Sensex

Tuesday, February 02, 2010

[sharetrading] Anagram's Daily Call

 

 
Anagram's Daily Call : 3rd February 2010

VIEWPOINT : INDIA UNDERPERFORMS THE WORLD

 

Dow closed with triple digit gains for the second consecutive day, buoyed by better-than-expected earnings from Whirlpool and Cummins and encouraging economic data. While December pending sales of US existing homes rose 1% for December, D.R.Horton, one of the top five US home builders, reported its first quarterly profit in almost three years. European markets gained just under a percent, rising for the third consecutive day, led higher by mining shares after Australia left ifs interest rates unchanged and gains in banking shares.

 

But it was a poor show by our market in yesterday's trade. Nifty, after touching a high of 4951, almost near the resistance of 4967 mentioned in yesterday's report, saw a sustained downward move and closed at 4830, the lowest close since 9th November 2009. A huge shorting was evident from the derivative data, where Nifty future slipped into the discount of 8 points coupled with a rise of 8% in open interest. FII selling continues unabated as they sold worth Rs. 418 cr. in index futures and provisionally sold worth Rs. 455 cr. in cash. Today, while opening will be higher in line with positive global cues, sustainability of the opening gains will be more important. 4967 remains the resistance on the upside, above which Nifty can rally up to 5091. 4750 remains a key support, a fall below which will open the space till 4600, the 200 DMA.

 

 

To Read our Morning Call, Please CLICK HERE

 

Regards,                               

Anagram Research             

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Please use your discretion before acting on the ideas expressed in the group.
Happy Trading,
United we grow!!!
.

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Posted by nsivaa at 8:03 PM

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