Analysis of Stock market
DOMESTIC MARKET
The benchmark Nifty started the trade with a flat to positive bias today, following upside in global markets but now the Market is highly volatile and is trading with a negative trend. Nifty opened at 5537.30 and was trading at 5435.90 losing 70 points. Among frontliners, Bharti Airtel, Bajaj Auto, Maruti, Reliance Communications, Reliance Infrastructure, HDFC, Kotak Mahindra Bank, ONGC, SAIL, IDFC and Reliance Industries were on buyers' radar. However, Tata Motors, GAIL, ICICI Bank, TCS, Wipro and ITC were witnessing selling pressure. Nifty has resistance at 5549.62 and 5593.33 and support at 5439.42 and 5372.93.
Sensex opened at 18425.18 and was trading at 18107.25 with a loss of 220.72 points. Most of the sub-indices are in the negative trend. FMCG dropped 2.50% while IT was trading with a loss of 2.03 percentage. Sensex has resistance at 18469.07 and 18610.39 and support at 18112.46 and 17897.71.
INTERNATIONAL MARKET
Asian stocks rose for the first time in three days as earnings improved, higher oil and metal prices boosted commodity companies and U.S. consumer spending climbed. Nikkei rose 42.86 points and reached 10280.80.Topix reached 913.50 with an increase of 3.42 points .Hang Seng was trading at 23500.30 with an increase of 52.99 points.
FII FLOW
The net FII flow to equity sector on Monday recorded a loss of 592.40 The open interest for the previous day in Futures segment was Rs. 38984.12 crore and for Options segment was Rs 42792.89 crore. The aggregate open interest in derivative segment was Rs. 81777.01 crore.
NEWS
• India's GDP growth stands revised upwards to 8 per cent for 2009-10.
• Finance ministry to pay $1.74 bln oil subsidy to state-run oil retailers in the December quarter for selling fuel at government-set cheaper rates.
TODAYS STOCK RECOMMENDATION BY ANALYSTS
Market Analysis: Ms. Malu Suresh
School of Asset Management
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