Daily Report November 1st Wednesday

Technical analysis is a skill that improves with experience and study, always be a student and keep learning.

Nifty (3744) SUPPORT-3725-3704-3682 RESISTANCE-3763-3798-3825 Nifty range 3740-3798 & we have to trade above 3763 comfortably to have one more day of new high. Market at all time high will create fear in mind of investor but markets till euphoria is not created with move with fundamentals, growth factor, discounting all news & events and till now which is happening in the right way. TOP 5GAINERS=HINDLEVER-JETAIRWAYS-SATYAMCOMP-HEROHONDA-GLAXO TOP5LOSER=MTNL-RCOM-WIPRO-VSNL-TATAMOTORS. P/E=20.37 p/b=4.84 adv=20 dec=30 NSE adv: 282 dec: 667 -vol-rs.8764crs

Sensex (12961) SUPPORT-12898-12815-12722 RESISTANCE-13098-13154-13288 Sensex corrected after making a new high & we closed below 13000 mark, markets should hover around 13000 mark and make a new high today.
8dma=12798 13dma=12794 21dma=12628 34dma=12430 55dma=12121 OPEN=13048 HIGH=13075 LOW=12907 BSE adv: 846 dec: 1676 -vol-rs.4410crs
Fiis buyer rs.1017 crs on Monday, Fiis buyer rs.8013crs in Oct month and buyer rs.30827Crs in 2006, mutual fund rs.NOT Updated in Oct month. F&O DATA Fiis sell rs.230crs in nifty future and sell rs.188 crs in stock future on 31st October and provisional Fiis buy in cash rs.92crs source NSE website

Day That Ended: Nifty remained in the negative territory for most of the trading session and witnessed a sharp fall in the mid-afternoon session after RBI credit policy was announced; TELECOM stocks were major loser in index. RBI credit policy- gives a clear view no arbitrary hike in floating home rate loans already availed and RBI has eased forex norms. Prices of 886 drugs has been slashed which include anti-diabetic, antibiotics, cough syrups, pain killer & anti hypertensive where companies have cut there trade margin, but from 2000 above drugs it has come down to 886 which is a relief & companies which has high degree domestic sale would be affected. International markets U.S markets flat Indian ADRs mixed with VSNL gaining 4% after results EURO markets positively mixed while ASIAN markets started on positive note NIKKEI down now CRUDE $58.66.
Outlook for Wednesday: Results season has almost come to an end and the growth rate of India inc should be well above 30% and few pharma results have surprised GLENMARK-DRREDDY to name a few. Today AUTO sales number and CEMENT dispatch would set the tone & with crude hovering around $60 I feel fuel price cut should be around corner which has droped from $76 but there is still no mention about that.

Intraday trading idea:
TATATEA: close-765 Buy rs.760-764 SL-757 target rs.778-782
ONGC: close-815 Buy rs.810-812 SL-806 target rs.824-828
(Maruti-SL-963 target rs.981-985, Drreddy- SL-743 target rs.778)


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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://business-standard.com/common/storypage_c.php?leftnm=10&autono=263395 Glenmark net profit up 132% at Rs 132cr