Bulls likely to score for the second day in a row but in cautious way Stocks on Dalal Street are likely to open flat after a decent rally on Tuesday. The market has closed above the key 15,000 level and is looking technically string for Wednesday's trade. Expect the Sensex to gain more than 100 points or nearly one percent for the day.
On Wall Street, some better-than-expected retail earnings reports and the latest reading on housing drew investors back into the stock market Tuesday after the previous day's big selloff.The Dow rose 82.60, or 0.9 percent, to 9,217.94. The Standard & Poor's 500 index gained 9.94, or 1 percent, to 989.67, while the Nasdaq composite index rose 25.08, or 1.3 percent, to 1,955.92. As expected IT has under performed the rest of the sectors yesterday and closed flat for the day. We expect IT stocks to outperform the rest of the sectors in today's trade. Consumer Goods, Realty and Metal stocks were the major gainers with more than 3 percent gain.The rebound was led by metal stocks like Hindalco and engineering majors like Siemens and Larsen and Toubro which gained more than 5 percent for the day. There has been lot of noise in the midcap space with new gainers coming on to the radar every day. There were a new set of gainers like Numeric Power and Alkali Metals. Sasken Communications and First Source Solutions are looking explosive as there has been humongous volume in the stocks. Rolta was another stock that has gained on interesting volume action. We see the market trading in a band for the next few days. We expect an upmove today, but do not think this is a sustainable rally. So we advise long term investors to sit on the sidelines, while traders can try their hand in speculative midcaps. Investors could look at Mphasis Ltd, Maxwell Ind, Simplex Projects are some of the stocks to watch in today's trade. "USE EVERY RISE TO BOOK PROFITS" "ALWAYS KEEP STRICT STOPLOSS TO AVOID HUGE LOSS" Key Levels for Today Trade: NIFTY INDEX Resistance : 4471 / 4502 / 4523 / 4564 / 4585 NIFTY INDEX Support : 4457 / 4424 / 4387 / 4374 / 4348 / 4313 Mean : 4464 BANK NIFTY INDEX Resistance: 7291 / 7383 / 7469 / 7563 BANK NIFTY INDEX Support : 7102 / 6991 / 6881 / 6773 Mean : 7196.5 Previous Close Box: BSE Sensex 15035.26 250.34 NSE Nifty 4458.90 71.00 USD Rs.48.82 Oil Nymex $69.33 --~--~---------~--~----~------------~-------~--~----~ 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 -~----------~----~----~----~------~----~------~--~---
