Market Today on 24.10.08

As I had mentioned market breeched it 3000 crucial mark in Nifty for the first time since 24July 2006. It was again the bad global cue doing all the damage, today we may see a flat opening with an extensive volatility. Nifty may test its 2900 support but may not likely breech it. Dowjones closed in positive and Asian market are expected to have some recovery. As FII has been told to reverse its short position, some short covering is expected which may lead to a positive direction, again Nifty may hold it 3000 mark and Sensex may reach 10000 level. Inflation has further cooled down which may add advantage to the market.
The total traded turnover has quite improved; stood at Rs 67,918.19 crore. This includes Rs 10,544.45 crore from NSE Cash segment, Rs 53,624.95 crore from NSE F&O and balance Rs 3,748.79 crore from BSE Cash segment.
Nifty support is at 2900 and then at 2600 technically, and we may see Nifty touching 2900 today. Similarly in Sensex 9870 is the support level and next support is at 9400. Market range whole day is expected to be between 2890-3100 in nifty and 9600-10200 in Sensex.


HOT NEWS
*FII has been asked to reverse their short position, some short covering is expected.
*Inflation came in at 11.07% for week-ended October 11 as compared to 11.44% (WoW).
*Reliance Industries Q2 FY09 net profit was up 7.4% at Rs 4,122 crore as compared to Rs 3,837 crore. Net sales were up 39.8% or Rs 44,787 crore as against Rs 32,043 crore. Gross refining margins stood at USD 13.4 per barrel vs USD 15.4 per barrel QoQ..
*Crude oil is at about 69 $ per barrel. Support at 60 $ may be seen. Fuel price cut is on the card.
Sectors to Watch-
Banks, Realty may gain after initial jolt, Oil and Gas may have a good day. Auto will be firm. Fertilizers will have a fertile day. Power and Infrastructure may gain. FMCG, Consumer durables and Healthcare is expected to remain flat.
Stock to Watch-
On the upside we may see Aban offshore, Reliance Industries, RPL, Axis Bank, ICICI bank and Jindal steel.
On down side we may see Ranbaxy, India infoline and Tata motors.