NIFTY LEVELS AND MARKET OVERVIEW : 1 AUGUST 2011

STOCK MARKET REVIEW 

CNX Midcap index was down 0.36% about while BSE small cap index also lost 0.67%. The Sensex declined 12.32 points to close at 18,197.20, while the Nifty dropped 5.75 points to close at 5482.

The Indian equity indices ended almost unchanged on Friday, taking a breather after three straight days of losses. It was a volatile session, with the NSE Nifty swinging between a low of 5450 and a high of 5520 levels. 

Realty, Metals and Oil & Gas stocks were among the major laggards. The Mid-Cap and the Small-Cap stocks saw some offloading as well. However, bucking the negative trend were FMCG, Banking and Telecom stocks. 

Today’s Nifty Top gainers were:

AXISBANK with volume and changes 18, 50,972 and3.03 %

PNB with volume and changes 3, 37,745 and 2.38 %

ICICI BANK with volume and changes 65, 37,10595 and 2.05 %

Today’s Nifty Top losers were:

SESAGOA with volume and changes 39,09,936 and -5.45 %

JINDALSTEEL with volume and changes 31, 60,54422 and -4.14  %

JPASSOCIAT with volume and changes 2, 18, 63,695 and -3.88 %.

Due to profit booking market seems to be under buying pressure. In upcoming session market would be downward due to weak global market and fear US dead Default.
Nifty can be expected to follow down trend due to weak global market. It seems to be vary between 5400 -5565

TECHNICAL OUTLOOK:

JK CEMENT

JK CEMENT is going to announce its quarter result on Monday. Script has traded in heavy volume before the result day. Shares closed the today’s session at 106.65. Support and resistance levels for the share for the next trading session are:

Resistance 1-109

Resistance 2- 111

Support 1- 105 

Support 2- 103

SUZLON ENERGY

SUZLON ENERGY is going to announce its first quarter results on 29^TH July. It has seen trading within the range of 53 to 52 on Friday. Expected levels for this script are as follow:

Resistance 1-53

Resistance 2-54

Support 1- 52 

Support 2- 51

NIFTY SPOT LEVEL
                                                                                                          

The Index opened up at 5,479.00 and finally closed at 5,482.00 rallying down -5.75 points (0.10%). The Nifty high and low of the day were 5,520.30 and 5,453.95 respectively.

The Nifty Futures made a down rally of -5.75 points or (0.10%) and finally settled at 5,482.00. The 30-share BSE Sensex was trading at 18,209.52 down 222.73 points.

The Indian equity indices ended almost unchanged on Friday, taking a breather after three straight days of losses. It was a volatile session, with the NSE Nifty swinging between a low of 5450 and a high of 5520 levels. 

Realty, Metals and Oil & Gas stocks were among the major laggards. The Mid-Cap and the Small-Cap stocks saw some offloading as well. However, bucking the negative trend were FMCG, Banking and Telecom stocks. 

In upcoming trading session Nifty Spot Level can be expected to follow down trend due to weak global market and fear US dead default trend. But buying pressure would be expected due to profit booking. Market seems to be strongly trades between 5440-5530   in narrow perspective and in broad perspective it seems to be vary between 5400 -5565

SUPPORT AND RESISTANCE:

The Support and Resistance Zone for Nifty Spot levels would be

Support 1: 5440         Support 2 : 5400 

Resistance 1: 5530     Resistance 2: 5565

BANK NIFTY FUTURES

Bank Nifty Futures finally settled 10926 up by 62.

In upcoming trading session Bank Nifty Futures is expected to follow down trend if it strongly trades between 10800 –11000 is looking bearish in narrow perspective and in broad perspective it seems to be vary between 10680-11150

SUPPORT AND RESISTANCE:

The Support and Resistance Zone for Bank Nifty Futures would be 

Support 1: 10800       Support 2: 10680

Resistance 1: 11000   Resistance 2: 11150

STOCKS TO WATCH :

Sell Corporation Bank below the Level 500

Book First Target at 496 and Second target at 490

Keep stop loss at 507.45