Sensex to stay flat after a terrible start to the week Stocks on Dalal Street are likely to stay flat after a crash yesterday. The Sensex has breached the key support level of 15,000 and further fall is not ruled out in the short term. Expect the benchmark index or the Sensex to flirt with the flat line for most of the day.
Asian markets declined Tuesday on steep overnight losses on Wall Street, though Japanese and South Korean stocks were down only modestly after their steep fall Monday. Japan's Nikkei 225 Average was down 0.3% at 10,242.54, while South Korea's Kospi was recently down 0.2%. Major U.S. stocks indexes tumbled by the biggest amount in six weeks Monday as investors grew worried that they have been too quick to bet on an economic rebound. The Dow fell 186.06, or 2 percent, to 9,135.34, the broader S&P 500 index, fell 24.36, or 2.4 percent, to 979.73. Realty and Metal stocks which have been the front runners in the recent rally were affected the most and might be in the line of fire going forward. Both the sectoral indices gave up nearly 7 percent for the day. IT index was spared and ended down with a loss of 2.7 percent. Expect IT stocks to lead the fall today after a poor performance from the Nasdaq on Wall Street. DLF and Unitech led the losers list followed by Hindalco and Sterlite Ind. We advise investors to use any upswing in these stocks to book profits or cut holdings as we believe that there is futher room for a fall. The breadth of the market was so poor yesterday that, there were on gainers in the Nifty Fifty space. We have been recommending Midcap space as a way to outperform the index. We would like to revise our perspective and advise investors to exit midcaps on any rise in the stocks. Avoid this space for the next few weeks. There is strong possibility of a flat open and may be a 30 to 50 point bounce in the index. We do not recommend investors to jump in to the market and buy the dips, as we believe there is some more room for the stocks to pull back. "USE EVERY RISE TO BOOK PROFITS" "ALWAYS KEEP STRICT STOPLOSS TO AVOID HUGE LOSS" Key Levels for Today Trade: NIFTY INDEX Resistance : 4398 / 4437 / 4457 / 4481 / 4502 NIFTY INDEX Support : 4374 / 4340 / 4231 / 4202 / 4165 Mean : 4386 Key Numbers for NIFTY on upside ----- Key numbers for NIFTY on down side ----- BANK NIFTY INDEX Resistance: 7501 / 7585 / 7668 BANK NIFTY INDEX Support : 7367 / 7281 / 7186 Mean : 7115 Previous Close Box: BSE Sensex 14784.92 -626.71 NSE Nifty 4387.90 -192.15 USD Rs.49.00 Oil Nymex $66.37 B.Karthick Research Analyst --~--~---------~--~----~------------~-------~--~----~ 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 -~----------~----~----~----~------~----~------~--~---
