Markets to open higher, Profit Booking likely at higher levels Stocks on Dalal Street are likely to move sideways after a fierce rally in equities on Monday. Expect the benchmark index or the Sensex to trade in a narrow band. The markets might open higher, but we expect some profit booking coming in at higher levels.
European shares gained sharply on Monday, after Kraft Foods made an unsolicited bid for Cadbury and ignited hopes that a revival of merger- and-acquisitions activity will form another stepping stone on the way to a recovery. Wall Street was closed for trade for Labor day, where as the regional indices like Shanghai, Nikkei and Kospi gained 0.6 percent and 1.5 percent respectively. Realty stocks were on fire as investors confidence on recovery in the economy has increased significantly. The sectoral index gained more than 5 percent for the day. Mittal's foray in to India, spurred a rally in metal stocks boosting the metals index by nearly 4 percent. The scrip of Mukand Ltd was locked in circuit as there was heavy demand for stocks in galvanized iron sector. Mic Electronics moved up on heavy volumes ahead of the meeting to consider preferential allotment to the promoters. Media stocks are showing some signs of life, as TV Today and Raj Television registered gains in yesterday's trade. The markets will open higher by 0.5 percent but might come under selling pressure later in the day. Day traders could keep an eye on Shrenu & Co, Indowind Energy, REI Agro and BASF India. "USE EVERY RISE TO BOOK PROFITS" "ALWAYS KEEP STRICT STOPLOSS TO AVOID HUGE LOSS" Key Levels for Today Trade: NIFTY INDEX Resistance : 4800 / 4835 / 4859 / 4887 / 4919 NIFTY INDEX Support : 4754 / 4732 / 4680 / 4662 Mean : 4777 Key Numbers for NIFTY on upside 4800 / 4859 / 4887 Key numbers for NIFTY on down side 4754 / 4732 BANK NIFTY INDEX Resistance: 7694 / 7739 / 7828 / 8006 BANK NIFTY INDEX Support : 7581 / 7512 / 7443 / 7409 Mean : 7637.5 Previous Close Box: BSE Sensex 16016.32 327.20 NSE Nifty 4782.90 102.50 USD Rs.48.95 Oil Nymex $67.95 --~--~---------~--~----~------------~-------~--~----~ 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 -~----------~----~----~----~------~----~------~--~---
