Action Replay!!

Nothing much happened as far as Nifty movement was concerned as it traded around 5900 for most part of the session. It was almost a repeat of yesterday’s session as index heavyweights witnessed churning while momentum was concentrated within the non-index mid caps. Fertilizer stocks were in focus mid session as sudden burst of activity lifted most of these stocks. Chambal was up almost 9% on heavy volumes while others like NFCL, RCF and Tata Chem too gained significantly. The gainers list was almost completely made up of mid caps and included stocks like India Hotels, India Info, IVRCL Infra, Unitech, GMR Infra, ABG Ship, Tulip, Biocon, Hotel Leela, Triveni, Srei Infra, MLL, Aban and LITL. Cairn continued to lose ground as uncertainity hits its takeover by Vedanta. Sesa Goa too lost ground after gaining sharply over past 3 sessions. Some of the other losers for the day were Onmobile, NTPC, ONGC, OFSS, Bhushan Steel, TCS, Ultratech and APIL. Overall, the undercurrent remained positive despite a minor negative tick in the frontline indices.

Nifty continues to trade around 5900 and its been 4 sessions now that Nifty has remained in a tight range around 5900. We might see some movement either ways in a day or two as narrow range is most likely to be followed by expansion in this range. Dip below 5850 could mean a minor breakdown to around 5750-5770 while sustained trades past 5930-40 could mean a continuation of the uptrend to around 6050-6080. Meanwhile mid caps continue to make hay. GMR Infra broke out above Rs 42.50 and could be headed towards Rs 48-49. HPCL is showing positive technical pattern and could target Rs 385-390 over next few sessions. Tata Chem ( above 361) and HDFC could also seek higher levels. Sugar stocks are witnessing positive buildup and decent upside is likely in counters like Renuka, Balrampur and Baja Hind.

Nifty has support around 5840-50 and then around 5770 while fresh upside momentum is likely above 5935.

The Markets on 10 Nov 2010

It was a choppy day for the markets as Nifty moved up and down through out the session. After a neutral start market moved higher but gave up all its gains immediately and traded in negative territory. Strong buying in index heavyweights like HUL, ICICI, Infosys and TCS lifted Nifty above 6300 in the last 30 minutes of trade. SBI was the main drag on the indices as stock witnessed strong profit taking after disappointing Quarterly numbers. IDFC too moved lower post results. Aviation stocks were in fly mode as Jet Airways zoomed up by more than 10% while KFA too posted strong gains. Fertiliser stocks found fresh momentum as strong gains were seen in Chambal, GSFC, NFCL, Deepak Fert and GSFC. Some other smart movers for the day were IBReal, TVS Motors, SKumars, Petronet, Power Grid, Alok, LIC Hsg, Crompton, BOI, Core, Can bank, Dabur, GVK, MRPL, Dena Bank, Indusind and HDFC bank. Losers included Srei Infra, Patni, JSW Holding, Indian info, Hind Zinc, IVRCL Infra, GMDC, BGR Energy, BOB, IGL and APIL. 

 

Nifty closed above 6300 after dipping to around 6240 during the day. Strong close after a sluggish session suggests that market might be ready for taking out the previous peak after a couple of days of consolidation. It might move all the way towards 6400-6420 soon. HUL made a strong move and made a new 10 years high. Technically, stock continues to look very strong and could be headed much higher from current levels over next few weeks. After Alok Ind, SKumar’s seems to have broken out. Sustained trades above 86 could take the stock higher to around Rs 104-106 in next few sessions. Indusind bank and BOI have are also showing positive intentions after brief consolidation and could see decent upside.  Few others that look positive are Ultratech, Lupin, Unitech and MRPL.

Nifty has immediate support around 6250-65 and then around 6210-15.