End of day summary and outlook for 08Dec06

As expected the markets opened weak and recovered to end flat. There was not much action and the highlight of the day was the roaring performance of ABB and the Nifty futures turning to discount from premium. The NSE nifty closed at 4015.35 with a loss of just 0.60 points and the BSE Sensex closed at 13972.03 with a gain of 23.03 points. The FIIs were net sellers in cash for 152.87 crores, in index futures for 65.28 and stock futures for 209.31 crores. The overall volumes in the days trade was also poor. The advance decline ratio was 4:5 suggesting nothing.

The outlook for tomorrow is positive as it might be a day of short covering. The markets might open positive and remain positive for the entire day except for a minor dip here and there. The Nifty will take support at 4000-3965-3950 and find resistance at 4035-4058.

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.