Stocks to trade in a tight range as investors turn cautious
Stocks on Dalal Street are likely to move side ways as investors are more cautious after the Sensex scaled to new highs for 2009. As expected the Sensex gained 0.2 percent and the expect a similar close to the indices as stocks might trade in a tight band on the last trading day of the week. On Wall Street,stocks posted modest losses in quiet trading Thursday after a three-day advance. The Dow Jones industrial average fell 7.79, or 0.1 percent, to 9,783.92.The S&P 500 index fell 3.27, or 0.3 percent, to 1,065.49, and the Nasdaq composite index fell 6.40, or 0.3 percent, to 2,126.75. Technology and Auto stocks were the leaders in yesterday's trade.HCL Tech led the gainers list among the heavy weights, giving a boost to the IT sector. Hindalco maintained its momentum and closed with a 4 percent gain. Time to book some profits in this stock. Cement stocks firmed up after being subdued for the past one week.ACC Ltd and Grasim were winners in this segment. Airline stocks were the theme of the day. It looks like speculators have set their sight on Airline stocks after driving up the hospitality stocks on Wednesday.Both Jet Airways and Kingfisher Airlines registered double digit gains with former gaining more than 18 percent to close at Rs 315. We would like to reiterate a buy on Gati at Rs 59. We see a target of Rs 68 on this stock. Short term traders could bet on Ballarpur Ind at Rs 24.50 for a target of Rs 27 and speculative traders could bet on MVL Ltd at RS 225 for a target of Rs 250. We expect some consolidtation in the form of a short term correction and predict that the markets will be lacklustre for the next few days as the stock prices might stay flat as the tug of war between bulls and bears intensifies. "USE EVERY RISE TO BOOK PROFITS" "ALWAYS KEEP STRICT STOPLOSS TO AVOID HUGE LOSS" Key Levels for Today Trade: NIFTY INDEX Resistance :4982 / 4999 / 5025 / 5049 NIFTY INDEX Support :4925 / 4892 / 4860 / 4829 / 4805 Mean :4953.5 Key Numbers for NIFTY on upside 4982 / 4999 / 5025 Key numbers for NIFTY on down side 4892 / 4829 BANK NIFTY INDEX Resistance: 8490 / 8547 / 8662 / 8776 BANK NIFTY INDEX Support : 8362 / 8285 / 8209 / 8133 Mean : 8426 Previous Close Box: BSE Sensex 16711.11 34.07 NSE Nifty 4965.55 7.15 USD Rs.48.16 Oil Nymex $72.50 --~--~---------~--~----~------------~-------~--~----~ 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 -~----------~----~----~----~------~----~------~--~---
