Market Today on 10.10.2008

Yesterday was a pleasure for all not only because we celebrated Dushehra and Vijaya Dashami but also we did not witneesed the blood bath in the market as it was closed, but today again the same story will carry on, market now a days discounting all the good news whether there is a CRR cut or a FED cut, and it is sinking deep and deep, again a huge gap down opening is expected and Nifty may test its support level of 3280 and Sensex level of 10600 today. We may see some buying at this level leading to some first aid in the last hour.
Total turnover traded in markets stood at Rs 75,587.35 crore. This includes Rs 12,807.82 crore from NSE Cash segment, Rs 57,666.95 crore from NSE F&O segment and balance Rs 5,112.58 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 and 9470 in Sensex. Market range whole day is expected to be between 3280-3550 in nifty and 10600-11650 in Sensex.

HOT NEWS
*Fed cuts 50 bps to 1.75%, but no positive reaction is witnessed ad Dowjones fell below 9000 level.
*Another CRR cut is expected to boost the morale of the institution buying.
*TCS may buy Citi group global for 505 Million dollar.
*Infosys Q2 result seen up by 9.6% to 1427.5 Crores.
Sectors to Watch-
Fresh shorting may sink sectors like infrastructures, Banks, Realty and Capital goods. IT and Telecom will further lose ground, Metal will remain dull, Auto, FMCG and Health care may resist the free fall.
Stock to Watch-
On the upside we may see Hero Honda, ITC, Ranbaxy and Sun Pharma.
On down side we may see Reliance Infra, DLF, JP Associates, Suzlon and ICICI bank .