After opening on a muted note, the Indian indices continued their northward journey throughout the day.However, during the final hour of trade, on account of profit booking, the markets came off from the day’s high.Finally the Sensex closed 88 points up, while Nifty ended 14 points higher. However mid caps and small caps ended lower with the BSE MIDCAP and BSESML ending 0.67% and 1.02% lower respectively. On the hourly chart though we saw a breakout from the bullish pattern, it does not seem to be favouring the current flow, which is a sign of caution.On the downside, if the 40-hourly exponential moving average is broken, we may see a sell-off. The daily momentum oscillator KST is still in the sell mode, which suggests that if in the coming two-three days we do not see a sell off, there is a very high probability that bulls will drag the markets in their corner. The overall market breadth was marginally positive with gainers

outnumbering losers in ratio of 1.1:1 on the BSE.The hourly momentum indicator KST is trading flat. Our short- and mid-term biases are still up for the targets of 4700 and 4850 with the short- and mid-term reversal pegged at 4134 and 3861 respectively.

Stocks from engineering, information technology and automobile sectors led the pack of gainers, while select realty and fast moving consumer goods stocks ended the day on a weak note. From the 30 stocks of the Sensex, Grasim Industries (up 6%), Tata Motors (up 5%) and Bharat Heavy Electricals (up 5%) led the pack of gainers, while ITC (down 5%), Reliance Infrastructure (down 4%) and State Bank Of India (down 3%) led the pack of losers.

(Disclaimer: The above chart shown is for study purpose only and not for trading decision)

Contact Form


Email *

Message *

All Rights Reserved © 2008 Shubhlaxmi Investment. Powered by Blogger.