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Traders book profit;Tata Motors, Ranbaxy plunge
Posted on: 16-04-2009 , 04:: | DY365 Bureau

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Plan long term portfolio shares gave up early gains while oil&gas and metals were under pressure.

"Nifty has successfully crossed the 200-day moving average of 3,425 with huge volumes and ended on a strong note. The technical oscillators are indicating that markets are overstretched and are in extreme overbought zone. The RSI for Nifty on the daily chart is at 79. Going forward we believe that markets may go into consolidation or remain in a sideway, rather than uptrend. The undertone of the market is quite optimistic but one should maintain a cautious approach and trade with a low profile. Markets are overbought and a correction is due and one should wait for the dip to re-enter the market," said Nirmal Bang report.

"The immediate support for Nifty is placed at 3,415 - 3,330 – 3,270 on an intra-day basis, a fall below this can take Nifty to 3,155 in coming days. Strong resistance is placed at 3,610. Banking stocks were in great demand due to short-covering and going forward we could see more action in this space," the report added.

At 11:30 am, Bombay Stock Exchange’s Sensex was at 11,116.69, down 168.04 points or 1.49 per cent. The index touched an intra-day low of 11098.24 and high of 11367.23.

National Stock Exchange’s Nifty was at 3436.80, down 47.35 points or 1.36 per cent. The broader index touched a low of 3433.70 and high of 3511.25.

"Nifty has a strong resistance at 3500 while short-term support exists at 2950. Banks and real estate to see up ward movement in today's market," said Networth Stock Broking report.

Gainers comprised Sun Pharmaceuticals (2.86%), Hindustan Unilever (1.87%), Bharti Airtel (1.59%), Maruti Suzuki (1.5%) and Grasim Industries (1.05%).

Amongst the sectoral indices, BSE Oil&gas Index was down 2.44 per cent, BSE Metal Index fell 2.03 per cent and BSE Capital Goods Index slipped 1.67 per cent. BSE FMCG Index was up 0.94 per cent.

Tata Motors (-7.15%), Ranbaxy Laboratories (-5.58%), Mahindra & Mahindra (-3.93%), Tata Steel (-3.87%) and Reliance Industries (-2.74%) pushed the indices lower.

Ranbaxy Laboratories, India’s largest drugmaker by sales, may be sitting on mark-to-market (MTM) losses of over Rs 2,500 crore on foreign currency derivatives transactions entered into with various banks, according to estimates by one of its lenders in February this year. With this lender alone, the company is running an MTM loss of Rs 600 crore on the derivatives contracts it had signed in April-May 2008.


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