Daily Report September 29th Friday

Nifty (3571) SUPPORT-3559-3536-3511 RESISTANCE-3592-3628-3674 Nifty should cross 3592 to be bullish, Nifty & Sensex is not behaving in tandem it can be F&O or else ONGC effect as nifty closed negative while sensex positive so it makes it simple to have alternate view. Now stop loss for nifty target 3856 would be 3508 on closing basis & before I had mentioned target for month end SEP2006 as 3650 and 3604 has been seen market is correct we will see wat it says.TOP 5GAINERS=ORIENTBANK-NATIONALUM-PNB-HDFC-HDFCBANK TOP5LOSER=LT-HINDPETRO-JETAIRWAYS-DRREDDY-TCS. P/E=20.83 p/b=4.73 adv=15 dec=35 NSE adv: 491 dec: 429 -vol-rs.8598crs

Sensex (12380) SUPPORT-12328-12234-12117 RESISTANCE-12464-12546-12624 Sensex has formed almost double bottom near the gap at 12339 which will be support now it would be wise to jus ride the wave till we get a clear reversal signal as today close will be significant in many ways month end close previous high 12042 and weekly highest close 12359 & on a daily basis 12624 and highest 12671 so we are very close to many all time highs and each and every thing has big impact in markets sentiment and important would be will we make all in one go.
8dma=12229 13dma=12110 21dma=11999 34dma=11807 55dma=11362 OPEN=12388 HIGH=12431 LOW=121340 BSE adv: 1355 dec: 1134 -vol-rs.3948crs
Fiis buyer rs.555crs & Mutual funds seller rs.115 on Wednesday, Fiis buyer rs.4705crs in Sep month and buyer rs.22094Crs in 2006, mutual fund buyer rs.909crs in Sep month. F&O DATA Fiis sell rs.556crs in nifty future and sell rs.313crs in stock future on 28th September and provisional Fiis buy in cash rs.228crs source NSE website

Day That Ended: Last day of F&O surprise was less than 1% movement intraday in the index and FIIs data say there OI in F&O is rs.18930crs which hasn’t grown much after MAY2006 crash while they have invested nearly rs.4700crs in this month alone till now. BANKEX gained 3.7% and that index has broken all time high on Wednesday itself this is 2nd performing sectoral index after TECH & AUTO should be catching up soon followed by HC-CD in my view. International markets U.S markets closed positive with Indian ADRs where down EURO markets positive ASIAN markets positive now CRUDE $ 62.44.

Outlook for Friday: Month end closing quarterly, half yearly weekly so all mixed together gives this day closing so much of importance and we today see few significant all time records created, panic would be chance to add as DOWJONES is almost near to its 2000 high till now it has been on Indian market strength we have gone up now soon we would see global markets rally. Result season buying with euphoria, rumour & speculation would start and SEP11 is INFOSYS results, I would remind investors that if u have invested in 10 stocks 2can be wrong and this happen with MF-FIIs when BANKS lend they have NPA so chances of error is high so divide u r risk sector wise & stock wise and if u r capital is too small and if u feel it wont be possible best option would be mutual funds.

HOTSTOCKS: EIDPARRY-TATACHEM-M&M-STER-
BREAKOUT stocks: http://prabhakar-views.blogspot.com TATACHEM(238): 10-12% upside above rs.240 & this should happen at a very fast pace. The stock has closed at high after MAY17 2006, looks good on monthly, weekly, daily and now hourly charts also.
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Disclaimer: These recommendations are based on the theory of technical analysis and personal observations. This does not claim for profit. I am not responsible for any losses made by traders. It is only the outlook of the market with reference to its previous performance. You are advised to take your position with your sense and judgment. I am trying to consider the fundamental validity of stocks as far as possible, but demand and supply affects it with vision variations.
http://www.marketwatch.com/news/story/Story.aspx?guid=%7B93C12C7C%2D8611%2D4394%2D8C94%2DF4571CCA31F5%7D&siteid DOWJONES high of 11,722.98 -- set on Jan. 14, 2000 -- in the past week, and its record intraday high of 11,750.28
http://www.businessstandard.com/common/storypage_c.php?leftnm=10&bKeyFlag=BO&autono=260092&chkFlg M&M buys 68% in Germany`s Jeco
http://www.businessstandard.com/common/storypage_c.php?leftnm=10&bKeyFlag=BO&autono=260093&chkFlg Wipro arm to buy Swedish firm.

http://content.icicidirect.com/market/BoardMeetings.asp