Overall Stock Mkts Are Trading In Safe Zone, Says Vishwas Agarwal

Overall Stock Mkts Are In Safe Trading Zone, Says Vishwas AgarwalAfter opening the day positively, the 30-share index Sensex continued its positive run on the back of heavy buying activity witnessed in frontline stocks.

Metals, consumer goods and realty stocks gained ground.

All sectoral indices went up, while BSE Midcap and Smallcap index gained 1.61% and 1.66% respectively.

Today, the BSE Sensex started the day at 9,806.64, up 90.48 points, as against its previous closure in which it gained 182.64 points at 9716.16.

At 12:19 p.m., Sensex gained 46.20 points at 9,762.36 after hitting a high of 9,825.90 and a low of 9,680.91. Meanwhile the broad based Nifty stood at 2,990.25, up 10.75 points, after touching a high of 3,002.65 and a low of 2,959.45.

The major gainers on the index were Satyam Computer Services (7.91%), Jaiprakash Associates (4.06%), Tata Motors (3.14%), Mahindra & Mahindra (2.81%), Reliance Communications (2.61%), and Tata Steel (2.56%).

On the other hand, the losers’ list included Infosys Technologies (1.26%), Sterlite Industries (India) (1.06%), Wipro (1.02%), Oil & Natural Gas Corporation (0.89%), Tata Consultancy Services (0.58%), and ICICI Bank (0.56%).

Stock market analyst, Vishwas Agarwal said, “Nifty 2,976, which was our important point, market closed on the same level on Tuesday. If it maintain about this level, then we will get strong trading movement in frontline as well as Midcap. But below this market will be little bit volatile rather than strong one side move.”

He also said that the stock market is looking for relief package from government and positive action from the central bank (RBI) on interest front. If this occurs today or tomorrow, could boost overall market reactions and support market men to contribute in rally in stock prices, where target is 3,250.

“Overall we are in safe trading zone with basic stop loss of 2,876,” Mr. Agarwal added.

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