GLOBAL FACTORS TEMPERING THE MOMEMTUM
THE GLOBAL MARKETS ACROSS THE WORLD ARE SEEING SOME SELLING PRESSURES & US ECONOMY SHOWING SOME -VE SIGNS ON ACCOUNT OF WEAK ECONOMIC FACTORS. FOLLOWING THE WORLD MARKETS INDIAN INDICES TOO WILL OPEN UP -VE WITH MORE THEN -300 POINTS DOWN OPENING FOR SENSEX.
SO WHERE ARE THE SUPPORTS NOW, THE SUPPORTS WIL BE AT 4365 & 4335 & 4300 FOR NIFTY & FOR SENSEX AROUND 14950 - 15000, 14800 , 14650 LVLS.
SO WHT SHOULD BE DONE NOW , AS YESTERDAY WE HAD NOT DONE ANY AGGRESSIVE BUYING IN THE MARKETS & ASKED TO BUY STOCKS WITH GOOD FUNDAMENTALS & HOLD FOR SHORT TERM WITH MINIMUM 3 TO 6 MONTHS VIEW. AS TOLD WE WILL BE HAVING AN BOTTOM OUT APPROACH.
BET ON RELIANCE PACK & ENGG STOCKS ON DIPS.
MARKET COMMENTRY : ( UPDATED IN LIVE MARKETS )
Our markets have opened with a downward gap due to weak global cues. There was a two day bounce back which ended yesterday and this was confirmed by a fall in open interest which indicated that it was short covering by bears. In the process, our markets made a second lower top (i.e. 4647,4634 and 4532) thereby confirming the short term downward trend. If the current fall is a short term one, then 4350 level on closing and 4300 level on intra day should not be broken.
WORLD NEWS :
Bear Stearns said they wouldn't redeem any more ! Can you beleive it? When someone as old and as large as Bear Strearns say they won't redeem any more, what do you think smaller Funds will soon say about their internal health?..Macquarie Bank of Australia said their investors could lose upto 25% or US$250 million in one of their Hedge fund that's seeing a run. This one looks and smells a lot like what's going to soon happen across Wall Street in the near future....American Home Mortgage Investment Corp said they've been cut off from credit don't have money to repay $300 million which they had already commited to redeem...You want more names? Absolute Capital Group Ltd. and Basis Capital Fund Management Ltd.
MARKETS VERY GOOD SUPPORTS @ 14800 & NIFTY 4300 CHK OUT & FROM THERE FRESH BUYING WIL BE FOLLOW IN SMAL QUANTITIES.
ALL STOCKS FOR PRIVATE CLIENT GROUP ONLY.
POST CLOSING UPDATES :
NIFTY CLOSE TO OUR SUPPORTS OF 4335 & MADE A LOW OF 4339. AS WE EXPECT THE MARKETS TO BOUNCE TOMORROW AROUND 4300 NIFTY & 14800 SENSEX LVLS.
GOOD DAY AHEAD, HAPPY INVESTING
TODAYS SENSEX PICTORIAL VIEW AFTER MARKETS CLOSED :-)
