Consolidation time on Dalal Street, Sensex to stay flat Jun 03, 2009 Stocks on Dalal Street might pull back in early trade on Wednesday after closing flat in Tuesday's trade. Expect the Sensex to gain nearly 0ne percent, may be a bit short of the magic 15,000 mark.
Stocks on Wall Street tacked on modest gains Tuesday to extend a rally to a fourth day following a strong rise in pending home sales number.The Dow rose 19.43, or 0.2 percent, to 8,740.87 and the The Standard & Poor's 500 index rose 1.87, or 0.2 percent, to 944.74, and the Nasdaq composite index rose 8.12, or 0.4 percent, to 1,836.80. The markets have traded in negative territory for the most of Tuesday but managed to close above the dotted line in the final hour of trade.Consumer durables, metal and auto sectors performed relatively better than rest of the sectors. Tata Steel, SAIL and Tata Motors were among the major gainers and these stocks are likely to be firm today. We like some select stocks in today's trade.The stocks of Satyam computer is likely to steal the limelight for the second day in a row as there is some speculative build up by the operators ahead of the closure of the open offer. The stock might touch Rs 70 in the coming days and is a good bet for traders with risk appetite. We also like the oil pack HPCL, BPCL & IOC ahead of the regualtion and believe that there is still a 20-30 percent move left in these stocks. Micap and smallcap stocks might cool off a bit, as they ae witnessing some profit booking after a massive run up. For today's trade watch out for tea stocks like Mcleod Russel, Infra stocks like Orbit Corp, GMR Infra and last but not the least Power Finance Corporation and NALCO might join the parade. Overall, expect a positive day but not do not expect a big up move. Key Levels for Today Trade: NIFTY INDEX Resistance : 4553 / 4573 / 4587 / 4628 / 4653 NIFTY INDEX Support : 4500 / 4482 / 4468 / 4430 / 4400 Mean/Pivot : 4526 Key Numbers on upside 4587 & 4628 Key Numbers at down side 4482 BANK NIFTY INDEX Resistance : 7380 / 7445 / 7547 BANK NIFTY INDEX Support : 7256 / 7170 / 7084 / 6990 Previous Close Box: BSE Sensex 14867.78 27.15 NSE Nifty 4525.25 -4.65 USD Rs.47.14 Oil Nymex $68.55 Research Desk --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups "Kences1" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [email protected] For more options, visit this group at http://groups.google.com/group/kences1?hl=en -~----------~----~----~----~------~----~------~--~---
