Sensex to be range bound, Minor correction on cards Stocks on Dalal Street are likely to trade in range after being very volatile on Wednesday. We have seen some panic selling in the afternoon session, as investors were spooked by a crash in Shanghai benchmark index which fell more than 5 percent for the day. We expect the Sensex to trade in with a band of one percent or 150 points.
On Wall Street, Stocks had their fourth straight day of minimal moves Wednesday as commodity prices slid and manufacturing index slid more than expected.The Dow fell 26.00, or 0.3 percent, to 9,070.72, The broader Standard & Poor's 500 index fell 4.47, or 0.5 percent, to 975.15, while the Nasdaq composite index slid 7.75, or 0.4 percent, to 1,967.76. As expected, IT stocks remained solid as the sectoral index gained nearly 0.3 percent for the day. Realty stocks took a beating and rightfully so, after double digit percentage gains last week. Metals were under pressure as well. The stock of Tata Steel is likely to witness some more selling today after reporting lacklustre results. The stock looks weak even after a sell off yesterday. We see the stock falling to atleast Rs 400 in the coming days from the CMP of Rs 442. Also stay away from the energy names like Cairn India, Essar Oil and the exploration stocks, as there might be a negative impact on this sector after a steep fall in the price of oil. Crude futures tumbled almost 6% Wednesday as U.S. oil inventories unexpectedly rose, raising fresh concerns of weak demand. Light, sweet crude for September delivery settled down $3.88, or 5.8%, at $63.35 a barrel on the New York Mercantile Exchange. Midcaps remained immune to the carnage yesterday. We expect this sector to be resilient during the slide in the market. IT which remained strong yesterday, might in the line of fire today,as there might be some selling pressure in this sector.20 Microns, Allied Digital, Amtek Auto, DLF, India Bulls Securities, JP Hydro and Jain Irrigation Systems are some of the stocks to watch out in today's trade. "USE EVERY RISE TO BOOK PROFITS" "ALWAYS KEEP STRICT STOPLOSS TO AVOID HUGE LOSS" Key Levels for Today Trade: NIFTY INDEX Resistance : 4523 / 4572 / 4587 / 4638 NIFTY INDEX Support : 4502 / 4484 / 4469 / 4424 / 4398 / 4374 Mean : 4512.5 Key Numbers for NIFTY on upside 4523 / 4572 Key numbers for NIFTY on down side 4502 / 4469 / 4398 BANK NIFTY INDEX Resistance:7299 / 7382 / 7469 / 7563 BANK NIFTY INDEX Support :7111 / 6992 / 6939 / 6881 Mean : 7205 Previous Close Box: BSE Sensex 15173.46 -158.48 NSE Nifty 4513.50 -50.60 USD Rs.48.47 Oil Nymex $62.93 --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups "Kences1" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [email protected] For more options, visit this group at http://groups.google.com/group/kences1?hl=en -~----------~----~----~----~------~----~------~--~---
