STOCK MARKET REVIEW: 22ndDECEMBER 2011
INDIAN MARKETS managed to finish higher for the second successive session after food inflation dropped to a four-year low and the Government was considering new measures to try and narrow the budget deficit. Sentiment also improved in part after the Government introduced the controversial New Lokpal Bill in parliament and kicked off a debate on the politically sensitive issue. A strong rally across European markets also helped prop up the sentiment in the Indian markets.
BSE SENSEX ended at 15,813, up 128 points or 0.8% over the previous close. It had earlier touched a day’s high of 15,834 and a day’s low of 15,472.
The NSE NIFTY closed at 4,733, up 40 points over the last close. It has earlier touched a day’s high of 4,740 and a day’s low of 4,632.
CNX MIDCAP index was up 1.42% and S&P CNX 500 gained around 0.95%.
The BSE Small-Cap and the BSE Mid-Cap index were up -0.7% each.
THINGS TO KEEP AN EYE ON FOR TOMMOROW SESSION:
Inflation data boosted the Indian investor’s spirit today as it came at the 4years low. With this the investors’ eyes are still on upcoming UP elections and the Union Budget next year. One has to see whether UPA II gathers enough courage to implement important economic reforms. Corporate earnings for the third quarter, is another main event to watch, which will come in February next quarter.
Stock market is expected to remain on bearish trend.
Today’s Nifty Top gainers were:
DLF changed 4.9%.With volume 6,423,633
PNB with volume 466,246and changed 4.1%
TATA MOTORS changed 3.7% with volume of 12,323, 905
Today’s Nifty Top losers were:
WIPRO LTD with volume 1,846,641and changed [2.4] %
BHARTI AIRTELL with volume 5,911,454and changed [1.8] %
CAIRN INDIA with volume 1,317,791and changed [1.4] %
TECHNICAL CALLS FOR TODAY: 23rd DECEMBER 2011
ASHOKLEYLAND closed today’s session at 23.60. Support and resistance levels for the share for the next trading session are:
Support 1- 22.45
Support 2- 20.25
PUNJLLOYD has seen trading within the range of 39.80. Expected levels for this script are as follow:
Support 1- 37
JSW ISPAT closed trading at 10 Expected resistance and support levels for the scrip for the next trading session are:
NIFTY OUTLOOK FOR TODAY 23rd DECEMBER 2011
NIFTY SPOT LEVEL
TREND – BEARISH
SUPPORT AND RESISTANCE:
The Support and Resistance for Nifty Spot levels
Support 1: 4680
Support 2: 4625
Resistance 1: 4785
Resistance 2: 4840
BANK NIFTY FUTURES
Bank Nifty Futures seems to be strongly trade between 8290-8485 in narrow perspective and in broad perspective it seems to be varying between 8175-8595.
SUPPORT AND RESISTANCE:
The Support and Resistance for Bank Nifty Futures
Support 1: 8290
Support 2: 8175
Resistance 1: 8485
Resistance 2: 8595