The Morning Meeting Notes as on 10th February, 2010.
Contents
The markets opened today's session on a negative note with 60 odd point's downward gap mirroring mixed and subdued cues from the global markets. After the initial jolt markets recuperated as renewed buying interest led by easing of European credit and growth worries leading to a slowdown paved the way for positive sentiments on the bourses in today's trading session. The day's late rally was mainly led by buying in technology, cement, banking, pharma and select telecom and capital goods stocks while selling in oil & gas, fmcg and realty stocks capped the gains to some extent. Finally after a weak opening the markets continued to travel northwards to close on a positive note towards the end with Sensex gaining 107 points or 0.67% higher to settle at 16042 levels while Nifty gained 32 points or 0.68% higher to settle at 4792 levels. The overall market breadth indicating the strength of the market remained positive as broader markets also witnessed buying action with Midcap index and Smallcap index gaining almost 0.5% each and was at 1.1 x. The overall traded volumes were extremely lower compared to the earlier by almost 24% and were at Rs 851 bn. While delivery based volumes were marginally higher compared to the earlier day at 32.4% of the total traded turnover. Among the Fund activities FII's were net sellers to the tune of Rs 8.40 bn while Domestic Funds were net buyers to the tune of Rs 0.37 bn respectively on 8th February 2010. While on 9th February 2010, FII's sold shares worth Rs. 5.25 bn in cash segment (provisional) while in the F&O segment they were net buyers to the tune of Rs 10.20 bn whereas Domestic Funds bought shares worth Rs. 3.99 bn (provisional)
Still within the falling channel: Although, Nifty managed to close in green, on the back of buying interest in technology, pharma and banking, the surge was a bit lazy with no real buying pressure. On charts, Nifty is still unable to clear the upper boundary of the falling channel and hence relief rally seems to have ended. Unless Nifty manages to clear the resistance of 50-HEMA probability of 4675 getting violated is very high. So we still maintain our sell on rise stance.
BSE Realty: Selling pressure continued in the BSE Realty index and it finally closed at 3289 with a loss of -1.21%. Going forward this index is still looking weak and thus we maintained our downside target of 2965.
Happy Trading,
United we grow!!!
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