Daily Report October 6th Friday

Nifty (3564) SUPPORT-3536-3511-3485 RESISTANCE-3588-3609-3645 Nifty range 3536-3606 now we should be ready for results season which start next week so levels of 3506-3606 should be the range till a clear trend emerges & we also should remember markets is evenly poised if u are a Nifty trader so which ever side the trend takes now one should follow that when a investor shouldn’t worry too much about that. SL-3511 on closing basis & 3475 on intraday basis for target3856 is maintained. TOP 5GAINERS= SAIL-HDFCBANK-ORIENTBANK-INFOSYSTCH-PNB
TOP5LOSER=SUZLON-BHARTIATL-TATAPOWER-ABB-REL. P/E=20.79 p/b=4.72 adv=43 dec=7 NSE adv: 747 dec: 181 -vol-rs.7363crs

Sensex (12389) SUPPORT-12321-12238-12145 RESISTANCE-12424-12504-12624 Sensex opened higher and closed near to its high of the day, I would like sensex to cross this 12500 mark being a Friday, last week close 12454 so if we close above that it would be 12 consecutive weekly gains for sensex. For today till we maintain above 12321 markets would give a solid gain.
8dma=12332 13dma=12255 21dma=12100 34dma=11924 55dma=11496 OPEN=12299 HIGH=12415 LOW=12299 BSE adv: 1839 dec: 663 -vol-rs.3611crs
Fiis seller rs.419crs & Mutual funds seller rs.131 on Wednesday, Fiis buyer rs.579crs in Oct month and buyer rs.23393Crs in 2006, mutual fund seller rs.112crs in Oct month. F&O DATA Fiis buy rs.837crs in nifty future and sell rs.237crs in stock future on 5h October and provisional Fiis sell in cash rs.219crs source NSE website

Day That Ended: Market opened on a very strong note and held its gain till the end with gains almost from every sector Non-performers PHARMA-OIL&GAS, advance at healthy levels with good volumes. International markets U.S markets closed positive with DOWJONES closing on an all time high yet again Indian ADRs positive with VSNL gaining 6.89% EURO markets closed positive & ASIAN markets opened flat Crude $59.86. With many Central Banks almost done with the hike in interest rate and statement from FED chief about possible rate cut, we in India can anticipate one more rate hike in my view.
Outlook for Friday: Weaker opening would be a healthy sign, would be stock specific TELECOM sector should perform well BHARTIATRL-VSNL-RCOM-MTNL & CEMENT sector is buzzing with activity and GUJAMB CEMENT has given a breakout and would soon cross new highs, MANGALAMCEMENT-INDIACEMENT-GRASIM would also soon see great levels.
VALUE pick: GAMMON-WOCKHARD-BEML-TATACHEM-HINDSANTIWARE

BREAKOUT LEVEL views: http://prabhakar-views.blogspot.com VSNL(396) weekly the stock has taken support at rs.393 & now rs.415 would be the resistance above which the stock would be a breakout and target rs.465 levels and this can be a good buy for short term movemetum players they can place a stop loss at rs.389 & enter for the above target and they can keep on raising or trailing stop loss once the stock gives a breakout.
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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.