Midcaps on fire, time to take a pause Aug 26, 2009 Stocks in Indian markets are likley to be flat and with negative bias, inspite of the good news from abroad. Expect the Sensex to trade in aband of 1 percent or 150 points with odds in the favour bears have chance to win the battle for the day.
On Wall Street a rebound in consumer confidence and more healing in the housing industry have put stocks back on an upward path.The Dow rose 30.01, or 0.3 percent, to 9,539.29. The Standard & Poor's 500 index rose 2.43, or 0.2 percent, to 1,028.00, while the Nasdaq composite index rose 6.25, or 0.3 percent, to 2,024.23. Book profits in Oil and Oil related stocks as we have seen a sharp fall in the crude prices. Oil prices tumbled $2.32 to $72.02 a barrel on the New York Mercantile Exchange. Prior to trading Tuesday, prices had climbed 8.1 percent in just 5 days. Stocks like Alpha Geo,Selan Exploration Jindal Drilling and Hindustan Oil exploration had incredible gains in the past month and it is a good idea to take some money off the table. IT and Consumer Durables were major gainers yesterday and the stocks in these sectors are likely to move sideways. The stock of Suven life was active on announcement by the company that it is in talks with global majors for a partnership for its Alzheimers drug. The stock hit 20 percent circuit at Rs 31. We recommend investors to wait for a pull back to enter the stock. A pure speculative play. We maintain our pessimistic view on the markets in the short term, as we foresee a correction in the near term. Midcaps are getting too hot and it would be great for the market if there is a some consolidation, before a move up. Karuturi Global, Alps Industries and ISMT are some of the midcaps to watch in today's trade.But Volume can determine Anything -- Stay Cautious. "USE EVERY RISE TO BOOK PROFITS" "ALWAYS KEEP STRICT STOPLOSS TO AVOID HUGE LOSS" Previous Close Box: BSE Sensex 15688.47 59.72 NSE Nifty 4659.35 16.55 USD Rs.48.79 Oil Nymex $71.69 --~--~---------~--~----~------------~-------~--~----~ 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 -~----------~----~----~----~------~----~------~--~---
