Market Today on 21.08.2008

There was a strong positive reaction on positive opening by Asian markets and the five consecutive falling streaks were broken. As the buying mode had started in this range bound market we can see it to continue so the market will open in Green as there is also favorable global cue. Though participation is still lacking so nothing great things is expected to occur. Another reason for cautious approach is the inflation number. Last week it was unexpected high and if this is not stabilize we may see another downward trend.
Total turnover traded in markets stood at Rs 51,999.71 crore. This includes Rs 4,248.31 crore from BSE cash segment, Rs 9,183.7 crore from NSE Cash and balance Rs 38,567.7 crore from NSE F&O segment.

4350 in Nifty and 14300 in Sensex is the immediate support level in Nifty and Sensex respectively, and if this is breached we may see again market going down below 4200 level in Nifty. Market range whole day is expected to be between 4350-4500 in nifty and 14500-15000 in Sensex.

Sectors to Watch-
Banks and Capital goods will lead the way. Health sector is expected to be healthy. IT will gain on depreciation of rupee. Autos may see some recovery. Fertilizers will be fertile and sugar will be sweet.
Stock to Watch-
Chambal Fertlizers, Axis Bank, JP Associates, Mahindra and Mahindra and Nagarjuna Fertilizers.
To Select stocks go through the stock analysis posted here.