The week that went by
Sensex rose 163.04 points or 1.13% to 14,564.53 in the week ended Friday, 29 August 2008. The S&P CNX Nifty gained 32.55 points or 0.75%
at 4,360 in the week. Foreign institutional investors (FIIs) sold shares worth Rs 1,211.70 crore in August 2008 (till 28 August 2008). FIIs sold
shares worth Rs 28,513.60 crore in the calendar year 2008. Mutual funds sold shares worth Rs 700.40 crore in August 2008 (till 27 August
2008). The gross domestic product (GDP) grew 7.9% in the June 2008 quarter from a year earlier, easing from the previous quarter's 8.8% rise
as industrial activity slowed due to monetary tightening. The GDP growth in the first quarter of the current fiscal year was lower than market
expectations of a rise of a little above 8%. The government released the GDP data during trading hours on Friday, 29 August 2008.
Technical Outlook :NSE Nifty (Last Closing: 4360.00)
Last week was a highly volatile trading week. After a positive opening, Nifty and Sensex witnessed a huge sell off, before recovering a portion
of the loss during the last trading day. Market is expected to remain volatile in the coming week also.
Technical Indicators like Stochastic Oscillators are indicating slight recovery from these levels. However, MACD is still in the selling mode. RSI
has closed above 50 points mark.
Market is expected to continue the recovery in the opening half of the coming week. Selling is expected to emerge from the higher levels.
For NSE Nifty, 4400 is likely to act as the critical resistance level for the coming days. A close above this is not expected at this point of time.
However, a close above this will find next resistance at 4480.
4300 will be the Critical level for the coming week. If falls and sustains below this, 4195 will be the downside support, followed by 4050.
Week Ahead :
The market may extend Friday’s (29 August 2008) strong gains triggered by softening inflation. Inflation has been a major cause of worry for
the domestic markets since the past few months. Market will also take cues from another meeting of Nuclear Suppliers group in Vienna that
begins on 4 September 2008. Market will closely watch developments on the Indo-US nuclear deal. As per reports, Japan plans to support a
civil nuclear accord between the US and India. Japan will back the deal, at a two-day session of the Nuclear Suppliers group (NSG) in Vienna
that begins on 4 September 2008. US plans to sell nuclear power plant technologies and fuel to India under a bilateral nuclear cooperation
agreement. All 45 members of the Nuclear Suppliers Group including Japan must approve the nuclear accord, which the US Congress must
also pass for the deal to come through.
_Report from JRG SECURITIES Official Website
Monday, September 1, 2008
Tuesday, August 26, 2008
Stocks to Watch
Stocks to Watch
REL CAP: (1260) 1225 & 1189 crucial supports to watch out for in panic. Break below 1189 huge panic will be seen.
RNRL: (94) Looks weak. Break below 92.40 huge selling will underway.
RCOM: (409) 394 a crucial support & trend decider.
SBI: (1357) Looks weak. 1310 a crucial support to watch out for panic. Break below 1310 expect 1216 in hours.
HDFC Bank: (1208) Break below 1197 expect 1177 & 1161.
AXIS Bank: (685) Expect it to fall down to 671, 663 & 644. 644 a solid support to watch out for.
HDFC: (2364) Keep stop loss of 2392 & go short.
JP ASSO: (160) Sell. Now break below 155 huge selling will be seen.
DLF: (495) Break below 489 selling will underway. 472 a crucial support to watch out for.
TISCO: (585) Sell. Break below 577 huge panic will start.
GREAT OFFSHORE & AKRUTI: In panic Buy!!! Buy!!!
REL CAP: (1260) 1225 & 1189 crucial supports to watch out for in panic. Break below 1189 huge panic will be seen.
RNRL: (94) Looks weak. Break below 92.40 huge selling will underway.
RCOM: (409) 394 a crucial support & trend decider.
SBI: (1357) Looks weak. 1310 a crucial support to watch out for panic. Break below 1310 expect 1216 in hours.
HDFC Bank: (1208) Break below 1197 expect 1177 & 1161.
AXIS Bank: (685) Expect it to fall down to 671, 663 & 644. 644 a solid support to watch out for.
HDFC: (2364) Keep stop loss of 2392 & go short.
JP ASSO: (160) Sell. Now break below 155 huge selling will be seen.
DLF: (495) Break below 489 selling will underway. 472 a crucial support to watch out for.
TISCO: (585) Sell. Break below 577 huge panic will start.
GREAT OFFSHORE & AKRUTI: In panic Buy!!! Buy!!!
26th August 2008 Market Today
BSE index: (14401) 14404 a nearest support break below which it'll fall down further to 14282-14257 & 14160, 14137 & 14096 initially. Consider 14096 a most crucial support where heavy buying support not ruled out.
Break below 14096 only it'll turn total weak & crash down to 14001, 13912 & 13760.
Upward side 14592 a nearest & 14673 a solid resistance, keep stop loss of 14746 to your sales.
Nifty: (4327) Consider 4374 a solid resistance, keep stop loss of 4395 to your sales.
Downward side 4323 a nearest support break below which it'll fall down further to 4285 & 4259-4252. Consider 4259 to 4252 solid support area where heavy buying support not ruled out.
Break below 4252 only it'll turn total weak & crash down to 4217, 4203 & 4162.
Upward side crossover above 4395 it'll turn positive & surge up to 4426, 4437 & 4463. Crossover above 4463 it'll surge up further to 4505 & 4548. Sell on higher levels keeping stop loss of 4548.
Break below 14096 only it'll turn total weak & crash down to 14001, 13912 & 13760.
Upward side 14592 a nearest & 14673 a solid resistance, keep stop loss of 14746 to your sales.
Nifty: (4327) Consider 4374 a solid resistance, keep stop loss of 4395 to your sales.
Downward side 4323 a nearest support break below which it'll fall down further to 4285 & 4259-4252. Consider 4259 to 4252 solid support area where heavy buying support not ruled out.
Break below 4252 only it'll turn total weak & crash down to 4217, 4203 & 4162.
Upward side crossover above 4395 it'll turn positive & surge up to 4426, 4437 & 4463. Crossover above 4463 it'll surge up further to 4505 & 4548. Sell on higher levels keeping stop loss of 4548.
Monday, August 25, 2008
Weekly Report August 25
Stock Market Outlook:
Weak global cues due to the credit market turmoil and financial crisis has created a lot of pressure in our markets. Interest rate sensitive sectors like banking, real estate and automobile witnessed intense selling pressure. A bounce back in crude oil prices also kept investors on the edge. The barometer index BSE Sensex declined 322.69 points or 2.19% to 14,401.49 in the week ended Friday, 22 August 2008. The S&P CNX Nifty lost 103.25 points or 2.33% at 4327.45 in the week. Foreign institutional investors (FIIs) sold shares worth Rs 1109.50 crore in August 2008 (till 21 August 2008). FIIs sold shares worth Rs 28,411.50 crore in the calendar year 2008. Mutual funds sold shares worth Rs 983.50 crore in August 2008 (till 21 August 2008).
Technical Outlook :
NSE Nifty (Last Closing: 4327.45)
As we have mentioned, the Indian markets have entered the selling mode after testing the target resistance level of 4640. Further downside is
expected to emerge in the market during the coming months.
The MACD has registered a negative crossing and RSI has fallen below 50 points mark - both indicating a short-term downside in the index.
The Elliott wave analysis of the NSE Nifty is indicating that the index has entered the 3rd wave of the 5-wave correction.
The recovery which the market witnessed in the closing day of last week will find resistance at 4365, followed by 4400. The Nifty is
expected to emerge into the next selling mode, before crossing 4435 level. On downside, 4240 will act as the first support for the
index. followed by 4140 and 4070.
Stock Market Week Ahead :
With no major key events scheduled in the forthcoming week, the market will closely watch global stock market cues. But it may turn volatile on
account of expiry of August 2008 derivatives contracts on Thursday, 28 August 2008. Market will closely watch developments on the Indo-US
nuclear deal. A two-day meeting of the 45 countries of the Nuclear Suppliers Group (NSG) began in Vienna on Thursday, 21 August 2008. A
green signal by the NSG is required for the deal to proceed to the US Congress for final ratification. As per reports, nuclear supplier nations at a
meeting on Thursday, 21 August 2008, proposed conditions for lifting a global ban on fuel and technology exports to India, a step required to
implement a US-India nuclear cooperation deal. A further rise in crude oil prices may act as a dampener for the stock markets
Weak global cues due to the credit market turmoil and financial crisis has created a lot of pressure in our markets. Interest rate sensitive sectors like banking, real estate and automobile witnessed intense selling pressure. A bounce back in crude oil prices also kept investors on the edge. The barometer index BSE Sensex declined 322.69 points or 2.19% to 14,401.49 in the week ended Friday, 22 August 2008. The S&P CNX Nifty lost 103.25 points or 2.33% at 4327.45 in the week. Foreign institutional investors (FIIs) sold shares worth Rs 1109.50 crore in August 2008 (till 21 August 2008). FIIs sold shares worth Rs 28,411.50 crore in the calendar year 2008. Mutual funds sold shares worth Rs 983.50 crore in August 2008 (till 21 August 2008).
Technical Outlook :
NSE Nifty (Last Closing: 4327.45)
As we have mentioned, the Indian markets have entered the selling mode after testing the target resistance level of 4640. Further downside is
expected to emerge in the market during the coming months.
The MACD has registered a negative crossing and RSI has fallen below 50 points mark - both indicating a short-term downside in the index.
The Elliott wave analysis of the NSE Nifty is indicating that the index has entered the 3rd wave of the 5-wave correction.
The recovery which the market witnessed in the closing day of last week will find resistance at 4365, followed by 4400. The Nifty is
expected to emerge into the next selling mode, before crossing 4435 level. On downside, 4240 will act as the first support for the
index. followed by 4140 and 4070.
Stock Market Week Ahead :
With no major key events scheduled in the forthcoming week, the market will closely watch global stock market cues. But it may turn volatile on
account of expiry of August 2008 derivatives contracts on Thursday, 28 August 2008. Market will closely watch developments on the Indo-US
nuclear deal. A two-day meeting of the 45 countries of the Nuclear Suppliers Group (NSG) began in Vienna on Thursday, 21 August 2008. A
green signal by the NSG is required for the deal to proceed to the US Congress for final ratification. As per reports, nuclear supplier nations at a
meeting on Thursday, 21 August 2008, proposed conditions for lifting a global ban on fuel and technology exports to India, a step required to
implement a US-India nuclear cooperation deal. A further rise in crude oil prices may act as a dampener for the stock markets
Saturday, August 23, 2008
SEBI approves currency trading in NSE
SEBI approves currency trading in NSE
MUMBAI: India's first exchange for trading in foreign currency derivatives is likely to go live on the NSE's platform. NSE, the country’s largest stock exchange by volumes, on Tuesday got an in-principle approval from the Securities and Exchange Board of India (SEBI) to start an exchange to trade foreign currency derivatives, sources said.
According to plans, NSE will have a separate segment on its existing stock and derivatives bourse to trade in forex derivatives. It would also use its clearing corporation to settle the trades on the new segment.
“It’s not only the NSE brokers, most of the large and medium sized banks have been very supportive in NSE’s endeavour to start a currency exchange,’’ a source said. “They will get another asset class to invest in,’’ the source added.
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