Market Today on 08.10.2008

Market may open gap up with 20-30 points in Nifty and nothing unusual will be witnessed today. Nifty may gain upto 100 points from where again a selling pressure may lead to a choppy finish. There is expectation of fed cut in next meeting and this may lead to a good start but as now a days the panic situation has made such a havoc that any rally doesn’t sustain and selling starts and nothing beyond this is going to happen again.
Turnover was bit better today; it stood at Rs 77,297.33 crore. This includes Rs 12,797.73 crore from NSE Cash segment, Rs 59,767.70 crore from NSE F&O and balance Rs 4,731.90 crore from BSE Cash segment.
3280 in Nifty and 10600 in now the next support level in nifty and Sensex respectively. If this support level is breeched again then next immediate support is at 2900 level. Market range whole day is expected to be between 3530-3700 in nifty and 11500-11800 in Sensex.


HOT NEWS
*Nano plant finds a new place in Gujarat.
*JP Morgan expects a fed cut at least by 50 bps in last two meet.
*Fed offers loan of about 900 billion dollars to banks to ensure liquidity in the market.
*P- Note modification failed to attract FII as they are still in exiting mode.
Sectors to Watch-
CRR cut have not shown much impact but still it can be a factor for rate sensitive sectors to recover a bit so Banks, Realty, Autos and Capital goods may gain, Oil and Gas may recover more while IT will remain under pressure. Metals can gain if rally remains sustainable.
Stock to Watch-
On the upside we may see Bank Of India, HDFC Bank, Unitech, DCB, RNRL and Reliance industries.
On down side we may see Reliance Infra, Adlabs, JSPL,Rolta and HCL.