Investors get ready for another day of lacklustre trade Stocks on Dalal Street are likely are getting ready for a day of lacklustre trade for the second day in a row. No news is bad news in the current market as investors are taking a cautious approach. Expect the Sensex to lose more than 80 points or 0.5 percent for the day.
On Wall Street,the stock market extended its slide to a fourth day as investors worried that a weak job market will trip up a recovery in the economy.The Dow fell 29.93, or 0.3 percent, to 9,280.67, pushing its four-day slide to 300 points, or 3.1 percent.The S&P 500 index fell 3.29, or 0.3 percent, to 994.75, while the Nasdaq composite index fell 1.82, or 0.1 percent, to 1,967.07.Stocks in Asia opened slightly lower in the first hour of the trade. The Japanese benchmark opened lower by 0.3 percent for the day. IT and Technology stocks were active even in subdues trading. Realty and Auto stocks were major losers as investors booked profits on fears that longer than expected recession could take a toll on the profits of the companies in these sectors. We are of the opinion that the markets lack inherent street at the current levels and there is still some more room for correction. The Midcaps space has seen tremendous run in the past few months and are ripe for correction. So we stand by our call that investor should stick to the 'wait and watch approach' for the time being. Redington India, Berger Paint and Balaji Tele have spurted on unusual volumes.We like Balaji Telefilms at current levels and see huge price movement from the current levels. Redington is also looking hot at the current levels for traders with risk appetite.IRB Infra, Gammon India and ITI are some of the stocks to keep a close eye in today's trade. B.Karthick Research Analyst. www.kences1.blogspot.com --~--~---------~--~----~------------~-------~--~----~ 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 -~----------~----~----~----~------~----~------~--~---
