Market Mirror 11'th April 2011
Nifty closed 5842 level today. SGX NIFTY TRADING -22 points down. Sensex ended weak on profit booking. After starting firmly in the positive, the Indian stock market shed most of the early gains and ended the session in the negative on Friday. The BSE-Sensex closed with a decline of around 140 points (0.7%). The NSE-Nifty lost 41 points (0.7%). The BSE Midcap and BSE Small cap both closed lower by 1.3% and 1.4% respectively. The overall market breadth was also negative, with almost 2 stocks declining for every one that advanced . The reality and auto put more pressure in markets lower. Most major Asian stock markets closed in the positive today, with Japan also being the top gainer despite earthquake last night.Nifty didn't crossed 5920 yesterday. As said earlier nifty may take support 5835,5800,5780.Trader should cut long below 5780. Nifty will close flat to negative at 5820-5830. On 4'th April, we said reliance will make journey towards 1020. We booked profit reliance at 1035 level. Short reliance future at 1050 with a stop-loss 1063 target achieved at 1035.
Tata Steel announced an increase in its sales and production numbers for its Indian operations. It declared a 3.8% increase in production of hot metal to 7.5 million tonnes (MT) in FY11 (ended March 31, 2011) from 7.2 MT in the previous fiscal. Production of crude steel touched 6.9 MT in FY11, compared to 6.6 MT in the previous fiscal, a 4.4% increase. Saleable steel production also increased by 3.9% per cent to 6.7 MT in FY11. On the back of an increase in production, and healthy demand from customers, sales also saw a 4% increase to 6.4 MT. The company is also in the process of expanding its installed capacity at Jamshedpur to 10 MT per annum (MTPA). The stock however, closed 1.2% lower for the day.
Trading week is having 2 holiday. Holiday is on 12'th April & 14'th April. Trader can add position at 5780-5750 level. Every decline is buying opportunity But buying must be in parts.
Sectorial Impact............
- Nifty opens negative in early trades. Nifty support around 5835,5835,5780 level.
- Nifty closes flat to negative. Nifty may loose 15-20 points on closing basis.
- After initial selling , buying can emerge in Nifty & Tata steel & Reliance.
- DLF & HDIL may see profit taking.
- Telecom & Software shares may see Selling....
Tata Steel ADVANCE SCIENTIFIC Chart 11'th April 2011:-
(Forecasting to happen during Trading Hours)
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