Daily Market Outlook: 24 April 2009
It started as a gloomy day for the Indian equity markets but eventually turned out to be a bright one as markets recovered towards the close of trading session. With US markets tumbling yesterday, Asian markets opened on a cautious note and India was not an exception and entered the red zone after few minutes of trading. There was strong resistance at the 11000 level and Sensex testes the same not once or twice, but for 7 times. But eventually the Sensex managed to cross the level ended the day at 11134.99 (Up 317.45 points). Nifty closed at 3423.70 (Up 93.40 points). Markets Recovered despite inflation for the week ended April 11, 2009 rising to 0.26 per cent as compared to 0.18 per cent in preceding week. On the sectoral front IT, Metals and Realty were the top gainers. While Metals has gained on account of sustained prices, Realty managed to recover for yesterday’s loss. The market breadth was positive with 1441 advances and 1056 declines.
Today also we expect Positive Bias
BSE Sensex: The support for the Sensex is 10650-10450 and the resistance to the up move is at 11250/11400
Nifty Technical Trend: the strong support for the Nifty is 3370-3300 and upside targets are 3450 after that 3520-3610
More Uptrend is looking in :-
HDIL above 146; HCLTECH above 130; GITANJALI above 67
JswSteel; Wipro, PANTALOONR, PETRONET, RPOWER, TECHM, VOLTAS, L&T above 900, RIL, Reliance Infra, RelCapital seem to be more uptrend from here.
Last Day Rec 3 Stocks Check Performance
LIC Housing Finance Buy above 302; Get 320 ; Wipro Buy above 283.50; Risky Get 320 up 11.11%
SAIL Sell below 105; not traded not collapsed below 105 ; Pantaloon Buy above 188 Get 198.70 up 6%
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