End of Day Summary-03Nov06

As expected the markets remained bearish for the entire day and spiked up in the last half hour of trade due to short covering. The Nifty closed with a gain of 14 points at 3805 and the sensex closed at 13130 with a gain of 40 points. This was the all time high close for the second day in a row for the indicies. Even though ONGC, an index heavy weight gained over 4% in the early trade other index stocks looked bearish, especially the tech stocks. In the last 30 mins the markets came alive with Relaince Industries and Reliance energy shoting up in the closing minutes of trade. Overall the market breadth was negative with the number of declining stocks higher than the number of advancing stocks.

The outlook for Monday looks positive and the markets might start on a good note backed by Relaince Industries which I expect to take the indicies higher. However traders are advised to exercise caution, as 13200-13300 would act as a resistance and the markets might witness some healthy correction of 1000-1200 points shortly. Day traders are advised to stay out of long positions at these levels.

The trading calls for 06Nov06 would be provided shortly. Keep checking this blog to earn some good money. At the moment enjoy your weekend.