Market Today on 29.08.2008

Market was extremely cautious on F & O expiry and the fear of inflation as the last two week the number was not favorable at all. Ultimately selling lead to deep correction of market leading to a crucial level of both Sensex and Nifty. As 4200 is a strong ans sustainable support and this time apart from positive cues by US we have another important positive trigger of cooled inflation a GREEN starting is expected with nifty up by 40-50 points and rising above 100 in the mid way. Some ups and downs will be there in that range but ultimately we can have a happy ending of the weekend.
Turnover traded in markets has improved a lot, especially due to F&O expiry. It stood at Rs 83,236.95 crore. This includes Rs 66,164.24 crore from F&O segment, Rs 4,041.46 crore from BSE Cash and balance Rs 13,031.25 crore from NSE Cash segment.
4200 in Nifty and 14000 in Sensex is the strong support level in Nifty and Sensex respectively, and if this is breached we may see again market going down below 4000 level in Nifty. Though these level doesn’t seems to get breeched in near term. Market range whole day is expected to be between 4190-4400 in nifty and 14000-14500 in Sensex.

Sectors to Watch-
Banks and Realty will lead the way on cooling inflation. Sugars and Fertilizers may see some recovery. Oil Exploration Company may see some fall. Capital goods is likely to be winner. Auto will pick up its speed and metals expected to shine. Healthcare, FMCG may remain flat.
Stock to Watch-
Markasans Pharma, Reliance Industries, ICICI bank, Reliance Capital and Indiabulls finance.