3 Jan 2008
Sharp recovery helps to keep upside momentum
Nifty broke both the support levels at 6106 and 6075 during intraday trade yesterday and very quickly recovered to hit a new high at 6197, just near the resistance level with a strong buying support in the banking stocks.
Global cues are weak. US markets extended losses in the last trading day. Dow Jones was down by 220 points. Asian markets also lost further ground. Nikkei of Japan is closed Hangseng lost more than 500 points when doing this post.
Crude oil hit a record high at NYMEX hitting $100 a barrel.
Indian ADRs are ended mixed. MTNL was up by 8%.
According to NSE provisional data FIIs were net sellers for 628 Crores and DIIs bought for 427 crores in Indian Markets.
Market breadth is remaining positive. NSE advance:declines is 690:497
APTECHT, ARVINDMILL, BONGAIREFN, ESSAROIL, HINDOILEXP, PARSVNATH, RAJESHEXPO are banned in F&O Segment of NSE.
In the line with the weak global cue, Market today may open gap down or may test the support levels once again. But the lower levels will be treated as buying opportunity in the bullish broad market. Stock specific/sector wise action may continue.
Sharp recovery helps to keep upside momentum
Nifty broke both the support levels at 6106 and 6075 during intraday trade yesterday and very quickly recovered to hit a new high at 6197, just near the resistance level with a strong buying support in the banking stocks.
Global cues are weak. US markets extended losses in the last trading day. Dow Jones was down by 220 points. Asian markets also lost further ground. Nikkei of Japan is closed Hangseng lost more than 500 points when doing this post.
Crude oil hit a record high at NYMEX hitting $100 a barrel.
Indian ADRs are ended mixed. MTNL was up by 8%.
According to NSE provisional data FIIs were net sellers for 628 Crores and DIIs bought for 427 crores in Indian Markets.
Market breadth is remaining positive. NSE advance:declines is 690:497
APTECHT, ARVINDMILL, BONGAIREFN, ESSAROIL, HINDOILEXP, PARSVNATH, RAJESHEXPO are banned in F&O Segment of NSE.
In the line with the weak global cue, Market today may open gap down or may test the support levels once again. But the lower levels will be treated as buying opportunity in the bullish broad market. Stock specific/sector wise action may continue.
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