Markets to trade in a tight range
Stocks in India are likely to consolidate and might take a breather after successfully breaching the 16,000 mark last week. Expect the benchmark index or the Sensex to give up nearly 0.5 percent or 80 points for the day, as the bulls look too tired to keep the rally going. On Wall Street,markets dipped on Friday as a five-day rally lost steam, despite indications that consumer confidence is growing.Nonetheless, the Dow Jones Industrial Average closed down 22 points, to 9,605 on Friday; the NASDAQ index lost 3 points to 2,081, and the S&P 500 dropped 1.4 points to 1,043. There seems to be a tug of war between the Bulls and the Bears. The Sensex flirted with the dotted line too many times on Friday, but Bulls prevailed at the end thanks to a 100 point spike in the final hour of trade. With the Sensex grinding its way to another 2009 high last week, confusion is outpacing elation among investors. There could be some stock specific action in today's session. Patni Computers Rs 395 might on news that the promoters and the PE firm are looking to sell their stakes, as the valuation looks ripe to exit. Glenmark Pharma Rs 219 might see some activity after the company raised 4.13 billion rupees from a share sale to institutional investors at Rs 221/share. The company also plans to set up a unit to produce Oncology Druge in Argentina. There was lot of activity among the banking stocks on Friday as there were some news reports suggesting changes in draft norms and hiking the cap in held-to-maturity segment.Dhanalakshmi Bank, Lakshmi Vilas Bank and Central Bank vaulted on the news. Also Raj Television continued to rally and added 15 percent to its tally ending the day at Rs 82. Time to book profits in this stock.Textile stocks have sprung back to life on Friday. Himatsingka Seide at RS 39 has seen unusual volumes and looks hot at current market price.SKumars Nationwide gained 8 percent and finished at Rs 52 and we see some more upside in this stock. "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 :4805 / 4782 / 4757 / 4732 / 4688 Mean :4820 Key Numbers for NIFTY on upside 4835 / 4860 / 4887 Key numbers for NIFTY on down side 4805 / 4782 / 4732 BANK NIFTY INDEX Resistance:8026 / 8138 / 8250 BANK NIFTY INDEX Support :7833 / 7792 / 7759 Mean :7929.5 Previous Close Box: BSE Sensex 16264.30 47.439 NSE Nifty 4829.55 10.15 USD Rs.48.51 Oil Nymex $69.12 --~--~---------~--~----~------------~-------~--~----~ 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 -~----------~----~----~----~------~----~------~--~---
