MARKET OUTLOOK FOR 12th JAN 2010
Markets failed to sustain higher levels as most of the gains made in the morning session were erased on account
of profit taking. RIL too exerted a lot of pressure on indices as it lost meaningful ground due to treasury share
sale. Realty stocks moved higher on follow up buying in counters like DLF, Unitech and Ibull Real Estates.
Shipping counters were also in demand as buying was seen in GE Shipping, MLL and SCI. Stocks like Aban,
ABG Ship and Bharti Shipyard also were amongst the big gainers for the day. Other gainers were MTNL, BEL,
Madras Cement, REC, Unitech, ZEE, PFC, Axis, Petronet, Pantaloon, ABB and PNB. Amongst the losers were
IFCI, Lupin, Cairn, Voltas, Wipro, Cummins, Hindalco and Bhel. Nifty just about managed to sustain above
5250.
Nifty remains in a consolidation mode around current levels. Results season kicks off as usual with Infosys and
that may have some bearing on the future course of at least the IT stocks. The IT majors have been under
corrective spell for past few sessions and any upward surprise could take these stocks higher. Jindal SAW
witnessed huge volumes and a breakout in daily charts. Technically stocks could target 225-230 in coming
sessions. JP Associates managed a closing above 165 and sustained trade above 165 is likely to take it further to
around 176-178. Others that are looking good for more upside are GE Shipping, Educomp, Unitech, DLF, JP
Hydro, JSW Energy, Neyvelli, orchid and Biocon( above 295).
Nifty has intra day support around 5210-20 and then around 5170 while up move faces resistance around 5310.