Daily Report September 7th Thursday

Nifty (3477) SUPPORT-3451-3416-3377 RESISTANCE-3510-3532-3570 Nifty range 3510-3450 nifty breaking which ever side would be the trend till then this sideways move would continue. Any correction if it comes would be healthy for markets can be 7-9% in my view and this would be confined to index while many gainers would be there in markets. TOP 5GAINERS=JETAIRWAYS-HINDPETRO-LT-MTNL-REL TOP5LOSER =ZEETELE-DABUR-M&M-HINDLEVER-HDFCBANK. P/E=19.92 p/b=4.55 adv=23 dec=25 NSE adv: 512 dec: 403 -vol-rs.6369crs

Sensex (11933) SUPPORT-11852-11774-11658 RESISTANCE-12024-12108-12238 Sensex moving below 11833-11795 only can trigger a correction till then markets can be flat while sideline stocks would move as advance to decline ratio is good and with volumes picking up.

8dma=11784 13dma=11677 21dma=11524 34dma=11179 55dma=10911 OPEN=11908 HIGH=11983 LOW=11904 BSE adv: 1466 dec: 1062 -vol-rs.3084crs

Fiis seller rs.69crs and Mutual funds not updated on Tuesday, Fiis buyer rs.1105crs in Sep month and buyer rs.18494Crs in 2006, mutual fund seller rs.175crs in Sep month. F&O DATA Fiis sell rs.90crs in nifty future and sell rs.140crs in stock future on 6TH September and provisional Fiis buy in cash rs.318crs source NSE website

Day That Ended: Markets HIGH-LOW move is less than 1% which suggest than markets is very flat no volatile movements, volumes have picked up and advance are more than decline which suggest positive sentiments. METALS & CAPITAL GOODS sector were the gainers while other sector witnessed some profit booking, International markets U.S closed negative EURO closed negative & ASIAN markets has opened with a negative sentiment Indian ADRs closed negative Crude $67.61.

Outlook for Thursday: International markets are weak and political fallout of scam report would have a negative bearing on the markets but there is no definite sign of any major correction. Stocks with positive bias WOCKHARD-GAMMON-VSNL-WIPRO-TCS-TITAN-M&M-HLL-HPCL-BPCL-BHARTIATL these are based on built up in open interest and volumes.

STOCK TECH view: http://prabhakar-views.blogspot.com FDC: stock has been moving in an upward channel and interestingly it had a very high volumes and delivery volumes in NSE cash is one of the highest from MAY 1 st 2006, and this stock holds good promise in a bit long term accumulate in dips 50-70% can be possible in 6-8months but always protect urself with a stop loss.

NEWS:

Indian Oil Corporation (IOC) has formed a core group for diversifying into the production of bio-diesel, a senior company official said today. (BL)

Temasek Holdings, the investment arm of the Singapore government, has substantially increased its exposure to India . The company's investment in India along with Pakistan has gone up to 3% of its total asset exposure in last financial year from 2% in FY05. (BS)

Oil and Natural Gas Corporation (ONGC) would resume offshore drilling at Sunderbans area of West Bengal in October, a senior company official said. (BL)

Cummins India (CIL) and Indian Institute of Science (IISc) have announced an agreement for commercialisation of bio-mass gasification power generation systems . (BS)

Global layoffs likely to benefit techies in India (ET)

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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.nbc17.com/money/9787875/detail.html Huge Oil Find Could Be Good News for U.S. Reserves.