End of day summary(15Nov06) and outlook for tomorrow(16Nov06)

The markets were volatile today. As expected the NSE nifty tried to test the important level of 3840.00 but was unsuccessful as buying emerged in the market at around 3852. Though there is caution advised everywhere, the underlying in the markets are very strong. The NSE Nifty closed at 3876.30 with a gain of 10 points after a fall of 30 points from the days high early in the day. The BSE sensex also closed at 13469.37 with a gain of 44 points after witnessing a 100 points correction in intraday day early in the morning. The FIIs were net sellers in the cash segment to the tune of 84 crores and net buyers in the futures segment to the tune of 418 crores. They were net buyers in index futures alone to the extent of 250 crores. It appears that the FIIs are covering their short positions in the index futures which might provide the additional strength to the markets.

The outlook for tomorrow is positive. We might witness some intraday correction but the markets are poised in such a way that a bounce back from lower levels are very strong. Today the index is all set to test the psychological level of 3900 in NSE and 13500 in BSE. Today also 13500 was shown momentarily but retraced very fast.

Trading calls will be provided shortly for 16Nov06. Keep checking the posts.

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.