Market Outlook 08 July11

Dealer’s Diary

The key benchmark indices started on a firm note buoyed by positive global

cues. Sustained buying by FIIs over the past few days also boosted the

sentiment. Strong momentum was witnessed in auto stocks, triggered by

expectations that sales will see an uptick in 2HFY2012. With market breadth

remaining strong, the firmness continued until early afternoon trade, with the

indices hovering near one-week high. Increased buying was witnessed in capital

goods, reality and FMCG stocks. Slight volatility was witnessed, which drifted

the indices marginally. However, the market regained strength in mid-afternoon

trade after paring gains from intraday highs earlier. The market closed on a

strong note with the Sensex and Nifty posting gains of 1.9% and 1.8%,

respectively. The mid-cap and small-cap indices also gained around 1.1 each.

Among the front-runners, Bharti Airtel, Hindalco, ITC, L&T and NTPC gained

3–4%. Among mid caps, SKS Microfinance, Tata Teleservices, DB Realty, Godrej

Inds. and Sterling Biochemicals Ltd. gained 8–20%, while KGN Inds., Tecpro

Systems, Kirloskar Oil Engines, Sunteck Realty and Persistent Systems lost 2–5%.

Markets Today

The trend deciding level for the day is 18981 / 5700 levels. If NIFTY trades

above this level during the first half-an-hour of trade then we may witness a

further rally up to 19195 – 19312 / 5766 - 5804 levels. However, if NIFTY

trades below 18981 / 5700 levels for the first half-an-hour of trade then it may

correct up to 18864 – 18651 / 5662 - 5595 levels.

 

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