Navratri, Chetichand & Gudi Padwa ki Haardik Shubkamnaye
Markets opened on a positive note and traded with extreme volatility to close in green. On the sectoral front Teck, IT, Bankex and Capital Goods ended with decent gains whereas FMCG was the only sector which ended with marginal losses. The advance decline ratio was in favour of declining counters (Advances = 1009/ Declines=1040).
Pattern Formation : On the Daily chart, I'm observing that prices have taken a support on the upward gap area of 5477 to 5526 and have formed a candlestick pattern that resembles a Hammer. However, if one clubs the two candles then one can term it as a Harami candlestick pattern.
Future Outlook : In view of the above pattern formation there is high probability that momentum on the upside is likely to continue. In coming trading session if indices trade above 5570 level then the hammer pattern will get activated. In such scenario indices may test 5600 – 5620 – 5650 levels. On the downside, 5450 – 5480 may act as support for the day.
The trend remains down and rallies are likely to attract selling pressure. Traders are advised to adopt cautious approach in this market. Technical Stock To Focus ( keep Stop loss for any trade)
Buy Hexaware at CMP 95.80 SL 92.80 Targets 99 - 101.30.
Data Alert From India –
N.A.
Data Alert From Overseas -
French CPI m/m at 11:00 pm
German Final CPI m/m at 11:30 pm
Europe ECB Monthly Bulletin at 1:30 pm
US Unemployment Claims at 6:00 pm
Domestic Stock Specific News –
Fin min source says govt's current cash balance around 750 bln rupee
India Mar car sales fall 22.5% on year; CVs down 6.04%
Delhi HC to Fri hear Merck plea against Glenmark over diabetes drug
SC seeks CBI reply on Essar Ravi Ruia plea in extra spectrum case
PM says to push for early conclusion of free trade pact with EU
Sun Pharma gets US FDA OK for schizophrenia drug Risperdal generic
Promoter Greenridge Hotels buys 5.25 mln more GVK Power shares
Shasun Pharma in pact with Swiss co to make, market Alzheimer's drug
Dredging Corp pegs hope on new vessels to come out of rut
Tata Communications gets 5-yr contract worth over $20 mln
Lenders invoke 23 mln KFA shrs pledged by UB Holdings
Eveready Inds launches 3 rechargeable lighting products
Suzlon Group arm looking to up UK wind farm mkt share by 2014
RPG Life to sell lease rights of Navi Mumbai land to Maruti Suzuki
International News -
French Industrial Production at 0.7% vs -0.8%.
Italian Industrial Production at -0.8% vs 1.0%.
Open Interest of derivative segment increased to Rs 85171.18 Cr vs Rs 82418.40 Cr.
FIIs net sellers in index futures to the amount of Rs 218.16 Cr and in index options net sellers to the amount of Rs 280.35 Cr.
Put-Call Ratio at 0.88 vs 0.90. (Bullish).
