Market Today on 20.08.2008

Our Indian market is facing the global trauma and again the global cues are against, so we may expect another negative opening but as some buying was seen today in the last hour we may see some buying which can help to recover the market, but a panic reaction is not over ruled if nifty falls below 4300 level. Participation has been reducing and market again going in the same direction as it was in mid July. Again on global cues opening will be in Red, though a recovery is expected in the last hour but only if market sustains its support at 4300 in Nifty.

Turnover traded in markets was very low, which stood at Rs 56,307.32 crore. This includes Rs 8,920.66 crore from NSE Cash segment, Rs 43,426.67 crore from NSE F&O and balance Rs 3,959.99 crore from BSE Cash segment.

4200 in Nifty and 14000 in Sensex is the key support level in Nifty and Sensex respectively, and if this is breached we may see again market going down below 4000 level in Nifty. Market range whole day is expected to be between 4280-4450 in nifty and 14200-14800 in Sensex.

Sectors to Watch-
Sugars may again steal the show well supported by fertilizers. FMCG and healthcare may end flat with positive biased. Banks can recover on buying.
Stock to Watch-
ICICI Bank, Indian Bank, HCL tech, Tulip Telecom and Reliance Industries.