Market Today on 01.10.2008

The strong recovery from the new low after the statement of Finance Minister has regained confidence in the investors at least for the time being and the positive global cues combinedly will lead our market to open gap up of 40-50 points in Nifty we may witness a level of 4000 nifty in the first half itself and if it sustains there we may reach upto 4050 to 4080 mark. Ther may be some profit booking in the last hour but that may remain insignificant. If Asian market supports we may see Nifty even crossing 4200-4230 mark.
Total turnover traded was at 76,501.96 crore. This includes Rs 14,785.57 crore from NSE cash segment, Rs 56,549.63 crore from NSE F&O and balance Rs 5,166.76 crore from BSE cash segment.
3850 in Nifty and 12500 in now the important and key support level in nifty and Sensex respectively. If this support level is breeched again then next immediate support is at 3760 level. Next reisistance will be faced at 4250 in Nifty and 14400 at sensex. Market range whole day is expected to be between 3900-4200 in nifty and 12750-13500 in Sensex.

HOT NEWS
-US bailout rejected but not ruled out yet. FM said it is crucial for global market.
-As per FM Indian banks are financially sound and there is no need to panic.
-Goerge Bush called an urgent meeting to economy status and market crisis. US market reacted positive.
-Crude oil again touching 100$ per barrel mark.

Sectors to Watch-
On good global cues we may see buying in IT stocks, Telecom sectors and Banks, Realty will also gain and Metals may regain its shine. Fertilizers is expected to have a good day and Oil and Gas and Capital goods will also gain. HealthCare is expected to remain flat and so will be FMCG.
Stock to Watch-
On the upside we may see Reliance Capital, Jindal Steel and Power, Indiainfoline, Dabur India, Reliance Industries, Reliance Capital, Axis Bank and Adlabs
On down side we may see Tata Motors , Maruti Suzuki and NMDC.