End of day summary and outlook for 11Dec06

Today can be said as a black friday as this kind of correction was not seen in a long time now. The Nifty NSE closed at 3962.00 with a loss of 53.35 points. The BSE sensex closed at 13799.49 with a loss of 172.54 points. The advance decline ratio was 1:2 The FIIs were net sellers in the cash market for 204.58 crores, 1087.26 crores in index futures and 105.82 crores in stock futures. The markets were overall in a sell mode as there were only a handful of nifty stocks in positive. The selling was more aggressive in index stocks than the midcap and small cap stocks. The expections were IFlex and Polaris which went up by 17% and 9% respectively.

Monday is the desicive day. If the Nifty trades below 3944.00 you can safely assume that the correction has started in market. My assumption is that the correction might take it till 3750.00
On monday the Nifty will take support at 3944-3898-3840 and face resistance at 4005-4033-4067.

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.