Analysis of Stock Market
DOMESTIC MARKET
The benchmark Nifty slipped below 5600 in early trade amid a choppy trade. The market was seeing a bit of consolidation at previous closing value after a sharp fall in previous sessions due to inflation worries and likely slowdown in growth. Nifty Opened at 5614 and was trading at 5584.30 with a downward gap of 20 points.
Among frontliners, ACC, Ambuja Cements, Jaiprakash Associates, Tata Motors, DLF, IDFC, Reliance Power, Reliance Communications, JSPL and Tata Steel were witnessing selling pressure. However, ONGC , Suzlon, Cipla, Infosys, HDFC Bank, HCL Tech and Bharti Airtel were quite supportive to benchmarks in early trade. Nifty has resistance at 5688.61 and 5772.93 and support at 5557.46 and 5510.63.
Sensex was trading 102.30 points down from previous closing at 18581.13.REALTY dropped 2.37% while AUTO and CG lost 2.10% and 2.02 % respectively. Sensex has resistance at 18962.06 and 19239.7 and support at 18531.42 and 18378.42.
INTERNATIONAL MARKET
Asian stocks fell, dragging a regional benchmark index down for the first time this week, as Japanese banks dropped after Standard & Poor’s cut the nation’s credit rating, and commodity shares declined. Nikkei dropped 128.99 points and reached 10349.TOPIX retreated 11.72 points and was trading at 917.95.Hang Seng reached 23636.20 with a decrease of 143.47 points.
FII FLOW
The net FII flow to equity sector on Thursday recorded a gain of 94.06 crore as against 194.90 crore the previous day. The open interest for the previous day in Futures segment was Rs. 48237.38 crore as against 49565.99 crore on Tuesday. The open interest in Options segment was Rs. 53515.44 crore as against Rs. 52343.69 crore the previous day. The aggregate open interest in derivative segment was Rs. 101752.82 crore. This was 101909.68 crore Tuesday. It may be observed that the aggregate open interest dropped 0.15 per cent.
TODAYS STOCK RECOMMENDATION BY ANALYSTS
Market Analysis: Ms.Malu Suresh
School of Asset Management
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