Daily Report September 6th Wednesday

Nifty (3473) SUPPORT-3457-3435-3408 RESISTANCE-3510-3532-3570 Nifty above 3457 is a bullish sign and stop loss for long position for short term traders would now be 3435-3430 if it is decisively broken till then markets would move up. ONGC is looking good in charts any move above today’s high and crossing rs.1255 would give a big upside and tomorrow nifty movement can largely depend on this stock. TOP 5GAINERS=REL-HINDALCO-ACC-TATASTEEL-ONGC TOP5LOSER=GLAXO-ZEETELE-ICICIBANK-WIPRO-DRREDDY. P/E=19.90 p/b=4.55 adv=24 dec=26 NSE adv:472 dec:444 -vol-rs.5753crs

Sensex (11904) SUPPORT-11838-11754-11677 RESISTANCE-12014-12108-12238 Sensex till it doesn’t close the gap at 11795 the trend is up and market upmove is very slow consolidating and now everyone is preparing themselves for a possible correction next week and normally markets doesn’t correct when everyone is prepared it would jus move sideways or will be very minor one.
8dma=11739 13dma=11641 21dma=11470 34dma=11122 55dma=10876 OPEN=11927 HIGH=11945 LOW=11847 BSE adv: 1243 dec: 1296 -vol-rs.2811crs
Fiis buyer rs.451crs and Mutual funds seller rs.57crs on Monday, Fiis buyer rs.1174crs in Sep month and buyer rs.18564Crs in 2006, mutual fund seller rs.175crs in Sep month. F&O DATA Fiis sell rs.206crs in nifty future and sell rs.266crs in stock future on 5TH September and provisional Fiis buy in cash rs.60crs source NSE website

Day That Ended: Markets opened positive to slip negative and close almost flat with advance to decline almost equal METAL was one sector which gained while all other sector in marginal loss. Sugar companies saw some buying interest, Auto ancillary companies moved up with volumes and Construction & infrastructure companies is seeing remarkable recovery after a very long time and if one where to notice action has shifted to laggards of the rally where value still holds good. International markets U.S markets positive close Indian ADRs has gained and closed very positive EURO markets negative close Crude $68.75.
Outlook for Wednesday: This market is becoming nightmare for day trading only short term delivery 15day to 3months people can make good returns if invested wisely. WOCKHARDPHARMA at last has given a breakout and could target rs.440 as first target and rs.500 and above as second target & TCS there was a news about $200 deal in china this is where Indian TECH would do every good it has started to spread wings across the globe. My view on the market is bullish and best would be with underperformer & laggards of this rally and many technical reports suggested markets could reach 14000 by march2007. GAMMON-EMCO-TCS-WIPRO-BEML-BHARTISHIPYARD-EIDPARRY-NELCO-TRIVENIENG would be good stocks to accumulate.

STOCK TECH view: http://prabhakar-views.blogspot.com GAMMON has given an inverse head & shoulder breakout with very good volumes and would good give good returns buy near 375-390 should target rs.490 & above in 1-2month. EMCO accumulate around rs.510-525 stop loss belowrs.490 target rs.625-670 the stock has a favorable risk reward ratio in my view.

NEWS:
Tata Consultancy Services is close to clinching a $200-million core banking solution contract from Bank of China -- the second largest banking entity in China. This will be one of the major contracts bagged by an Indian IT company from that country. (REDIFF)
Maruti to roll out 5 new models; targets 1 mn sales in 2010 in its 25th AGM today. (BS)
MTNL and BSNL have joined hands to lay a submarine cable system to connect India to South-East Asia and the Middle East, to provide international bandwidth for their own as well as other commercial requirements. (FE)
France's Total SA and Kuwait Petroleum International Ltd may each pick up a stake of 25-30% in a refining and petrochemicals complex planned by Hindustan Petroleum Corp Ltd, a source at the Indian firm said on Tuesday. (FE)
A Booz Allen Hamilton study has estimated an additional $40 billion opportunity for the Indian IT industry by 2020 from off shoring of engineering services alone. (BL)
Era Constructions India Ltd has informed the BSE that the company has been awarded another contract by Rail Vikas Nigam Ltd worth Rs 114.78 crore. The contract is for laying of railway track on Bhatapara-Urkura section on South East Central Railway. The contract is to be executed over a period of 30 months. (BL)

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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://www.bloomberg.com/apps/news?pid=20601012&sid=aIYgve4zIzC4&refer=commodities Oil Is Near Two-Month Low as Risk From Sanctions, Storm Ease.
http://www.bloomberg.com/apps/news?pid=20601012&sid=aq15102zQMzE&refer=commodities Copper, Nickel, Gold Surge on Demand From Investment Funds.
http://www.bloomberg.com/apps/news?pid=20601091&sid=aijP7ekqG1GY&refer=india India Exploring Options on Structuring Oil Bonds.
http://business-standard.com/common/storypage_c.php?leftnm=10&autono=103605 Biotech revolution: Dept shortlists 12 novel projects.
http://inhome.rediff.com/money/2006/sep/05tcs.htm TCS may clinch $200 mn China deal

http://www.thehindubusinessline.com/2006/09/06/stories/2006090601840400.htm Big scope seen for off shoring engg services