Daily Report September 1st Friday

Nifty (3413) SUPPORT-3396-3378-3340 RESISTANCE-3429-3455-3475 Nifty has closed weak so now we should adopt reverse strategy any move above 3430 is only bullish, range would be 3430-3378 and being a Friday last day of the week no major movement. With SEP NIFTY FUT almost at a premium which indicates absence of short position which can limit gains of the markets on upside, any correction till 3340 would be healthy sign for a good upmove as markets has given good monthly close. TOP 5GAINERS=ITC-TCS-HDFCBANK-CIPLA-HDFC TOP5LOSER=ZEETELE-GAIL-JETAIRWAYS-BPCL-SAIL. P/E=19.15 p/b=4.55 adv=16 dec=34 NSE adv: 228 dec: 688 -vol-rs.7874crs

Sensex (11699) SUPPORT-11628-11544-11460 RESISTANCE-11771-11850-11930 Sensex is still holding on to its gap till that is not breached bulls are on safe zone. Markets on daily basis are crossing the previous days high but are not able to sustain the undertone is bullish still.
8dma=11595 13dma=11536 21dma=11331 34dma=10993 55dma=10769 OPEN=11754 HIGH=11794 LOW=11675 BSE adv:801 dec:1718 -vol-rs.2773crs
Fiis buyer rs.336crs and Mutual funds buyer rs.58crs on Wednesday, Fiis buyer rs.4643crs in August month and buyer rs.17389Crs in 2006, mutual fund buyer rs.371crs in August month. F&O DATA Fiis sell rs.221crs in nifty future and sell rs.31crs in stock future on 31st August and provisional Fiis buy in cash rs.265crs source NSE website

Day That Ended: Markets opened on a bullish note and claims and counter claims about SHCL circular about cash payment instead of stocks held for collateral against F&O added to confusion and sell off. FMCG-HC were positive sector while METALS-CD-OIL&GAS major loser advance to decline ratio is very negative but spurt in volumes is seen SMALLCAP-MIDCAP seeing profit booking at higher levels. International markets IRAN-FED both issue linked to CRUDE-RATEHIKE there is no clarity so markets is subdued U.S markets closed marginally negative Indian ADRs all closed in negative EURO markets negative ASIAN markets mixed with NIKKEI negative Crude $70.24.
Outlook for Friday: Markets showing signs of weakness and needs fresh trigger AUTO sales figure & CEMENT dispatch figure would be eagerly awaited but any dampener would pull corrective rally of the markets as expectations are build very high. There are many stocks which haven’t moved up with markets in spite of good fundamentals and they are termed as laggards and underperformer so investors with longer time frame can slowly accumulate as the downside is limited.

STOCK TECH view: BIOCON has formed a bull pennant pattern so any breakout would give solid gains one can buy the stock at rs.378-382 target rs.415-420 stop loss rs.372 (use strict stop loss) 7-10days target.

NEWS:
Wockhardt Ltd has received approval from the United States Food and Drug administration (USFDA) for marketing Cefotaxime sodium (1g) injection in the US market. Wockhardt US subsidiary, Wockhardt USA Inc, will soon launch the cephalosporin antibiotic in the US.(BL)
Alstom Projects India Ltd has bagged a € 8-million order to supply and erect hydro-mechanical equipment for a hydropower project in Laos. The contract was signed with CH.Karnchang (Lao) Co., a subsidiary of Thailand's CH.Karnchang PCL. The project is scheduled to be completed in 43 months, Alstom said in a statement.(BL)
Realty development behemoth DLF's Rs 13,000 crore initial public offering (IPO) is off for now.(BS)
As part of its global growth strategy, India's largest automaker Tata Motors is planning to enter the Russian market with diverse range of its products.(BS)
Auto major Mahindra & Mahindra Ltd is planning to hive off its transportation solutions group (TSG) into a separate entity.(FE)
SBI Cards is second largest credit card co, Growing by 60-70% year-on-year, SBI Cards is expected to give a tough fight to ICICI Bank, SBI Cards has quietly zoomed past Citibank to become the second largest credit card company in the country by issuing 2.92 million cards as on August 15.(FE)
The government will soon unveil a policy to allow foreign direct investment (FDI) in stock and commodity exchanges, depositories and clearing corporations.(ET)

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http://www.financialexpress.com/fe_full_story.php?content_id=139030 Revenue deficit shoots to 92.3%
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http://www.chartpattern.com/flags_pennants.html