Daily Report November 10th Friday

Nifty (3796) SUPPORT-3775-3752-3729 RESISTANCE-3814-3841-3874 Nifty range 3775-3814 and 2days high marked is 3809 so short would cover only if markets can trade above that levels comfortable. Pivotal point of markets will be 3787 above which markets would touch 3814 breaking that we can possibly close near 3844. TOP 5GAINERS=M&M-VSNL-RCOM-SATYAMCOMP-ORIENTBANK TOP5LOSER=HINDALCO-MARUTI-GRASIM-BPCL-SAIL. P/E=20.32 p/b=4.87 adv=30 dec=20 NSE adv: 547 dec: 384 -vol-rs.7837crs

Sensex (13137) SUPPORT-13058-12971-12894 RESISTANCE-13214-13308-13375 Sensex now has a major resistance at 13214 and any move above that can target a new high, but on the lower side 13058 is very crucial as markets traded in a very narrow range and didn’t any clear trend so 9th Nov High & Low can be a make or break levels for sensex.
8dma=13096 13dma=12981 21dma=12880 34dma=12669 55dma=12337 OPEN=13107 HIGH=13192 LOW=13069 BSE adv: 1478 dec: 1020 -vol-rs.4235crs
Fiis seller rs.6 crs & Mutual funds seller rs.274crs on Wednesday, Fiis buyer rs.1811crs in Nov month and buyer rs.32638Crs in 2006, mutual fund rs.442crs in Nov month. F&O DATA Fiis buy rs.528crs in nifty future and sell rs.65 crs in stock future on 9th November and provisional Fiis buy in cash rs.332crs source NSE website

Day That Ended: Markets opened Positive and stayed higher and closed with gains the news of George Soros coming to India in Dec to invest here in big way and Positive Global markets cues possible reasons. News of Nissan changing partners from Maruti to M&M made Maruti stock to drift down while M&M was biggest gainer in Nifty the news of Govt to disinvest balance stake in Maruti gave a breather. Pharma Minister statement as reported by FE of drug companies cheating him and warning of severe action was not in good taste no business would like to lose his profits and when companies makes loss Govt is not going to compensate only competition can bring down prices. International market U.S markets ended in loss while Indian ADRs gained EURO markets mixed with marginal losses ASIAN markets opened weak Crude $61.16.

Outlook for Friday: Markets to have positive open 4wheeler auto stocks & Cement stocks can give some positive surprise. Pharma stocks can be good buy in dips as some initial selling can happen that would be good chance for investor looking at longer duration to accumulate DRREDDY-WOCKHARDT-RANBAXY would be my picks buy only in panic.

F&O Data: Nifty added 4% O.I & PCR at 1.41 from 1.46 and calls where added more. Volumes surprise (higher) M&M- 357% MPHASISBFL-234% MARUTI-170% IDFC-281% CESC-113%. O.I added stock and sector wise MARUTI saw highest O.I added 30% and 4Wheeler Auto adding 3%, Metals added 3% and HINDALCO added 7% while stocks like GRASIM +10% ,INDUSINDBANK+11%, CIPLA +6% , SUNTV+23%, BHEL+9%, IDFC+15% Added O.I while Stocks like RELIANCE – 3%, GAIL-5%, PATNI -12%, CUMMINS-6% shed O.I.

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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.financialexpress.com/fe_full_story.php?content_id=146041 Pharma cos cheated me: Paswan
http://www.financialexpress.com/latest_full_story.php?content_id=146076 India must maintain edge in outsourcing: Fernandes
http://www.businessstandard.com/common/storypage_c_online.php?leftnm=11&bKeyFlag=IN&autono=17370 ITC has unveiled an investment plan of around Rs 1,200 crore to expand its existing hotel and cigarette business in West Bengal
http://www.thehindubusinessline.com/blnus/00091706.htm Bill Gates cautions Russia against competing with India
http://www.thehindubusinessline.com/blnus/14091507.htm Tata Steel may enter Fortune 500 list
http://www.thehindubusinessline.com/2006/11/10/stories/2006111004640300.htm TVS Motor to come back with new products in bike segment