24th April 2008 Market Outlook By Angel Broking
Dealer’s Diary
Market on Wednesday finished lower in volatile trades snapping its six day winning streak on account of profit booking. After opening on a firm note the market slipped into the red in mid-morning trade. It staged a strong rebound from lower level in mid-afternoon trade, only to slide again later. Banking and Capital goods were the major laggards while Real Estate and IT stocks cushioned the sharp fall. The BSE Mid and Small-cap indices continued to outperform the benchmark indices gaining 0.4% and 0.02%, respectively. Both the benchmark indices, the Sensex and Nifty ended the day lower by 0.5%. Among the frontliners, ACC, Infosys Technology, Wipro, Grasim & Tata Steel gained 2-3%, while HDFC Bank, Hindalco, BHEL, SBI and ICICI Bank lost ground by 2-3%.In the Mid-cap segment, Blue Dart, Castrol India, Spice Tele, Hotel Leela and Ashok Leyland gained a whopping 10-20%, whereas Madras Aluminium, Electrosteel Castings, Infotech, India Cement & S.Kumars lost 5-7%.
Markets Today
The trend deciding level for the day is 5037/ 16720. NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally upto 5070 - 5117 / 16850 – 17000. However, if NIFTY trades below 5037/ 16720 for the first half-an-hour of trade then it may correct upto 4990 – 4957/16568 – 16438.
For more stock tips, share market information and news, demat account opening and online share trading help in Mumbai and India Log on to www.angeltrade.com (top retail broking house in India and Mumbai) or kindly contact sales@angeltrade.com / 022 – 40003630
The article has
no responses yet