Stronge Resistance at 4520 - NSE

The benchmark indices will find it tough to maintain their current levels as they are trading near resistance zones. The Sensex will find it hard to maintain the 15,150 level, while the Nifty may witness profit booking around 4520.

Despite a rally of 18 per cent in the past five trading days, derivatives players are not willing to take risks and settled their intra-day positions during the course of the day. Even though the Nifty July futures clocked trading volumes of 40.6 million shares, the open interest declined by 0.6 million shares at the day's close. Similarly, the Nifty August futures recorded trading volumes of four million shares, but only 1.8 million shares were carried forward.

The Nifty July futures contracts witnessed profit-taking above the 4490-4500 levels as Bloomberg data shows that the number of sell bids at those levels were higher than the buy bids. Almost 25 per cent of the trades were initiated at the above mentioned levels, indicating resistance. The top index gainers included ICICI Bank, HDFC, State Bank of India, Bhel, Reliance Industries, Reliance Communication and Suzlon and these accounted for most of the trading activity. ICICI Bank, for example, gained 12 per cent and the open interest declined by 0.4 million shares, indicating profit booking at higher levels.

The 4200-4400 call options witnessed profit-booking, while fresh call writing was seen at the 4500 strike price. However, the call writers did not carry forward their short positions. Only 96,200 shares were carried forward despite intra-day trading volumes of 6.9 million shares.

Stock Market Prediction for 5th August 2008

Market may open Down . Market may up between 10.35 and 10.55. Market may steady or up side between 13.07 and 13.30. Market may close at down to previous closing.




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Opening Bell Call
Buy

NTPC - NTPC Limited
GRASIM - Grasim Industries Ltd.
SELAN - Selan Exploration Technology Limited
CAIRN - Cairn India Limited
RNRL - Reliance Natural Resources Limited
POWERGRID - Power Grid Corporation of India Limited

On 4th August 2008 - The BSE Sensex closed at 14,577 (down 78 points) while the NSE Nifty closed at 4,395 (down 18 points).

Opening Bell Call
Sell

RELIANCE - Reliance Industries Ltd
HINDUNILVR - Hindustan Unilever Limited
TCS - Tata Consultancy Services Limited
GLENMARK - Glenmark Pharmaceuticals Ltd.
ABIRLANUVO - Aditya Birla Nuvo Limited


Technical Analysis for 5th August 2008

BSE-SENSEX - Major Support - 14601, 14540, 14478, 14429, 14379, 14268, 14157, 14046
BSE-SENSEX - Major Resistance - 14651, 14700, 14762, 14823, 14934, 15045, 15156, 15267

NSE-NIFTY - Major Support - 4397, 4378, 4359, 4341, 4323, 4286, 4249, 4212
NSE-NIFTY - Major Resistance - 4415, 4433, 4452, 4417, 4508, 4545, 4582

Stock Market Prediction for 4th August 2008

Market may open Down . Market may up between 10.47 and 11.09. Market may steady or up side between 12.00 and 12.22. Market may close at up to previous closing.




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Opening Bell Call
Buy

RELIANCE - Reliance Industries Ltd
NTPC - NTPC Limited
SATYAMCOMP - Satyam Computer Services Ltd
RELCAPITAL - Reliance Capital Limited
RNRL - Reliance Natural Resources Limited
IFCI - IFCI Limited

On 1st August 2008 - The BSE Sensex closed at 14,456 (Up 300 points) while the NSE Nifty closed at 4,413 (Up 80 points).

Opening Bell Call
Sell

ABB - ABB Limited
GLENMARK - Glenmark Pharmaceuticals Ltd.
HOTELEELA - Hotel Leela Venture Ltd.
CHOLADBS - Cholamandalam DBS Finance Limited
ATFL - Agro Tech Foods Limited
M&M - Mahindra & Mahindra Ltd.

Technical Analysis for 4th August 2008

BSE-SENSEX - Major Support - 14456, 14344, 14231, 14019, 13806, 13481, 13156, 12831
BSE-SENSEX - Major Resistance - 14669, 14881, 14994, 15106, 15431, 15756, 16081, 16406

NSE-NIFTY - Major Support - 4356, 4324, 4291, 4230, 4169, 4076, 3982, 3889
NSE-NIFTY - Major Resistance - 4417, 4478, 4511, 4543, 4637, 4730, 4824, 4917