Similarly, Transcrop International Ltd, a ‘B’ group scrip, fell 30.14 per cent today to close at Rs 33.15. Stocks in the ‘B’ group normally attract a maximum circuit breaker of 20 per cent on BSE. Even an ‘A’ group stock, Hindustan Copper, which generated a massive volume of 1.56 lakh shares today, recorded a high of Rs 278 against its upper circuit of Rs 245.95.
Apart from this, the counter of Assam Tea Company, a ‘B’ group stock, witnessed a 1.38-crore block deal at Rs 77 even though the share was being traded at around Rs 16. The block deal was later reversed by BSE.
Gramac Infrastructure Equipment and Projects, Fertilizers & Chemicals Travancore Ltd, National Fertilizers Ltd, Ahluwalia Contractors and Asian Oil were other ‘B’ group stocks that recorded prices higher than the circuit breakers on huge volumes.
According to market players, BSE did not issue any clarification during the day, nor did the exchange halt trading in these counters to examine the problem.
Lesser known stocks such as Empower Industries India Ltd, Bhagyashree Leasing & Finance, Sturdy Industries, Rama Phosphates, RAS Extrusions, United Drilling, Women Networks and Integra Capital Ltd emerged as the top gainers today with a 20 per cent rise. Strangely, the volume in some of these stocks was as low as 100 shares.
When contacted, a senior BSE official said there was a ‘technical snag’ and trading would resume tomorrow with normal circuit breakers. BSE, however, did not answer an email query asking it about the technical error and how it happened.
Market sources said that some brokers were planning to approach legal experts to present a case before market regulator Securities and Exchange Board of India (Sebi). Out of the 80 scrips, 30 rose over 10 per cent and 12 fell more than 10 per cent, triggering stop-loss of share traders. Brokers were also asking for additional margins from clients as these erroneous trades had caused them huge losses.
The problem, say experts, is that when the exchange does not reverse ‘illogical or artificial trades’, the price of a particular stock, which is part of this error, remains at a level that it could have never touched in the near future. Proper action and withdrawal of all such trades are necessary, they say.
Nifty :: Batter to avoid forecasting about market before budget.. Be cautious in buying and selling near make or break level.. Go with trend, book fast and small profit in every trade, avoid to give long commitment or give long commitment with proper hedging in your buying or selling position.. Watch one level 4336 for treading on 3rd July .. Momentum seems up above 4336, momentum down below 4336… In expand range watch breakout level 4360, breakdown level 4285… And after it all you know range between 4140/4450.. Still our strategy same as yesterday sell at high (S.L 4440) buy on deep (S.L 4250).. Resistance for up move at 4360/4405/4426/4440/4510.. Supports at 4285/4250/4218/4163/4140..
R-4340/4392/4436.
S-4297/4246/4202.
Nifty Fut
R-4330/4382/4430.
S-4281/4228/4180.
Sensex
R-14631/14792/14925.
S-14498/14337/14204.
Today Railway budget , so plz concenrate kaildrail and texmeco for intraday only
Bulls have been able to keep it above low Ema..Bears have been able to keep it under High Ema. And the tug of war continues.
So much intra moves but the Macd shows "too much noise but nothing happened- Closed flat".
The most obvious EW count points to a simple gap down and head to 4250-4220 (Blue line). However, due to "Monday's budget event", things could get complex here..(Red line)
The negative divergence led to the intra 100 point fall..Highly volatile..
Daily Charts 
Daily Charts
- Oscillators still showing mixed signals . Stochastics yet in sell mode before reaching oversold zone which is bearish. Macd is fast moving towards zero line. The RSI14 however, is above the 50 mark .
- Today too nifty failed to move above uptrendline from 2539 .
- 5 dema continues to be bearishly aligned .
- Positive is a higher high and higher low.
- Resisted at downtrendline drawn from 4693. Resistance for tomorrow on this trendline is at 4359.
Intra Day Chart
- All oscillators are positive.
- Price below uptrendline .
- The short term moving averages are bullishly aligned.
The day ended flat amongst an extremely choppy session. The intra day charts are showing signs of recovery. Watchout for breakout from equilateral triangle shown on half hourly charts and also from the uptrending channel from 22nd June. Till this happens , no change in view.
A close below 4284 tomorrow will confirm break of uptrendline on weekly charts.
Daily Market Outlook: 03 July 2009
Most of the Asian Markets closed in the red at the end of today’s trading session. As far as the Indian equity markets are concerned, markets remained in the red for the major part of the day, however at the closing the SENSEX was up marginally by 13.02 points. The NIFTY closed 7.95 points up at 4348.85. On the sectoral front, metal Index which has been on the rise in the past coupe of trading sessions has kept the momentum alive with 3.26 per cent gain. The Mid and Small Cap index too showed some positive swings closing marginally up 0.33 and 0.74 per cent respectively. The FMCG, Banking, Auto and Capital Goods were the Indices which lost on the bourses today. The flat market will see get some sense of direction only next week, after the budget is announced.
Till Budget Market remain volatile and no support is seen and to track the direction of market is very difficult. We advise to trade with light position and are cautious on higher level on lower side.
NIFTY (4348.85)
Resistance : 4360 / 4395 / 4435 / 4460
Support : 4310 / 4295 / 4245 / 4215
SENSEX (14658)
Resistance : 14795 / 14925 / 15150
Support : 14500 / 14340
NIFTY FUT (4346) : Important Resistances For NIFTY Are : 4390 / 4460 / 4770
Resisitance : 4390 / 4435
Support : 4290 / 4230
MKT COMMENTS
NIFTY FUT OI flat with 8% decreasing volumes indicating not only unwinding plus forming of fresh short positions too.
We expect NIFTY FUT to trade volatile.
On Wednesday,Opening Is Flat To Down,
Buy NIFTY Above 4345,Sl Below 4325,Tgt 4395/4415/4430/4450+
Sell NIFTY Below 4320,Sl Above 4340,Tgt 4295/4265/4240/4220+
BUY POSITIONALLY
BEL Around 1380,Sl 1330,Tgt 1425/50/75/1500
AUROPHARMA Above 485,Sl 470,Tgt 500/15/30/50
GAIL Above 310,Sl 300,Tgt 335/45/50+
BUY
NTPC Above 200,Sl 195
WELSPUNGUJ Above 200,Sl 195,Tgt 204/07/10
WIPRO Above 375,Sl 365,Tgt 385/90/95
GLAXO Above 1265,Sl 1250,Tgt 1295/1310/1325
HPCL Above 320,Sl 3115,Tgt 325/30/35
LNT Above 1570,Sl 1555,Tgt 1580/95/1610/25
SIEMENS Above 490,Sl 485,Tgt 500/505
SELL
MARUTI Below 760,Sl 770,Tgt 750/40/30
MARUTI Below 1050,Sl 1060,Tgt 1040/30/20/10++
PNB Below 665,Sl 675,Tgt 655/45/35
SBIN (1759),Sl Above 1775,Tgt 1745/35/30
FUTURES
Buy MTNL Above 107.5,Sl 106,Tgt 108.5/109/10/11/12/13.3/14.4/15.2/16+ (Lot Size : 3200)
Sell CESC Below 276,Sl 279,Tgt 274/73/71.7/69/67.6/63.6/60.8/58/55/52 (Lot Size : 1100)
COMEX SILVER (SEP): Momentum studies are declining, but have fallen to oversold levels. The market's short-term trend is negative as the close remains below the 9-day moving average. It is a mildly bullish indicator that the market closed over the pivot swing number. The next downside target is now at 1346.5. The next area of resistance is around 1390.0 and 1402.5, while 1st support hits today at 1362.0 and below there at 1346.5.
COMEX GOLD (AUG): Momentum studies are rising from mid-range, which could accelerate a move higher if resistance levels are penetrated. The cross over and close above the 18-day moving average indicates the intermediate-term trend has turned up. A positive setup occurred with the close over the 1st swing resistance. The near-term upside objective is at 959.2. The next area of resistance is around 950.6 and 959.2, while 1st support hits today at 929.8 and below there at 917.5.
COPPER Outlook (CMP $228) : Bulls Buy On Dips SL $218 & Bears Sell On Rallies SL $243
SILVER Outlook : Bulls Buy On Dips SL $12.90 & Bear Sell On Rallies SL $13.90
GOLD Outlook : Bulls Buy Gold On Dips SL $915 & Bears Sell Gold On Rallies SL $950
NATURAL GAS(CMP : $3.650) : Bulls Buy On Dips SL $3.00 & Bears Sell On Rallies SL $4.20
As was noted in yesterday's after market post, volatility has increased. Today, we'd one 100 point down move followed by another 80+ point up move out of which 50 points came out of single huge bar! This is the first time I've noticed a 50 point move in a single bar.
The Nifty Futures 60 minute chart above shows a channel. Behind positive global cues, we can expect some upmove from here probably aiming at the top of the channel around 4450. Below is the daily chart. The 5 day ATR is now at 138.
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