End of day summary and outlook for 24Nov06

As expected the markets were very volatile and there was some profit booking towards the end of the day. Unfortunately the NSE nifty did not test the levels of 4000 and came back from 3970 levels itself. The NSE nifty closed at 3945.45 with a loss of 9.30 points and the BSE sensex closed at 13680.83 with a loss of 25.70 points. Eventhough the closing prices donot suggest, there was lot of volatility in the markets. The FII activity was subdued and they were net buyers in cash segment for 295 crores, sellers in index futures for 70 crores and sellers in stock futures for 200 crores.

The outlook for 24Nov06 is not very encouraging. The markets might open with some weakness and go up in the laterpart of the day. The rollover in the futures has already begun. Upgrade your stoploss on Nifty futures to 3900.00

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