Measured movement

That said, the intermediate trend remains up and the Sensex and the Nifty will take out previous record peaks sooner than later. The Nifty is expected to trade in a range of 6200-6400 in the near term. A break in the current pattern is likely if the Nifty breaches the range on either side.

A strong conviction that something must be done is the parent of many bad measures. - Daniel Webster.



We are set for another lackluster start and perhaps continuation of this week’s tepid movement. Although the key indices are close to all-time highs, they seem to be running out of steam every now and then. Action is likely to be more stock-specific. Small-Cap and Mid-Cap counters have been buzzing in the past two sessions. That trend may continue as investors are a bit wary of valuations in Large-Cap stocks.


That said, the intermediate trend remains up and the Sensex and the Nifty will take out previous record peaks sooner than later. The Nifty is expected to trade in a range of 6200-6400 in the near term. A break in the current pattern is likely if the Nifty breaches the range on either side.


Right now the global attention is fixed on the G-20 summit and the ongoing debate over economic imbalances. The dollar took a breather, sending US stocks higher. But the euro remains under pressure due to lingering debt worries. Crude has shot up while precious metals have softened a bit.


M&M could be in focus as the company is set to make some announcement regarding its farm equipment business. Gujarat NRE Coke will be in focus not only for its Q2 results but also for the SEBI action against promoters in an insider trading case. DLF will also be in the spotlight after announcing its results overnight. Jaiprakash Associates is another stock to keep an eye on as it considers fund raising in the holding company for its power business.

Results Today: Anant Raj Inds, Apollo Tyres, Bhusan Steel, Cipla, Gujarat NRE Coke, HDIL, Hikal, KRBL, Lanco Infra, MMTC, PSL, Ranbaxy and Shree Cement.


FIIs were net sellers of Rs. 325.2mn in the cash segment on Wednesday (provisionally), according to the NSE web site. Local funds were net sellers of Rs. 1.43bn. In the F&O segment, the foreign funds were net sellers at Rs. 14.7bn. The foreign funds were net buyers of Rs. 6.88bn in the cash segment on Tuesday, as per the SEBI web site. Mutual Funds were net sellers at Rs. 3.9bn on the same day.