Tearing through 11,350
March 24, 2006
The market closed up 181.10 points on its high of the day at 11,459.58 tearing through its predicted resitance at 11,350 . Once again it was predominantly the surge in ORGYDC which finally closed at upper cap at 162.65 with 111.4 million shares traded that contributed to the majority of the percentage of the upside. Another classic example of an imbalanced index in terms of its weightage. While POL closed Rs.24 up at 621 and PPL upper cap at 268.5, the rest of the market remained fairly lacklustre. FFC finally closed above Rs.130 at 132. Banks were down again. ORGYDC seems highly over bought, being up nearly 40 rupees in 9 trading sessions, about 30%. While it seems likely that the index is due to re-test its previous high of 11,692, a correction is due for next week.
UPPER CAP : ORGYDC / SUI SOUTH / BHOSRICOR ( 5TH CONSECUTIVE CAP )
