19 July 2010 Morning Market Updates

19 July 2010 Morning Market Updates  08:53

Today market will open gap down as a result of weakness in US markets on Friday.Technically speaking Dow Jones had important support at 10300 levels and as soon as it breached that level, Dow has slided at 10098 from Thursday's closing of 10359.31.

Intraday Sell call was given on facebook to sell Dow Fut below 10300.Refer with id : prasadlbhave.

Similarly on a broader vision with technical analysis we think that Nifty may come down till 5030 levels in shorter term before making a all time high.If we see Nifty at around 4950-5030 levels we will consider it as a bottom of the bull-rally which has started in March 2009.
Intraday Calls :
Buy:
HCLTech sl 368 T 379
Hindunilvr sl 265 T 269
                           
Sell:
Bhel Bel 2422 sl 2435 T 2406
Jindalstel Bel 622 sl 628 T 613
JPAssociat Bel 127 sl 129 T 124
Bharatforg Bel 327 sl 330 T 321
IDBI Bel 121 sl 122 T 118.5
Indhotel Bel 105 sl 106 T 103

US Market Updates :

NEW YORK (MarketWatch) -- U.S. stocks plunged, as a double dose of discouraging earnings reports and concerns about the pace of the economic recovery wiped out the Dow Jones Industrial Average's gains for the week.

The Dow /quotes/comstock/10w!i:dji/delayed (DJIA 10,098, -261.41, -2.52%) , which snapped its seven-day winning streak on Thursday, closed down 261.41 points 2.5% to 10,097.90 and finished the week down 0.98%. The S&P 500 Index /quotes/comstock/21z!i1:in\x (SPX 1,065, -31.60, -2.88%) declined 31.60 points, or 2.9%, to 1064.88 to end the week down 1.2%. Both indexes have fallen in three out of the last four weeks.

The stock market's deep slide upends a week that started on a strong note, as earnings from Alcoa Inc. /quotes/comstock/13*!aa/quotes/nls/aa (AA 10.41, -0.43, -3.97%) and Intel Corp. /quotes/comstock/15*!intc/quotes/nls/intc (INTC 21.02, -0.49, -2.28%) fueled optimism about the profits of U.S. corporations. But the gains proved hard to hold, with concerns about the outlook for the U.S. economy in the second half moving front and center in investors' minds. Those concerns are casting a harsh light on earnings from large financial corporations with deep roots in Main Street.

Bank of America Corp.'s /quotes/comstock/13*!bac/quotes/nls/bac (BAC 13.98, -1.41, -9.16%) 9.2% drop led the blue chips lower, after a loss in its mortgage business and a falloff in Wall Street trading profits dragged on second-quarter results. Adding to the jitters was a report that showed consumer sentiment dropped to its worst level since March 2009, the latest in a string of downbeat data that slammed Wall Street. Investors turned pessimistic about growth prospects for other major U.S. companies as Citigroup Inc. /quotes/comstock/13*!c/quotes/nls/c (C 3.90, -0.26, -6.25%) and General Electric Co. /quotes/comstock/13*!ge/quotes/nls/ge (GE 14.55, -0.70, -4.59%) posted lackluster results. There also were growing worries about how financial regulatory overhaul will hurt bank earnings, with financials posting the biggest declines on the S&P 500 on Friday, falling 4.4%. Citigroup shares fell 6.3% and J.P. Morgan Chase & Co. /quotes/comstock/13*!jpm/quotes/nls/jpm (JPM 39.00, -1.46, -3.61%) fell 3.6%.