07.11.2013

Nifty Weekly Range For The Week 05th Nov -- 08th NOV 6166 -- 6460, Either Side Sustaining Will Give More 130 Points More, High 6304.75, Low 6208.70, Closed 6215.15

Market slips for the second day in a row

Key benchmark indices edged lower in choppy trade as a decision by State Bank of India (SBI), India's biggest commercial bank in terms of branch network, to raise lending rates by 20 basis points hurt investor sentiment adversely as borrowing costs will rise for the corporate sector. A faster-than-estimated expansion in a US services gauge stoked speculation the world's largest economy is strong enough to allow the US Federal Reserve to reduce stimulus for the US economy earlier than analysts had projected. Fed's bond-buying program has been a source of liquidity for most Asian and emerging markets this year. The barometer index, the BSE Sensex and the 50-unit CNX Nifty, both, hit their lowest level in over one week in late trade. The Sensex was provisionally down 85.73 points or 0.41%, up about 30 points from the day's low and off close to 155 points from the day's high. The market breadth, indicating the overall health of the market, was positive. In the foreign exchange market, the rupee weakened past 62 against the dollar.

Indian stocks fell for the second day in a row today, 6 November 2013.

Metal stocks dropped. Bank stocks dropped across the board. Bharat Heavy Electricals (Bhel) fell in choppy trade after weak Q2 results. Most telecom stocks gained.

NOTE : AFTER 1ST TGT HIT KINDLY REVISED SL TO COST PRICE !

TRADING CALLS 

CASH

BUY RIL IND 898 SL 882 TGT 910 / 922

BUY ZEEL 270 SL 265 TGT 275 / 279

BUY CAIRN 318 SL 313 TGT 323 / 327

SELL TATACHEM 270 SL 275 TGT 265 / 260

SELL SIEMENS 590 SL 598 TGT 584 / 576

FO 

BUY ICICI BANK 1075--1085 SL 1060 TGT 1110 / 1130
BUY ZEEL 269--270 SL 265 TGT 277 

DISCLAIMER : THE AUTHOR IS NOT RESPONSIBLE FOR ANY LOSSES DURING ANY TRADE THIS IS MY VIEW !!

The market breadth, indicating the overall health of the market, was positive. On BSE, 1,296 shares rose and 1,158 shares fell. A total of 148 shares were unchanged.

The total turnover on BSE amounted to Rs 1874 crore, lower than Rs 2224.16 crore on Tuesday, 5 November 2013.

The S&P BSE Consumer Durables index (down 2.19%), the S&P BSE Bankex (down 1.87%), the S&P BSE Realty index (down 1.8%), the S&P BSE Metal index (down 1.31%), the S&P BSE Oil & Gas index (down 0.87%), the S&P BSE FMCG index (down 0.69%), the S&P BSE Auto index (down 0.64%), the S&P BSE Capital Goods index (down 0.54%) and the S&P BSE PSU index (down 0.4%), underperformed the Sensex.

The S&P BSE Healthcare index (up 0.86%), the S&P BSE Teck index (up 1%), the S&P BSE Power index (up 1.23%) and the S&P BSE IT index (up 1.39%), outperformed the Sensex.

Among the 30-share Sensex pack, 20 stocks fell and rest of them rose.