Daily Report October 11th Wednesday

Nifty (3571) SUPPORT-3533-3506-3485 RESISTANCE-3593-3622-3658 Nifty above 3560 is very bullish below 3533 correction would start, INFOSYS results would be beginning so please never get carried away both side. This would be a day when u need many levels 3606-3620 would be very crucial to be crossed on lower side 3533-3506-3482-3456-3439. There is no trend in markets so traders should avoid this market and wait in sidelines. TOP 5GAINERS= SUZLON-HDFC-SAIL-NATIONALUM-MARUTI TOP5LOSER=SUNPHARMA-ORIENTBANK-VSNL-HINDLEVER-TATASTEEL. P/E=20.83 p/b=4.73 adv=26 dec=24 NSE adv: 468 dec: 465 -vol-rs.6110crs

Sensex (12363) SUPPORT-12304-12238-12112 RESISTANCE-12468-12548-12624 Sensex has a triple top formation almost so the important resistance 12480-12495 should be crossed with good volumes, for 9trading session 12400 levels market is trading with drop in volume which is a sign of indecision or distribution so any confirmation on either side is good.
8dma=12362 13dma=12328 21dma=12167 34dma=12002 55dma=11617 OPEN=12416 HIGH=12481 LOW=12341 BSE adv: 1362 dec: 1160 -vol-rs.3199crs
Fiis seller rs.45 crs & Mutual funds seller rs.81 on Monday, Fiis buyer rs.728crs in Oct month and buyer rs.23542Crs in 2006, mutual fund buyer rs.11crs in Oct month. F&O DATA Fiis sell rs.18crs in nifty future and sell rs.300crs in stock future on 10th October and provisional Fiis sell in cash rs.49crs source NSE website

Day That Ended: Markets opened with a gap up on cues from international markets & the gains couldn’t sustain with nervous traders & weak investor squared off there position and went light before TECH major INFOSYS result. Few results like SINTEX-SHREECEMENT have almost doubled there profits and are beyond analyst expectation, NALCO has hiked prices and will stop spot sales will boost the stock in coming days. International markets U.S markets closed in positive with INDIAN ADRs mixed EURO markets positive ASIAN markets has opened on positive note mixed now CRUDE $58.54.
Outlook for Wednesday: INFOSYS results is almost discounted so jus look markets beyond that, BHARTI group likely deal with retailer TESCO as per reports would be keenly watched. PHARMA stocks have corrected & now look ripe for a major upmove DRREDDY-AUROPHARMA-RANBAXY-WOCKHARD-MATRIXLAB would be few picks ORCHIDCHEMICAL has shown huge volumes in F&O with built up in OI.
F&O WATCH- IOB-TATASTEEL-ORCHIDCEM-HINDLEVER has built up open interest with rise in F&O volume.

GRAPH views: http://prabhakar-views.blogspot.com DRREDDY(712) target rs.751 & rs.774 the stock has a strong support at rs.700 below which would a stop loss. But if the upmove sustains the stock should target rs.840 also so a trader or investor should know how to trail his stop loss once each level is broken.
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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.business-standard.com/bsonline/storypage.php?leftnm=11&bKeyFlag=IN&autono=16125 pharma
http://www.bloomberg.com/apps/news?pid=20601080&sid=asaakJlEkrQ4&refer=asia India's Production Probably Rose Close to Decade's fastest Pace