Market Today on 26.09.2008

After the negative finish on F & O expiry we may see the start of a new chapter and the start is expected to be positive as the US market reacted very positively on call for emergency meeting by US President to take steps to solve the market crisis, India may also react positively and it is expected a gap up opening of 50-60 points in Nifty, buying may be seen all around and we may cross 4200 by the end of the day. 4250-4300 will be the level where profit booking may be seen again.
Total turnover crossed Rs 1-lakh crore mark due to F&O expiry. It stood at Rs 1,03,047.35 crore. This includes Rs 15,291.03 crore from NSE Cash segment, Rs 82,697.69 crore from NSE F&O and balance Rs 5,058.63 crore from BSE Cash segment.
4000 in Nifty and 13200 in now the important and key support level in nifty and Sensex respectively. If this support level is breeched again then next support is at 3850 level. Next reisistance will be faced at 4300 in Nifty and 14600 at sensex. Market range whole day is expected to be between 4050-4200 in nifty and 13250-14000 in Sensex.

HOT NEWS
Inflation remains to unchanged at 12.14, expectation was a bit higher.
Rupee ended further lower and bonds higher.
Goerge Bush called an urgent meeting to economy status and market crisis. US market reacted positive.
Sectors to Watch-
On good global cues we may see some buying in IT as US market reacted positively on Goerge Bush statement that no stone will be left unturned to overcome the crisis. Banks and Realty may recover further, Capital goods may gain, Health sector, FMCG and Auto will remain passive while Metals may regain its shine.
Stock to Watch-
On the upside we may see Sterlite Industries, Jindal Steel and Power, Reliance Petro, India Infoline, TCS, Infosys and HDFC
On down side we may see Tata Motors and Cairns India.

Lastly wishing you all a happy and earning trading day.