Market Today on 13.10.2008

After such a disasterous week we are now proceeding to another week and the market is just at its support level at 3260-3280 in Nifty. Several measures has been taken to revive the market globally and not only there was a Fed cut and CRR cut but also Bank of Englnd, China, Japan all were cutting rates to infuse some liquidity. G7 meet on Friday and Bush reassurance have made an excellent recovery for US market. We expect a gap don opening of 30-40 points in Nifty but at some point buying will be seen as most of the investors are sitting with cash and now the level is appropriate, so after a gap down market may turn into positive but how much point up it will sustain is still not clear. But if Nifty falls by more than 50 points then we may see another free fall and next support is only at 2900 level.
Total turnover on Friday traded was very low, it stood at Rs 68,100.82 crore. This includes Rs 14,727.85 crore from NSE Cash segment, Rs 48,279 crore from NSE F&O and balance Rs 5,093.97 crore from BSE cash segment
3200 in Nifty and 10400 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 3220-3350 in nifty and 10300-10850 in Sensex.

HOT NEWS
*RBI cuts CRR further by 150 bps. FM assured to take every step to infuse liquidity.
*G7 meeting took place on Friday for synchronized steps to tackle global crisis.
*Rate cuts was seen in China, Japan, England and Australia too. China even cuts Repo rate.
*Crude fallen to 13 month low.
Sectors to Watch-
Some buying may be seen in Banks, Autos, Oil and Gas and Pharma sector while IT, Cement, Metals and Consumer index will still be under tremendous pressure.
Stock to Watch-
On the upside we may see Axis Bank, SBI, Maruti Suzuki and Reliance Industries.
On down side we may see Reliance Infra, Punj Lloyds, Tata Steel and JSPL .