Daily Report October 30th Monday

Nifty (3739) SUPPORT-3715-3698-3667 RESISTANCE-3774-3804-3856 Nifty range 3715-3774 if nifty crosses 3774 & closes above that one should jus trail the markets with stop loss as minimum 10-15% upside will be seen in 2-3months time which possibly gives a target of 4190-4224 by December-January and for now stop loss is maintained at 3667 on closing basis and 3634 on intraday basis. TOP 5GAINERS=BHARTIARTL-RCOM-ABB-M&M-ZEETELE TOP5LOSER=SUZLON-JETAIRWAYS-SUNPHARMA-HINDALCO-TCS. P/E=21.04 p/b=4.83 adv=37 dec=10 NSE adv: 506 dec: 420 -vol-rs.8359crs

Sensex (12906) SUPPORT-12820-12738-12618 RESISTANCE-13020-13139-13228 Sensex has opened with a gap again 12718-12741 which opens way for fresh bullish move up which can last 7-10trading days and one should have the gap as strong support now, If markets hits new high on Monday then we would see 6-10 days of new high marked.
8dma=12767 13dma=12696 21dma=12569 34dma=12356 55dma=12054 OPEN=12741 HIGH=12921 LOW=12741 BSE adv: 1307 dec: 1196 -vol-rs.4257crs
Fiis buyer rs.493 crs & Mutual funds seller rs.N.Acrs on Thursday, Fiis buyer rs.6499crs in Oct month and buyer rs.29313Crs in 2006, mutual fund seller rs.384crs in Oct month. F&O DATA Fiis sell rs.156crs in nifty future and sell rs.222crs in stock future on 27th October and provisional Fiis buy in cash rs.109crs source NSE website

Day That Ended: Markets opened positive and results of BHARTIATRL pushed TELECOM stocks & with RELIANCE gaining markets closed at one of the highest level. With new day of fresh settlement markets had good volumes & advances outnumbered decline with FIIs investment till now at rs.6500crs this month. International markets almost all markets negative Indian ADRs DRREDDY gained 8% while other corrected CRUDE $ 61.02.
Outlook for Monday: RBI credit policy which will be announced on Oct 31st will weigh heavily on banking stocks as CRR cut is much talked about which would become positive trigger for banks if that happens. Results season has given many surprise winners and latest being BHARTIATRL & DRREDDY in heavy weight. METALS stock NALCO & TATASTEEL results today any positive surprise would push both stocks to higher levels as they have been underperformer, PHARMA will surprise on upside with results from major pharma companies beating street expectation and today AUROPHARMA results will be closely watched.

Intraday trading idea:
MARUTI-966 Buy rs.964-960 target rs.977-985 SL-956
TATAMOTORS-886 Buy with rs.881 SL target rs.901-911
INDIACEMENT-221 Buy with rs.217 SL target rs.228-231
(FEW MORE positive stocks BHARTISHIPYARD-KOTAKBANK-FEDRALBANK-HPCL)


STOCK views: http://prabhakar-views.blogspot.com DRREDDY(730) target rs.774-802 short term with medium term target rs. 857-877 & long term target rs.1100-1200 this stock has given a good cup & handle formation on monthly graph DEC 2003-2006monthly graph with a low of 320 & high of rs.877 the stock is all set to make new all time highs soon.
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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.
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