Market report 29 oct

From Our Technical Desk

Three times lucky

Nifty closed below the 6000 level - a psychologically important level, on expiry day for the month of October 2010, especially after extremely volatile trade in last one hour of trade. However, today again Nifty managed to find support near 5966 level and this has happened for the third time in past few sessions - "three times lucky". Moreover, number three plays a very prominent role throughout the entire field of technical analysis and hence the level of 5966 should be looked as a key pivot in the coming sessions. If Nifty manages to hold this level, then this consolidation phase will provide the base to go pass the previous high of 6357. On the contrary, if 5966 get violated on closing basis then the slide of Nifty will continue upto 5850-5800 levels.

BSE Oil & Gas

BSE Oil & Gas index is currently resting at the support of 20-DSMA and overall trend is still up as the higher top higher bottom formation is still intact. So a daily positive close in this index will back the confidence of the bulls and we may see this index scaling fresh highs in the near future.

From The Dealing Desk

Trading Ideas

• Remain stock specific from current levels.
• Trading ideas which we like are KFA (Target Rs88), Jindal Saw (Target Rs248), Naga Fert (Target Rs40) and Spice Jet (Target Rs98). Traders maintain stop loss accordingly.

Investment Ideas

• Sterlite Tech: CMP @ Rs84 (Target Rs100)

For more details contact http://www.insighttechnical.net

Share Market report 28 Oct.

From Our Technical Desk

5966 - A key pivot

Again for the second consecutive day, Nifty maintained its downward movement to end the day with a loss of 70 odd points. However, on closing basis it managed to hold the psychological important level of 6000. Moreover, now the level of 5966 will act as a key pivot, because the break of this level will incur the lower top lower bottom formation and hence the probability of market sliding further upto 5830 will increase.

BSE Capital Goods

BSE Capital Goods index has reacted southward after finding resistance at the 20-DSMA and hence in the near future it can correct upto 15,500 level.

From The Dealing Desk

Trading Ideas

• Remain stock specific from current levels.
• Trading ideas which we like are KFA (Target Rs88), Jindal Saw (Target Rs248), Naga Fert (Target Rs40) and Spice Jet (Target Rs98). Traders maintain stop loss accordingly.

Investment Ideas

• Torrent Pharma: CMP @ Rs552 (Target Rs650)

For more details contact http://www.insighttechnical.net

Market Report 27/10/2010

From Our Technical Desk

Hourly momentum rolls over

After witnessing selling pressure near 6120 levels during the start of the day, Nifty kept of fading in red all through the day. Moreover, it closed the volatile session with a loss of 20 odd points. Moreover, the slant of 100-hsma for the index in also in the falling mode, which means that the short-term trend is still down and the index is bound to see lower targets in the near future. Also, the hourly MACD has turned bearish, after Nifty broken the rising trendline on hourly chart. This indicates that the overall consensus is still giving bearish view.

BSE Metal

BSE Metal index has formed a Bearish Engulfing candlestick pattern at the resistance of 20-dsma, which indicates that next leg of decline has started and the index can correct upto 16,600 level.

From The Dealing Desk

Trading Ideas

• Remain stock specific from current levels.
• Trading ideas which we like are DCB (Target Rs75), Jindal Saw (Target Rs248), Ranbaxy (Target Rs668) and Spice Jet (Target Rs98). Traders maintain stop loss accordingly.

Investment Ideas

• DCHL: CMP @ Rs136 (Target Rs180)

For More Details visit http://www.insighttechnical.net

Commodity Market Review

Bullion Outlook

· Gold fell nearly 3 percent on Tuesday, its largest one-day fall since early July, as

the dollar surged after China unexpectedly raised interest rates and the United

· States said it will not devaluate the dollar.

· Prices dived in heavy trading volume after China surprised markets with its first

rate hike since 2007. Fearing more aggressive monetary tightening in the world's

fastest-growing major economy, investors cut risk exposure by selling equities

and commodities and buying the U.S. dollar.

· China's decision to raise its benchmark one-year interest rate put perceived risk

currencies including the euro and the Australian dollar under pressure, while

sending Wall Street 1.6 percent lower.

Crude Oil:

· U.S. crude oil futures ended more than 4 percent lower on Tuesday, suffering

the biggest one-day percentage loss in more than eight months, as the dollar

strengthened on safe-haven buying following a surprise interest rate increase

in China.

· Investors fear the move could dampen Chinese and global growth and slow

the country's voracious demand for oil and other commodities.

· Crude futures fell back after rising more than 2 percent on Monday, lifted by

higher refined products futures as strikes in France continued to affect fuel

production and oil shipping.

· U.S. retail gasoline demand rose 2.7 percent last week from the prior week,

but dipped 0.9 percent from the same week a year earlier, the MasterCard

Advisors SpendingPulse report said on Tuesday.

Base Metals Outlook

Copper:

· U.S. copper prices finished near the sharply lower levels hit on Tuesday as the

dollar surged on China's surprising announcement that it will raise key

benchmark interest rates this week,

· Copper for December delivery was down 9.75 cents, or 2.53 percent, to finish

at $3.7575 per lb on the COMEX

· Copper tumbled early as the dollar strengthened when top consumer China

said it will raise benchmark interest rates, effective on Wednesday.

· London Metal Exchange copper stocks were down by 500 tonnes at 369,950

tonnes on Tuesday.

For more details contact http://www.insighttechnical.net

From Dealer's Desk

Trading Ideas

• Remain stock specific from current levels.
• Trading ideas which we like are Hindalco (Target Rs244), Elecon (Target Rs108), Nagar Fert (Target Rs40) and KFA (Target Rs88). Traders maintain stop loss accordingly.

Investment Ideas

• Aurobindo Pharma: CMP @ Rs1,140 (Target Rs1,242)

FOR MORE DETAILS CONTACT MR.ANAND AGRAWAL AT 9595139228 OT VISIT http://www.insighttechnical.net