End of day summary and outlook for 23Nov06

Today the markets were positive throughout the day except for a small deceptive dip towards the end of the day. Even though the sensex gained close to 100 points the advance decline ratio was not very encouraging. The NSE Nifty closed at 3954.75 with a gain of 36.50 points and the BSE sensex closed at 13706.53 with a gain of 90 points. The FIIs were net buyers in the cash market for 560 crores, 365 crores in index futures and 79 crores in stock futures. There is nothing much we can derive from it though. Siemens was the star of the day with a gain of close to 12% towards the end of the day.

The outlook for 23Nov06 is positive and the Nifty might test the psychological level of 4000. It appears that the NIfty has broken out of the narrowing trendlines on the upper side. Still caution is advised and we might see some profit booking towards the end of the day.

Disclaimer: The recommendations provided would be purely on my personal opinion and doesn't reflect any fund house interest or my personal holdings. I would not be responsible for the loss in trades undertaken based on my recommendations.