Technically Speaking - For 8/5/09
After a mild correction on Wednesday, yesterday market was more or less range bound till the second half of trading. In the last hour of trade tremendous buying was observed in the commodity stocks led by Metal sector which helped Spot Nifty to close near to its day's high. Mixed trend was observed across the sectors where bouts of fresh buying and profit booking were observed. Finally Spot Nifty ended the day at 3683.90 gaining 58.85 points or 1.62%. BSE Sensex closed at 12116.94 up by 164.19 points or 1.37%. The volume was lower than the previous trading sessions and the breadth of the market was positive in the ratio of 2:1. Technically speaking in the Spot Nifty daily candle stick chart a bullish candle stick is visible which depicts bit bullishness. Read Complete Report
Market Outlook & Views
The benchmark indices closed on a strong note ahead of US bank stress test results. Positive global cues were also supportive, most Asian indices ended higher 2-4% and European markets also opened positive. The Sensex closed 164 points or 1.37% higher at 12,116 and the Nifty shut at 3684 up 1.62% or 59 points. Among the broader indices - the BSE Midcap Index was up 101 points or 2.75% and the Smallcap Index rose 2.66% or 110 points. The market breadth was quite strong but the volumes were lower then yesterday's session. Buying interest was witnessed in metals, financial, reality and telecom stocks while FMCG and select IT stocks remained under pressure. The market trend is quite strong as the undertone is bullish.
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Manufacturing outlook still a worry - Moody's Economy.com
The downward trend in India's industrial production growth is still a worry despite a leading manufacturing index having turned positive in April, Moody's Economy.com said in a note. Activity in Indian factories expanded for the first time in five months in April as a swelling orders pipeline pointed to a tentative recovery, a survey showed on Monday. The ABN AMRO Bank purchasing managers' index (PMI) based on a survey of 500 companies, rose to 53.3 in April from March's 49.5, climbing above the threshold of 50 that separates expansion from contraction. Read Report
US stress tests what investors need to know
On Thursday, the U.S. government is expected to reveal the results of stress tests applied to the 19 largest U.S. banks, including which ones need to raise additional capital and how much. It is still unclear how much information on each bank will be released. Reuters asked some top investors and analysts what would make the whole exercise credible or not, and what results would concern them or make them feel favorably towards the sector. Read Report
Broking Firm Views For 8/5/09: Trading Calls; Derivative Strategy; Pair Trading Strategy; Buy; Sell & More Read Report
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