=DRREDDY-GAIL-SUNPHARMA-ZEETELE-CIPLA. P/E=19 p/b=4.58 adv=31 dec=16 NSE adv:543 dec:363 -vol-rs.4830crs

Sensex (11619) SUPPORT-11556-11482-11426 RESISTANCE-11688-11765-11877 Sensex above 11635 should give a big upside but now we should not break 11500 on the downside on the higher side 11930 which has been a major resistance & support in last rally would be one place were sensex would find a major resistance.
8dma=11510 13dma=11410 21dma=11190 34dma=10913 55dma=10631 OPEN=11583 HIGH=11633 LOW=11552 BSE adv: 1431 dec: 1047 -vol-rs.2364crs
Fiis buyer rs.67crs and Mutual funds buyer rs.193crs on Friday, Fiis buyer rs.3893crs in August month and buyer rs.16640Crs in 2006, mutual fund buyer rs.251crs in August month. F&O DATA Fiis sell rs.67crs in nifty future and sell rs.8crs in stock future on 28th August and provisional Fiis sell in cash rs.32crs source NSE website

Day That Ended: LOW volume day with no major activity and late buying made markets close at higher levels Crude $70.50 & FED would pause rate hike could be reasons for the late rally. BSEMETAL-CAPITALGOODS-OIL&GAS were noticeable gainers but very low volume and positive advance decline ratio is not a good sign, if the low volume is due to festival season then it is understandable. International markets U.S markets end higher as oil prices pull back Market also enlivened by mergers and acquisitions, Indian ADRs closed positive, EURO markets closed positive and ASIAN markets has opened on a very positive note.
Outlook for Tuesday: HPCL-BPCL would be the best stock for the day and they can give fast returns of 10-15% returns very soon. BIOCON-GDL-HIMATSEIDE-HINDSANTIARY-AMTEKAUTO-WOCKHARD-TVSMOTORS-PUNJABTRACTOR would be stock which would give good returns in short term. And fall of crude due to many factors would boost many stocks related to it IPCL-HPCL-BPCL-GAIL-RELIANCE-CENTURYENKA-INDORAMASYS-POLYPLEX-XPROINDIA are few stocks many packing-manmadefibre industry stocks there.
http://prabhakar-views.blogspot.com/2006/08/crude-can-crash.html this was about crude.
Mylan take over of Matrix lab would open the floodgates for many more takeovers & tie-up in pharma (VALUE PICK) WOCKHARD-BIOCON-ORCHIDCHEM- CIPLA-RANABXY.

STOCK TECH view: BIOCON this stock was recommended at lower levels it reached rs.403 and corrected now at rs.370-380 one can buy it can cross rs.430 soon so reward in my view looks attractive and long term target can be much higher. WOCKHARD is a clear underperformer in this rally and would soon catch up in my view investor with a longer term view can accumulate the stock.

Counter view: Profit in stock market is made only when investment is made at the right price but I fail to understand majority sell in panic at low and same people buy back at higher levels and many talk about resistance and support too much and if u r a investor all these jargon is of no use. http://prabhakar-views.blogspot.com/2006/08/guru-vs-student_27.html “Rake the markets for bargains. Markets make mistakes” – Benjamin Graham I would advise everyone to read this great people of all time in stock market.

NEWS:
Stone India Ltd, supplier of brake systems and train lighting alternators for the railroad industry, on Monday said it has bagged an initial defence freight car up-gradation order from the ministry of defence.(BL)
Bajaj Auto will invest Rs 2,000 crore to set up a Greenfield facility near Pune for manufacturing four-wheeled commercial vehicles.(BS)
Ultratech Ltd has earmarked a capex of Rs 1,424 crore, which will be spent over the next three years.(BL)
The Karnataka government on Monday cleared IT major Tata Consultancy Services' (TCS) proposal for special economic zones (SEZs) at four locations in the state with a combined investment of Rs 1,150 crore.(BS)
Larsen & Toubro Ltd (L&T) has informed the BSE that the members at the annual general meeting (AGM) of the company held on August 25, 2006, have approved the issue of bonus shares in the ratio of 1:1(BL)
Shree Renuka Sugars Ltd has entered into an agreement with an European utility company for sale of about 11,500 Certified Emission Reductions (CERs) from their Munoli Project in Karnataka.(ET)
Sintex Industries Ltd on Monday said it would invest Rs 410 crore in next four years for its expansion plan, which includes increasing the capacity for its plastic and textile divisions- (ET)--Bharati Shipyard Ltd on Monday said it has bagged an order with offshore division of Great Eastern Shipping Co Ltd (GESCO) for manufacture and supply of a jack up drill rig


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Disclaimer: trade in stock market is high risk& high return and I do not accept any financial and/or legal responsibility arising the use of the information this is no offer to buy/sell jus my views to share.

http://business-standard.com/common/storypage_c.php?leftnm=10&autono=102842 Steel prices stabilise on global trend.
http://news.bbc.co.uk/2/hi/business/5293950.stm BP increases Alaskan oil output