Trading with PT style
- Thread starter praveen taneja
- Start date
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Indian shares snapped a two-day falling streak to close 0.8 percent higher on Saturday buoyed by overnight gains on Wall Street, but investors remained cautious about European debt and the global recovery.
The market for the shorter term is oversold and Wall Street's recovery added to the rally,
There is some bounce back because of this short covering
The market can see selling coming back at slightly higher levels on Monday or Tuesday due to Europe's debt problems and reversal of dollar carry trade,
The benchmark 30-share BSE Index ended up 0.79 percent, or 124.72 points, at 15,915.65 in a special 90-minute trading session held by the stock exchanges to help the National Stock Exchange (NSE) test an upgraded trading system.
The index, which fell 2.7 percent on Friday to its lowest close in three months, dropped 2.7 percent on the week to record its third straight weekly fall.
Top gainers on the Sensex were Hindalco at Rs 140.70 up 1.88%, DLF at Rs 315.20 up 1.86%, Jaiprakash Asso at Rs 127.30 up 1.64%, Tata Steel at Rs 558.40 up 1.44% and Sterlite Ind at Rs 745 up 1.15%.
However, top losers on the Sensex were Hero Honda at Rs 1,575 down 0.7% and ICICI Bank at Rs 797.90 down 0.06%.
Index heavyweights Reliance Industries and Infosys Technologies led the gains on Saturday by rising 1.3 percent and 1.6 percent, respectively. These two stocks have a combined weightage of about 23 percent in the main index.
In the broader market, 1,951 gainers beat 619 losers on a total volume of 90.4 million shares.
The 50-share NSE index ended 0.82 percent higher at 4,757.25 points.
The market for the shorter term is oversold and Wall Street's recovery added to the rally,
There is some bounce back because of this short covering
The market can see selling coming back at slightly higher levels on Monday or Tuesday due to Europe's debt problems and reversal of dollar carry trade,
The benchmark 30-share BSE Index ended up 0.79 percent, or 124.72 points, at 15,915.65 in a special 90-minute trading session held by the stock exchanges to help the National Stock Exchange (NSE) test an upgraded trading system.
The index, which fell 2.7 percent on Friday to its lowest close in three months, dropped 2.7 percent on the week to record its third straight weekly fall.
Top gainers on the Sensex were Hindalco at Rs 140.70 up 1.88%, DLF at Rs 315.20 up 1.86%, Jaiprakash Asso at Rs 127.30 up 1.64%, Tata Steel at Rs 558.40 up 1.44% and Sterlite Ind at Rs 745 up 1.15%.
However, top losers on the Sensex were Hero Honda at Rs 1,575 down 0.7% and ICICI Bank at Rs 797.90 down 0.06%.
Index heavyweights Reliance Industries and Infosys Technologies led the gains on Saturday by rising 1.3 percent and 1.6 percent, respectively. These two stocks have a combined weightage of about 23 percent in the main index.
In the broader market, 1,951 gainers beat 619 losers on a total volume of 90.4 million shares.
The 50-share NSE index ended 0.82 percent higher at 4,757.25 points.
Nifty closed in green today forming an inside bar on the
daily charts. From hereon, there stand two possibilities.
First, there can be an extension in wave five down.
Second, the wave five down is done and the index is ready
for a pullback in corrective pattern on the upside, which
could be between 23.6-61.8% depending on how the waves
unfold. So, there are two levels to watch out for. 4692 and
4827 as breakout on the either side will lead to further
confirmation if the wave two up has started or there is an
extension in the wave five down. The weekly and daily
momentum indicators remain in sell mode so the larger
trend is down, whereas the hourly indicator KST has given
a positive crossover. So there exists a possibility of a
pullback in the short term.
On the daily chart, Nifty is trading below its 20 daily
moving average (DMA) and 40 daily exponential moving
average (DEMA) placed at 5032 and 5023 respectively,
which are resistances in the near term. The momentum
indicator (KST) has given negative crossover and is below
the zero line. The market breadth was positive with 1,075
advances and 198 declines on theNSE and 1,931 advances
and 607 declines on the BSE.
On the hourly chart, Nifty is trading below its 20 hourly
moving average (HMA) and 40HMA placed at 4826 and
4844 respectively, which are now the resistances in the
short term. The momentum indicator (KST) has given
positive crossover and is trading below the zero line.
Nifty and Sensex closed the session 38 points and 124
points up respectively. Of the Sensex stocks, Hindalco
Industries (up 2.39%) and TISCO (up 1.50%) topped the
30-scrip chart while Dr Reddy’s Laboratories (down 1.16%)
and Hero Honda Motors (down 0.24%) were at the bottom
of the chart.
daily charts. From hereon, there stand two possibilities.
First, there can be an extension in wave five down.
Second, the wave five down is done and the index is ready
for a pullback in corrective pattern on the upside, which
could be between 23.6-61.8% depending on how the waves
unfold. So, there are two levels to watch out for. 4692 and
4827 as breakout on the either side will lead to further
confirmation if the wave two up has started or there is an
extension in the wave five down. The weekly and daily
momentum indicators remain in sell mode so the larger
trend is down, whereas the hourly indicator KST has given
a positive crossover. So there exists a possibility of a
pullback in the short term.
On the daily chart, Nifty is trading below its 20 daily
moving average (DMA) and 40 daily exponential moving
average (DEMA) placed at 5032 and 5023 respectively,
which are resistances in the near term. The momentum
indicator (KST) has given negative crossover and is below
the zero line. The market breadth was positive with 1,075
advances and 198 declines on theNSE and 1,931 advances
and 607 declines on the BSE.
On the hourly chart, Nifty is trading below its 20 hourly
moving average (HMA) and 40HMA placed at 4826 and
4844 respectively, which are now the resistances in the
short term. The momentum indicator (KST) has given
positive crossover and is trading below the zero line.
Nifty and Sensex closed the session 38 points and 124
points up respectively. Of the Sensex stocks, Hindalco
Industries (up 2.39%) and TISCO (up 1.50%) topped the
30-scrip chart while Dr Reddy’s Laboratories (down 1.16%)
and Hero Honda Motors (down 0.24%) were at the bottom
of the chart.
•Record Date - Jayshree Chemicals Rights Issue of 9:2
•Record Date - Pitambar Coated Papers Consolidation of Shares
•Record Date - Mounteverest Trading & Investment Bonus Issue
Don't forget these latest bonus announcements as well -
•Indo Asian Finance bonus issue
The board meeting of Indo Asian Finance will be held on 05 February 2010 to consider issue of bonus shares. Indo Asian Finance is a non-banking financialcompany having its registered office in Chennai. The company is engaged in hire purchase finance within the state of Tamil Nadu.
•Shree Ashtavinayak Cine Vision to issue & allot bonus shares
•Record Date - Pitambar Coated Papers Consolidation of Shares
•Record Date - Mounteverest Trading & Investment Bonus Issue
Don't forget these latest bonus announcements as well -
•Indo Asian Finance bonus issue
The board meeting of Indo Asian Finance will be held on 05 February 2010 to consider issue of bonus shares. Indo Asian Finance is a non-banking financialcompany having its registered office in Chennai. The company is engaged in hire purchase finance within the state of Tamil Nadu.
•Shree Ashtavinayak Cine Vision to issue & allot bonus shares
Monthly economy review
India’s trade deficit in November 2009 came in at USD9.7
billion, declining on a year-on-year (y-o-y) basis but increasing
on a month-on-month (m-o-m) basis. On a y-o-y basis, the
trade deficit fell by 21.4% whereas the sequential increase in
the same stood at 10%. Notably, exports registered a y-o-y
growth of 18.2% in November 2009, after contracting for 13
consecutive months. Meanwhile imports continued to
contract albeit at a slower pace of 2.6% year on year (yoy).
India’s trade deficit in November 2009 came in at USD9.7
billion, declining on a year-on-year (y-o-y) basis but increasing
on a month-on-month (m-o-m) basis. On a y-o-y basis, the
trade deficit fell by 21.4% whereas the sequential increase in
the same stood at 10%. Notably, exports registered a y-o-y
growth of 18.2% in November 2009, after contracting for 13
consecutive months. Meanwhile imports continued to
contract albeit at a slower pace of 2.6% year on year (yoy).
Technical View: Cash Market
Nifty showed selling pressure from important resistance at 4950 levels, but also showed some respect for
support at 4700 levels. As long as Nifty trades below 4825 levels, short term trend may remain down. Selling
pressure may resume only if Nifty declines below 4700 levels. In 4700-4825 levels, some volatility may be
seen.
For trading during the coming trading sessions, trend deciding level is 4750. If Nifty shows strength above 4750
levels then we may see rally to 4825/4875/4950/4990. If Nifty doesn’t sustain above 4750 levels then decline to
4700/4650/4590/4550 may be seen.
Nifty showed selling pressure from important resistance at 4950 levels, but also showed some respect for
support at 4700 levels. As long as Nifty trades below 4825 levels, short term trend may remain down. Selling
pressure may resume only if Nifty declines below 4700 levels. In 4700-4825 levels, some volatility may be
seen.
For trading during the coming trading sessions, trend deciding level is 4750. If Nifty shows strength above 4750
levels then we may see rally to 4825/4875/4950/4990. If Nifty doesn’t sustain above 4750 levels then decline to
4700/4650/4590/4550 may be seen.
News Roundup
• India’s benchmark index, Nifty closed in red with a
decline of 2.56% for the week ended 6th Feb, 10
on the back of profit booking and weak global
cues. Most of the global indices ended in red
during this week.
• Nifty reacted sharply along with Asian and global
indices. The global markets were concerned about
developments in Europe. The concerns about
default by Greece, Portugal and Spain are rising
.The pricing of credit default swap on sovereign
debt of these countries has been rising
• The securities and Exchange Board of India
(SEBI) has directed mutual funds to mark-tomarket
debt and money market securities with
residual maturity of upto 91 days or over (earlier it
was 182 days) and value papers at weighted
average price at which they are traded on the
particular valuation day.SEBI has also directed
mutual fund firms to disclose transaction details on
daily basis, including inter scheme transfers.
• RBI has withdrawn the facility of short term foreign
currency borrowing provided to Non Bank Finance
Companies-Non deposit taking-Systematically
important and Housing finance companies. RBI
had allowed this facility in 2008 to raise short term
foreign currency borrowing not exceeding 50% of
net owned funds or $10mn which ever higher
• India received $1.5bn FDI in December
2009($1.36bn in Dec, 08), an increase of over
10% y-o-y.This is third consecutive jump of FDI on
y-o-y basis.
• India inc.’s overseas borrowing through external
commercial borrowing (ECB) and Foreign
currency convertible bond (FCCB) declined by
33.6% in Dec, 09 to $1.56bn as against $2.35bn in
Nov, 09.
• RBI survey has projected export would grow by
15.3% in next fiscal to $197.1bn.
• India’s benchmark index, Nifty closed in red with a
decline of 2.56% for the week ended 6th Feb, 10
on the back of profit booking and weak global
cues. Most of the global indices ended in red
during this week.
• Nifty reacted sharply along with Asian and global
indices. The global markets were concerned about
developments in Europe. The concerns about
default by Greece, Portugal and Spain are rising
.The pricing of credit default swap on sovereign
debt of these countries has been rising
• The securities and Exchange Board of India
(SEBI) has directed mutual funds to mark-tomarket
debt and money market securities with
residual maturity of upto 91 days or over (earlier it
was 182 days) and value papers at weighted
average price at which they are traded on the
particular valuation day.SEBI has also directed
mutual fund firms to disclose transaction details on
daily basis, including inter scheme transfers.
• RBI has withdrawn the facility of short term foreign
currency borrowing provided to Non Bank Finance
Companies-Non deposit taking-Systematically
important and Housing finance companies. RBI
had allowed this facility in 2008 to raise short term
foreign currency borrowing not exceeding 50% of
net owned funds or $10mn which ever higher
• India received $1.5bn FDI in December
2009($1.36bn in Dec, 08), an increase of over
10% y-o-y.This is third consecutive jump of FDI on
y-o-y basis.
• India inc.’s overseas borrowing through external
commercial borrowing (ECB) and Foreign
currency convertible bond (FCCB) declined by
33.6% in Dec, 09 to $1.56bn as against $2.35bn in
Nov, 09.
• RBI survey has projected export would grow by
15.3% in next fiscal to $197.1bn.
• Food inflation rose to 17.56 %( 17.4 % a week
ago) for the week ended January 23, driven by
higher pulses, vegetable prices.
• India’s forex reserves stood at $280.95Bn as on
29th Jan 10, with a decline of $1.9bn over the
figures of 22nd Jan 10.
• IMF has projected Indian Economy will grow by
6.75% in FY10 which is lower than RBI projection
(7.5%) and govt of India projection (7.75%).IMF
has projected a growth in FY11 would be 8%.
• Investor’s withdrawals of almost $1.6bn as on
week ended Feb.3 (EPFR global reported) from
global emerging markets equity funds led to a fall
in MSCI index (Emerging markets index, a gauge
of 22 developing nation) by 2.6%.
• The euro weakened to an eight-month low against
the dollar over a concern of widening budget
deficits would adversely impact economic
recovery.
ago) for the week ended January 23, driven by
higher pulses, vegetable prices.
• India’s forex reserves stood at $280.95Bn as on
29th Jan 10, with a decline of $1.9bn over the
figures of 22nd Jan 10.
• IMF has projected Indian Economy will grow by
6.75% in FY10 which is lower than RBI projection
(7.5%) and govt of India projection (7.75%).IMF
has projected a growth in FY11 would be 8%.
• Investor’s withdrawals of almost $1.6bn as on
week ended Feb.3 (EPFR global reported) from
global emerging markets equity funds led to a fall
in MSCI index (Emerging markets index, a gauge
of 22 developing nation) by 2.6%.
• The euro weakened to an eight-month low against
the dollar over a concern of widening budget
deficits would adversely impact economic
recovery.
- Status
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