Weekly Market Review

Indian Market:

The benchmark Nifty bounced back smartly in the last half an hour of trade and closed above the 6000 - an important psychological level.

30-share BSE Sensex closed at 20,032.34, up 91.30 points or 0.46% and the 50-share NSE Nifty rose 30 points or 0.50% to settle at 6,017.70. The Nifty November futures' premium trimmed down to 22 points from 40 points. For the week, the Sensex fell 0.66% and Nifty lost 0.8%.

Bharat Heavy Electricals Ltd., India's biggest power-equipment maker, posted a 33 percent increase in second-quarter profit, beating estimates, as orders rose on demand from utilities.

Global Cues:

Asian markets edged lower on Friday as Sharp Corp. and Advantest Corp. cut their profit forecasts. The key benchmark indices in China, Hong Kong, Taiwan, Singapore, South Korea, Indonesia were down by between 0.13% to 1.70%.

European stocks fell, trimming the Stoxx Europe 600 Index's first October rally in three years, as concern mounted that further stimulus will fail to sustain the pace of the economic recovery.

U.S. economic growth likely edged up in the third quarter but not enough to chip away at high unemployment or change perceptions of more monetary easing from the Federal Reserve next week.

Nifty, Bank Nifty Tips for 01st Nov.

Nifty future bounce back after taking support of 5965 level and close above psychological level of 6000. If it manages this level  we can see some up move in short near term up side resistance for nifty future is 6100/6140 and support for nifty future 6005/5966. one should go for long position in nifty future above 6100.

Bank nifty witnessing sharp recovery after good result of icici bank and closed near to its good resistance level , we can see some more recovery in coming trading session resistance for bank nifty is 12500/12635 and support is 12215/12005

Share Market Review and Tips

Indian Market:

Benchmark Nifty closed below the 6000 level on expiry day for the month of October 2010 on Thursday, especially after extremely volatile trade in last one hour of trade. The market has seen highest ever turnover today; which was more than 2.6 lakh crore.

---

Read 10 Deadly Trading Mistakes Traders should avoid Click Here

---

Record demand for initial public offerings in Asia is reducing the share of U.S. IPOs to an all- time low as companies from China to Malaysia and India flood the market with more equity than ever.

State-run Punjab National Bank Ltd will find it difficult to sustain margins at current levels, Chairman K.R. Kamath told reporters on Thursday.

Global Cues:

Asian markets were trading mixed on Thursday, 28 October 2010. The key benchmark indices in Hong Kong, China, South Korea, Indonesia and Japan were down by between 0.07% to 0.24%. But, the key benchmark indices in Taiwan and Singapore were up 0.14% and 0.32% respectively.

US stocks dropped on Wednesday, 27 October 2010, amid concerns that the Fed's plan to boost the economic recovery may not be large enough. The Dow Jones Industrial Average fell 43.18 points, or 0.39%, to 11126.28 and the Standard & Poor's 500 dropped 3.19 points, or 0.27%, to 1182.45.

German unemployment fell slightly in October, dropping to its lowest level in 18 years as the impact of persistently strong growth in Europe's top economy continued to filter through to the jobs market.

Technical View on Nifty for 29th Oct., Friday

Nifty future closed below its psychological level of 6000 on the expiry day of October. Last trading session nifty future was highly volatile and up side resistance for nifty future is 6101/6180 and support for nifty 5945/5900 . If nifty sustains below 6000 level we can see more correction in it till 5900.

---

For Premium Tips in Stock and Commodity Click Here.

---

Bank nifty future closed near to its support level. If it sustains below 12085 level we can see some more correction in it . Up side resistance for bank nifty is 12318/13461 and support is 12085/12925.

Market Review: News on ONGC, European Stocks, Asian Markets

Equity benchmarks closed sharply lower but managed to settle above their psychologically important levels. The sell-off was seen in power, oil & gas, private financial, FMCG, realty, cement, select auto and technology companies' shares.

State-run explorer ONGC is still jointly working with PetroVietnam on acquiring BP Plc's Vietnam assets, Oil Secretary S. Sundareshan said, which the London-listed firm has sold to its Russia joint venture.

The Reserve Bank of India (RBI) warned on Tuesday of persistent inflationary pressures on the economy from rising food prices, adding to expectations that the RBI will raise interest rates in November.

Global Cues:

Asian stock markets were mixed Wednesday, amid growing worries that the US Federal Reserve's stimulus measures may be smaller than expected. The key benchmark indices in China, South Korea, Singapore and Taiwan fell by between 0.12% to 0.16%. But, the key benchmark indices in Japan, Indonesia and Hong Kong rose by between 0.09% to 0.69%.

European stocks fluctuated amid mixed earning reports and as investors speculated whether the Federal Reserve will announce sufficient measures next week to keep the recovery on track. Asian shares and U.S. futures fell.

Treasuries dropped for the sixth day and European bonds fell before a U.S. report that may give the Federal Reserve fewer reasons to buy securities to support the economy. Greek bonds and U.S. futures retreated while commodities declined.