It is consolidation time on Dalal Street Stocks in Indian markets are likely to open higher and are likely to trade in a narrow band for the rest of the day. Positive global cues might boost the sentiment and lead to higher open. Expect the benchmark index to gain less than 0.5 percent for the day.
Stocks rose for the third straight day Tuesday as gold topped $1,000 an ounce for the first time since February and oil jumped more than $3 a barrel.The Dow Jones industrial average rose 56.07, or 0.6 percent, to 9,497.34. The index is up 217 points, or 2.3 percent, over three days.The broader Standard & Poor's 500 index rose 8.99, or 0.9 percent, to 1,025.39, and the Nasdaq composite index rose 18.99, or 0.9 percent, to 2,037.77. As expected Metal stocks took the center stage on the back of billionaire Mittal's foray in to India and picking up a stake in Uttam Galva. Aluminium major Hindalco spike on huge volumes by more than 6 percent, as investors and fund id up the shares of the company on rumors that Hindalco might be an acquistion target for a major international firm. Stocks in Oil and Gas sector were active yesterday and this is the sector to watch out in today's trade as these stocks might rally today as Crude futures spiked in the commodity markets. Crude oil futures prices ended above $71 a barrel Tuesday after the posting the biggest single-day rise since Aug. 19 on a buying spree spurred by weakness in the dollar. Light, sweet crude oil futures for October delivery on the New York Mercantile Exchange settled up $3.08, or 4.5%. Watch out for refiners and drilling stocks for quick gains. We advise investors to book profits today, as we see a correction in the near term. Stay away from the midcaps and speculative second rung stocks. We had a brand new list of gainers yesterday, as it has been the case for the past few sessions. Auto Ancillary stocks looked interesting on Tuesday, with ANG Auto, Indo Asian Fuse Gear, Lumax Automotive, Clutch Auto and Ramakrishna Forgings gained as these stocks played a catch up to auto stocks that have had a great run since bottoming out in March. We like Clutch Auto and Lumax from a trading perspective. "USE EVERY RISE TO BOOK PROFITS" "ALWAYS KEEP STRICT STOPLOSS TO AVOID HUGE LOSS" Key Levels for Today Trade: NIFTY INDEX Resistance : 4835 / 4860 / 4887 / 4921 NIFTY INDEX Support : 4782 / 4757 / 4732 / 4706 / 4680 Mean : 4808.5 Key Numbers for NIFTY on upside 4835 / 4860 / 4887 Key numbers for NIFTY on down side 4782 / 4732 BANK NIFTY INDEX Resistance: 7797 / 7878 / 7985 / 8039 BANK NIFTY INDEX Support : 7631 / 7546 / 7460 Mean : 7714 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 -~----------~----~----~----~------~----~------~--~---
