Stocks to finish the week with gains Aug 21, 2009 Bulls are likely to dominate on the final day of the week as all inidcators are pointing towards a higher opening. More buying should come in to equities on the back of positive global markets and ample liquidity. Expect the benchmark index or the Sensex to gain nearly a percent or nearly 100 points for the day.
Stocks on Wall Street maintained their winning streak as more signs that the economy is creeping toward recovery encouraged investors to move further into equities.The Dow Jones industrials rose 70.89, or 0.8 percent, to 9,350.05. The Standard & Poor's 500 index rose 10.91, or 1.1 percent, to 1,007.37, while the Nasdaq composite index gained 19.98, or 1.0 percent, to 1,989.22. Gains on Dalal Street were spurred by sharp gains in Auto stocks as M&M, Maruti and Hero Honda Ltd. Banking and power sectors also participated in the rally. The listing of Adani Power disappointed most of the investors who were hoping for a higher listing price. We were expecting a price of Rs 130 and were caught on the wrong footing. There should be some selling pressure in this stock, as disappointed allottees might sell their holdings to meet their margin calls and some investors might diversify funds to other scrips. As mentioned in our previous columns, we are seeing new scrips on the top of the gainers list every day. There was big move in Purvankara projects in huge volumes and the stock was locked in circuit. Other power related stocks like Indo Tech Transformers, KSK Energy and Voltamp Transformers spurted on high investor demand. There seems to be no stopping for second rung IT stocks. Today was the turn of 3I Infotech and Cranes Software have seen unusual volume action. Cranes Soft is our speculative pick for risky traders. Watch out speculative life sciences stocks like Venus Remedies, Gufic Bio Sciences, Granules India in the coming days. Overall a positive day in the offing for the markets. We do believe that the markets will be positive for a day or two. We are not bullish about the markets from these levels as fundamentals do not warrant a sharp rise in the markets. However, there is lot of money on the side lines and tremendous liquidity is the driving force behind the current bull run. But Voulme is the key for bull. "USE EVERY RISE TO BOOK PROFITS" "ALWAYS KEEP STRICT STOPLOSS TO AVOID HUGE LOSS" Key Levels for Today Trade: NIFTY INDEX Resistance : 4459 / 4481 / 4502 / 4524 / 4585 NIFTY INDEX Support : 4437 / 4398 / 4374 / 4356 / 4340 / 4313 / 4291 Mean : 4448 Key Numbers for NIFTY on upside 4459 / 4502 Key numbers for NIFTY on down side 4437 / 4374 / 4291 BANK NIFTY INDEX Resistance: 7322 / 7383 / 7506 / 7567 BANK NIFTY INDEX Support : 7129 / 7063 / 6998 Mean : 7225.5 Previous Close Box: BSE Sensex 15012.32 202.681 NSE Nifty 4453.45 59.35 USD Rs.48.73 Oil Nymex $72.54 --~--~---------~--~----~------------~-------~--~----~ 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 -~----------~----~----~----~------~----~------~--~---
