Market Today on 26.08.2008

The week started on a positive note but by the end the weakness was clearly visible. Less participation, less confidence and fear of global economic slowness not at all allowing our market to gain strength. Today we even have negative cues so the start is certainly negative with a gap down about 40-50 points in nifty which may extend to 90-100, and as the market is range bound again we can see some buying at that level with some recovery at the end.
Total turnover traded in markets stood at Rs 56,686.76 crore. This includes Rs 7,461.38 crore from NSE Cash segment, Rs 45,979.13 crore from NSE F&O and balance Rs 3,246.25 crore from BSE Cash segment.

4300 in Nifty and 14000 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 4200-4400 in nifty and 14000-14600 in Sensex.

Sectors to Watch-
It will be now Banks, realty where we will witness selling pressure. Oil and Gases may give some rescue, otherwise baring telecom no sector seems to have good time.
Stock to Watch-
XL Tele, Reliance Industries, RNRL and NMDC