Market Today on 22.10.08

Though we had two striaght sessions closing in green but the volatility and market breath was not favorable at all, in spite of all necessary measures we have witnessed a time when market went in Red even in last two days, global cues remains the key which indicates a gap down opening. Nifty the gap may not be big but nifty is likely to open 30-40 points down and may fall further, the way European market crumbled today after a good run, indicates further trouble, baring a few companies Q2 numbers are not very inspiring clearly indicating an economic slowdown.
The total turnover was at 64,789.63 crore. This includes Rs 11,069.48 crore from the NSE Cash segment, Rs 49,845.05 crore from the NSE F&O and the balance Rs 3,875.10 from the BSE Cash segment
Nifty support is at 3200 and then at 2900 technically, but we may not see breeching 3000 at least for this week. Similarly in Sensex 9870 is the support level. Market range whole day is expected to be between 3100-3300 in nifty and 10100-10800 in Sensex.


HOT NEWS
*Both RNRL and RIL agrees for Indian Government to be the third party in the case.
*Punj Lloyd wins a contract at Indonesia.
*JP Associates piled an exceptional Q2 numbers and profit is almost doubled, while Chennai Petro number came out to be in loss.
*Short selling may get a ban, Sebi will scrutinise the P-Note short selling data for sometime before arriving at a decision.
*ICICI Prudential shows positive growth rates despite financial crisis.
Sectors to Watch-
There may be profit booking in Realty, Autos and Metals, Capital goods and Consumer durables may too see a down fall, Banks may remain firm for one more day, Oil and Gas sector will face pressure after initial gain.
Stock to Watch-
On the upside we may see Reliance Capital, Indiainfoline, ICICI bank and JP Associates.
On down side we may see JSPL, DLF, Reliance Industries and Sun Pharma