Bulls in command, markets poised for a positive open Stocks in Indian markets are likely to resume their upward journey after pausing for couple of sessions. Expect the benchmark index or the Sensex to gain nearly 1 percent or more than 150 points for the day, to finish off the week on a convincing note.
Asian markets opened higher on a positive note after a decent up move on Wall Street. The Japanese markets opened up by more than 0.7 percent inspite of record unemployment number. South Korea's Kospi is currently trading up by nearly one percent in the first hour of trade. On Wall Street,stock market's rally continued Thursday, sustained by gains in financial and industrial shares.The Dow rose 37.11, or 0.4 percent, to close at 9,580.63. The Dow's eight-day advance totals 445 points, or 4.9 percent.The Standard & Poor's 500 index rose 2.86, or 0.3 percent, to 1,030.98, while the Nasdaq composite index rose 3.30, or 0.2 percent, to 2,027.73. We have seen tremendous gains in Consumer Durable stocks with the sectoral index gaining more than 4 percent for the day. Consumer Goods and Healthcare stocks were active. Metals and Banking stocks remained subdues and under performed the market on the last day of F&O expiry. Midcaps remained the favorite space, as it has been for the past few weeks. Jewellery stocks were in focus as stocks like Shrenuj & Co and Renaissance Jewellers were locked in circuit. There has been a broad based rally in the midcaps and are seeing new gainers every day. We have remained cautious and have advised investors to stay away from the market. We still remain on the sidelines but suggest traders to take advantage of the current market scenario. There seems to be no stopping for the bulls as we are seeing lot of money flowing in to the markets and the fear among investors have subsided prompting them to make huge bets on speculative stocks. The market is looking technically strong inspite of some concerns. We like Agro related stocks like Kohinoor Foods, REI Agro and Ruchi Soya as short term 'speculative play'.Micro Tech and Geodesic are two other midcap tech plays to watch out 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 :4694 / 4711 / 4733 / 4777 / 4830 NIFTY INDEX Support :4680 / 4642 / 4605 / 4580 / 4564 Mean : 4687 Key Numbers for NIFTY on upside 4694 / 4733 / 4777 Key numbers for NIFTY on down side 4680 / 4642 BANK NIFTY INDEX Resistance: 7476 / 7568 / 7660 BANK NIFTY INDEX Support : 7375 / 7288 / 7191 Mean : 7425.58 Previous Close Box: BSE Sensex 15807.44 37.59 NSE Nifty 4688.20 7.35 USD Rs.48.98 Oil Nymex $72.71 --~--~---------~--~----~------------~-------~--~----~ 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 -~----------~----~----~----~------~----~------~--~---
