End of day summary and outlook for 30Nov06

Today the markets opened on the positive note but could not sustain the higher levels as selling crept almost immediately. The BSE sensex notched up 100 points in just 2 minutes of opening, but could not sustain those levels and closed at 13616.73 just 14.78 points above the previous close. The indicies dipped into negative aswell for a very short period. The NSE nifty also closed at 3928.20 with a gain of 6.45 points. The FII were net sellers of 241 crores in the cash market, net buyers of 291 crores in Index futures and net sellers of 730 crores in stock futures. The oil marketing companies were the maximum hit today on back of reduction in petrol and diesel prices.

The outlook for tomorrow is again not very positive. I expect the markets to do the repeat of today where it would open on the higher side and drift down gradually. The last hour will be very volatile due to F&O expiry. The support for the nifty is at 3900.00 and resistance at 3973.00

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.