End of day summary and outlook for 06Dec06

The markets today finally managed to trade above the opening high which is a good signal. The volumes were decent but the area of concern is the advance decline ratio which was negetive today. The NSE Nifty closed at 4015.75 with a gain of 14.75 points and BSE Sensex closed at 13937.65 with a gain of 63.32 points. The sensex managed to show the level of 14000 early in the morning for a brief period though. The FII were net buyers in the cash market for 302.42 crores, net buyers in index futures for 208.96 crores and net sellers for 116.91 in stock futures. This is the 6th consecutive day of selling in stock futures. Infosys, Reliance, Relaince communications and Bharti Airtel were the heavy weights which gave a good upmove to the market.

The outlook for tomorrow is agian a repeat of today. The Nifty has to breach the opening high to gain further momentum. Resistance is at 4050.00 and support at 3995.00 levels. It appears that Nifty will go up till 4080 before giving a good correction. The BSE sensex will try to test the levels of 14000.00 again today. It is still advisable to exit long in every upmove.

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.