Market today on 20.10.2008

After the end of another bad week when Sensex breeched its 10000 level for the first time since July 2006, we are heading towards another week, the start or the opening may be flat and Nifty may approach to breech its 3000 level but as the market is oversold, some good news like cut in CRR by 100 bps may show its affect and some buying may take place in selected sector. US market having a good last week may be a positive factor for us. But if Nifty breeches 3000 level significantly we may head towards another blow, volatility will be on extreme as usual.
Total market turnover on Friday stood at Rs 58,370.46 crore as against Rs 72,822.47 crore on Thursday. This includes Rs 10,477.78 crore from NSE Cash segment, Rs 43,767.13 crore from NSE F&O segment and balance Rs 4,125.55 crore from BSE Cash segment.
Nifty support is at 2900 and then at 2800 technically, but we may see some buying at 3000 level. Similarly in Sensex 9870 is the support level. Market range whole day is expected to be between 3000-3200 in nifty and 9800-10200 in Sensex.

HOT NEWS
*Sensex breeched 10000 level for the first time since July 2006.
*Indication for a cut in Repo rate is on the floor of news.
*Infosys is still an over weight as per Morgan Stanley.
*Mphasis came out with fair Q2 FY 09 number.
Sectors to Watch-
Healthcare and Auto may remain flat, Banks and Realty may gain after initial jolt. Metals and IT may still remain in pressure. Capital goods may recover. Oil and Gas may enjoy fall in crude specially Oil marketting Companies.
Stock to Watch-
On the upside we may see DCB, Axis bank, Reliance Capital, Aban offshore, Mphasis and Reliance Industries.
On down side we may see Satyam, Indiainfoline and JSPL.