Stocks to trade in a narrow band with a positive bias
Stocks on Dalal Street are expected to trade in a narrow band of 200
points on either side as volatility is likely to subside atleast in
the Indian markets. Expect the Sensex to trade between 9,550.00 and
9,950.00.
Wall Street spent another session buffeted by volatility Thursday,
this time closing mixed after investors wrestled with their fears
about the economy but also looked for bargains after two days of
selling. The Dow gained nearly 174 points or 2 percent and the Nasdaq
lost 11 points or 0.73 percent to end the day.
Asian indices opened lower on Friday morning after Sony Corp. slashed
its earnings forecast and South Korea's economic growth weakened,
deepening concern a global slowdown is hurting profits. . Japanese
stocks fell sharply early Friday and the Nikkei lost nearly 3.3
percent right now.
The stock of Reliance might be under pressure after a lukewarm
performance in Q2. Cement companies are experiencing pressure in their
margins and this reflected in ACC's Q3 number. The company's net
profit dipped nearly 8 percent.
No doubt the economy will slow down a bit in the near future and it
will impact the corporate profitability, but one should consider the
fact the the stocks have dropped to such levels that one could find
attractive valuations, factoring in even a 50 percent drop in the
earnings.
For anyone who has a 2 year horizon could buy in to stocks to make
money without thinking much. The prices are so compelling in the
market, that it is really tough to find a stock that is not cheap. So
we have gone back to basics and came up with our picks that suits the
individuals appetite.
Market Close Box:
BSE Sensex 9771.70 -398.20
NSE Nifty 2943.15 -122.00
USD Rs.49.79
Oil Nymex $68.93
B.Karthick
Research Analyst.
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