[Attachment(s) from ekam ber included below]
Anagram's Weekly Watch : 6th February 2010
MILD PULLBACK POSSIBLE
Dow on Friday bounced back in last hour of trading to close in green, gaining as much as 1.8% from intraday low and thereby limiting the weekly losses to less than a percent. A much better than expected consumer credit data in late trade boosted sentiment which showed that credit declined by only $1.7 bn in December versus the forecast of a $ 10 billion decline. Earlier Job data came mixed where nonfarm payrolls for the month of January declined by 20000 against expectation of a growth of 15000. But the unemployment rate came in at 9.7% (at a 5 month low), slightly better than expectation of 10%.
Fall in markets across the globe were led by concerns on budget deficits of peripheral euro zone economies like Greece and Spain. The weak trend to dollar carry-trade led to unwinding by most of the hedge funds having exposure to India. During the week FIIs and Mutual funds have sold worth Rs 942 cr and Rs 504 cr in secondary market respectively, while FIIs invested Rs 1545 cr in primary markets
NTPC issue managed to sail through and fully subscribed primarily due to the support from the state-owned banks, LIC and large QIB investors. Driven by rising prices of essential food items like pulses and vegetables, food inflation touched a decade high of nearly 20 per cent in December before moderating a little bit in January. Under attack over spiraling prices, Prime Minister Manmohan Singh has assured that the worst of food inflation is over and the situation will be eased soon by increasing the production. In all likelihood there is a growing expectation that petrol and diesel prices will be hiked before the forthcoming budget.
During the week the benchmark indices were down by more than 2% while among the sectors consumer durables index was up by 3.8%, while real estate, metals and banks were down by more than 3%.Going into the next week sell off will lose heat and markets will remain range bound. Broadly we expect the Nifty to trade in a range of 4950 and 4630 levels and the later nifty level is 200 day moving average which needs to be watched closely.
Fall in markets across the globe were led by concerns on budget deficits of peripheral euro zone economies like Greece and Spain. The weak trend to dollar carry-trade led to unwinding by most of the hedge funds having exposure to India. During the week FIIs and Mutual funds have sold worth Rs 942 cr and Rs 504 cr in secondary market respectively, while FIIs invested Rs 1545 cr in primary markets
NTPC issue managed to sail through and fully subscribed primarily due to the support from the state-owned banks, LIC and large QIB investors. Driven by rising prices of essential food items like pulses and vegetables, food inflation touched a decade high of nearly 20 per cent in December before moderating a little bit in January. Under attack over spiraling prices, Prime Minister Manmohan Singh has assured that the worst of food inflation is over and the situation will be eased soon by increasing the production. In all likelihood there is a growing expectation that petrol and diesel prices will be hiked before the forthcoming budget.
During the week the benchmark indices were down by more than 2% while among the sectors consumer durables index was up by 3.8%, while real estate, metals and banks were down by more than 3%.Going into the next week sell off will lose heat and markets will remain range bound. Broadly we expect the Nifty to trade in a range of 4950 and 4630 levels and the later nifty level is 200 day moving average which needs to be watched closely.
Technical Picks for the Forthcoming Week
| STOCK | RECOMMENDATION | CMP | STOP LOSS (Rs) | TARGETS (Rs) |
| | | | | |
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Attachment(s) from ekam ber
1 of 1 File(s)
Please use your discretion before acting on the ideas expressed in the group.
Happy Trading,
United we grow!!!
Happy Trading,
United we grow!!!
.
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