Negative opening on cards, Markets likely to recover late in the day Stocks on Dalal Street are likely to open lower after correcting by nearly on percent on Wednesday. Expect the banchmark index or the Sensex to open lower by 0.5 percent or 70 to 80 points. Do not expect a big fall in the index, as we believe that there might be a bounce in the later half of the day, as the underlying tone is still bullish.
Stocks closed lower Wednesday as a brief rally followed the Fed's economic statement and then faded. The Dow came within 82 points of crossing 10,000 for the first time since October, but ended the day with a loss of 81.The Dow fell 81.32, or 0.8 percent, to 9,748.55. The Standard & Poor's 500 fell 10.79, or 1 percent, to 1,060.87, while the Nasdaq composite fell 14.88, or 0.7 percent, to to 2,131.42. Stocks witnessed a volatile session yesterday, with the Sensex dropping more than 160 points in the final hour of trade. There was some heavy selling seen in Realty and It stocks, with investors booking profits in stocks related to infrastructure and Real Estate. Ranbaxy, GAIL and Powergrid were the only notable gainers in the index stocks. As mentioned in our review yesterday, Arti Ind spiked again in huge volumes . The stock gained 9.3 percent to reach Rs 99 and investors could give a pass to the stock at these levels, as we believe it is expensive at these levels.Tanla Solutions has seen unusual volume activity with the over 11 million shares traded and a 11 percent gain. Harrisons Malayalam, GM Breweries, Cords Cables and Steel Strips were other stocks that have seen abnormal activity. Expect a lower open, but stocks are likely to recover in the later half of the day as we see a strong support at 16,680.00. Do not short this market, as we are not over with the bull run yet. We recommend investors to take intra-day positions if the market falls more than 150 points. --~--~---------~--~----~------------~-------~--~----~ 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 -~----------~----~----~----~------~----~------~--~---
