STOCK MARKET ANALYSIS AND NIFTY OUTLOOK : 29 AUGUST 2011

STOCK MARKET REVIEW 

CNX Midcap index was down today: 29 august 2011, 2.07% about and S&P CNX 500 lost about 1.98% while BSE small cap index and Midcap also lost at 2.65% and 2.25% Respectively.

The BSE Sensex ended at 15,848.83 losing 297.50 points. The NSE Nifty closed at 4,747.80 losing 91.80 points.

It was complete mayhem on DALAL STREET, with stocks being pummeled left, right and center. ADAG heavyweights like Reliance Capital, RCom, Reliance Power and Reliance Infra tumbled over 5% each. Among the other major laggards were Sesa Goa, DLF, Reliance Industries and Tata Steel.

Tomorrow market is expected to be bearish .

Today’s Nifty Top gainers were:

HERO MOTOCORP with volume and changes 4,99,712 and 3.14 %

M&M with volume and changes 22,57,013 and 1.23 %

INFY with volume and changes 26,27,745 and 1.13 %

Today’s Nifty Top losers were:

RELCAPITAL with volume and changes 47,55,497 and 12.33 %

RCOM with volume and changes 1,68,15,724 and 11.11 %

JPASSOCIAT with volume and changes 1,59,81,989 and 7.42 %.

Nifty can be expected to follow down trend. It seems to be vary between 4655-4840.

TECHNICAL CALLS FOR TODAY

McLeod Russel

Tea major, McLeod Russel , is all smiles at the estates. Tea production for the company is ahead of expectations this season due to lesser pest activity and timely rains. This share closed the session at 237.

Resistance 1- 245

Resistance 2- 253

Support 1- 226

Support 2- 221

Petronet LNG

Petronet LNG , the biggest beneficiary of the increasingly gas-starved Indian market. The company is planning to expand its Dahej capacity by 5 MMTPA and is also setting up a greenfield LNG terminal of 5 MMTPA in Kochi. It has closed the trading session on Friday at 168.

Resistance 1- 175

Resistance 2- 184

Support 1-164

Support 2- 161

STOCKS TO WATCH : 29 AUGUST 2011

Sell FEDERAL BANK below 326

Book First Target at 321 and Second target at 317

Keep the stop loss at 331.45

Sell SBI below 1863

Book First Target at 1850 and Second Target at 1825

Keep the stop loss at1885.45

Sell UCO BANK below 401

Book First target at 397 and second at 393

Keep the stop loss at 406.45

NIFTY OUTLOOK FOR TODAY : 29 AUGUST 2011

NIFTY SPOT LEVEL
                                                                                                          

The Nifty Index opened at 4,839.25 and finally closed at 4,747.80 rallying down 91.80 points (1.90%). The Nifty high and low of the day were 4,872.00 and 4,720.00 respectively.

The Nifty Futures made a down rally of 91.80 points and finally settled at 4,747.80. The 30-share BSE Sensex was trading at 15,848.83 down 297.50  points.

It was complete mayhem on DALAL STREET, with stocks being pummeled left, right and center. ADAG heavyweights like Reliance Capital, RCom, Reliance Power and Reliance Infra tumbled over 5% each. Among the other major laggards were Sesa Goa, DLF, Reliance Industries and Tata Steel.

Market seems to be strongly trades between 4700-4800 in narrow perspective and in broad perspective it seems to be vary between 4655-4840

Tomorrow market is expected to be bearish.

SUPPORT AND RESISTANCE:

The Support and Resistance Zone for Nifty Spot levels would be

Support 1: 4700        Support 2: 4655

Resistance 1: 4800     Resistance 2: 4840

BANK NIFTY FUTURES

Bank Nifty Futures seems to be strongly a trade between 8820–9090 is looking bearish in narrow perspective and in broad perspective it seems to be vary between 8635-9195.

SUPPORT AND RESISTANCE:

The Support and Resistance Zone for Bank Nifty Futures would be 

Support 1: 8820      Support 2: 8635

Resistance 1: 9090   Resistance 2: 9195


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