20th April, 2011

The markets opened on a flat note amidst weak global cues and slipped into the red before bouncing back into the green. The markets traded sideways in the mid session and again slipped into the red in the late session before recovering to end the day on a flat note. Among the Sectoral indices FMCG & Power were amongst the losers while IT and Oil&Gas were among the gainers. Among the Sensex stocks Bharti Airtel (2.18%), RCOM (2.08%) were amongst the gainers while Hero Honda (4.64%), BHEL (2.37%) and HUL (1.20%) were the major losers. The Sensex gained 30 points or 0.16% to close at 19,122 while Nifty gained 12 points or 0.20% to close at 5,741.

Total traded turnover stood at Rs 1,57,524 cr. In equities both FIIs & DIIs both were net buyers of (Rs 1693 cr) &(Rs 208 cr) respectively. On the derivatives side, FIIs were net sellers in Index Futures (Rs 557 cr), Stock Futures (Rs 212 cr) and Stock Options (Rs 22 cr) while they were net buyers in Index Options (Rs 263 cr).

The US markets ended higher as stocks gained after encouraging results from health care and materials companies though amidst concerns due to weak earnings reported by Goldman Sachs. The Dow Jones gained 65 points or 1.14% to close at 12,267 while NASDAQ gained 10 points or 0.35% to close at 2,745.

The Asian markets are trading positive. Nikkei is trading higher by 1.43% while Hang Seng is currently trading higher by 0.76%.

The market breadth was indecisive with advance decline at~1:1; the market s managed to close on a flat note. The markets may open on a positive note tracking cues from global peers.

The trend deciding level for the day is 5735; If NIFTY trades above this level then we may witness a further rally up to 5770-5810-5840 levels. However, if NIFTY spot trades below 5735 levels then we may see some profit booking to initiate in market, it may correct up to 5705-5670-5650.

Stocks to focus for intraday long: IDEA, Mundra port, BGR Energy.