Market Today on 15.10.2008

The way market started and then closed clearly shows lack of strength and the pull back was on short covering, again we are heading towards the same direction, though on momentum market may open flat with positive biasness but this biasness may change in direction in due course of the day and we may see the red with a couple of trading hours. Profit booking and fresh shorting will be witnessed in the first half itself until and unless some very hot and positive news comes into the picture. Global cues are not supportive, neither are the Iip numbers to boost up the market for long time.
Traded turnover was at Rs 63,360.10 crore. This includes 11,838.89 crore from NSE Cash segment, Rs 47,278.06 crore from NSE F&O segment and balance Rs 4,243.15 crore from BSE Cash segment.
Support of 3500 in Nifty will certainly break today and the next support is at 3240 and then at 2900. Similarly in Sensex 10600 and then 9870 is the next two support when 11400 is breeched. Market range whole day is expected to be between 3400-3550 in nifty and 11000-11600 in Sensex.

HOT NEWS
*US Government will infuse 125 billion dollar to rescue banks.
*A cut in interest rate is assumed by RBI very recently.
*ICICI bank assures to have enough liquidity with them.
*TCS may deal with MEA to expedite passport processing.
Sectors to Watch-
The profit booking may be witnessed again in sectors like Banks, Infrastructures and Capital goods. Oil and Gas may remain flat and metal may loose their shine further. Healthcare and Auto may see some green.
Stock to Watch-
On the upside we may see Cairns India, Maruti suzuki and Ranbaxy.
On down side we may see SBI, DLF, JSPL and Reliance Capital..