Stocks look to finish of the week on a positive note with some cautious optimism Jun 12, 2009
Stocks in Mumbai are likely to trade in a narrow band with some cautious optimism, after a dull day on the street on Thursday. Expect the Sensex to gain nearly 100 points or 0.7 percent for the day. The Dow rose 31.90, or 0.4 percent, to 8,770.92. The S&P 500 rose 5.74, or 0.6 percent, to 944.89, just above its close on June 2 and its highest point since Nov. 5. The Nasdaq Composite index rose 9.29, or 0.5 percent, to 1,862.37, its best level in 8 months. Commodity stocks which have been the new darlings for the street have led the gainers on Thursday and are likely to jump further on Friday. The stocks in this sector like Sesa Goa, Sterlite Ind and Tata steel look good from a trading perspective. Crude oil futures on Thursday extended their rally to a third day, propelled by a weak dollar and a forecast from the International Energy Agency for stronger demand. Light, sweet crude for July delivery settled at $72.68 a barrel, climbing $1.35, or 1.9%, on the New York Mercantile Exchange. Expect a small pull back on Friday. Sugar as a sector looks good in the current market Bajaj Hindustan, Triveni Eng an Balrampur Chini looks good for short term traders. Tulip IT, Gateway Distriparks and Noida Toll Bridge have seen a decent upmove with good volume action. Further gains are not ruled out. Expect a dull day of trade with minor gains on the Sensex, GAIL India, SREI Infra, D-Link are some of the stocks to keep on radar for day traders. Key Levels for Today Trade: NIFTY INDEX Resistance : 4655 / 4676 / 4716 / 4740 NIFTY INDEX Support :4620 / 4585 / 4551 / 4529 / 4500 Mean : 4637.5 Key Number for NIFTY on upside 4676 / 4740 Key Number for NIFTY on downside 4620 / 4551 BANK NIFTY INDEX Resistance: 7313 / 7375 / 7501 / 7626 BANK NIFTY INDEX Support : 7187 / 7124 / 7061 / 6988 Mean :7250 Previous Close Box: BSE Sensex 15411.47 -55.34 NSE Nifty 4637.70 -17.55 USD Rs.47.42 Oil Nymex $72.59 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 -~----------~----~----~----~------~----~------~--~---
