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Market Outlook - Short Term
Tracked by: 0 Boarder
MID-SESSION
Market surges in opening trade; bank shares rally
Key benchmark indices opened with sharp upward gap as inflation softened for the first time in 28 weeks. The BSE 30-share Sensex was up 338.51 points. Global cues were strong. Derivative contracts for August 2008 series expired yesterday, 28 August 2008 with strong rollovers.
The market breadth was strong on BSE. Banking shares rallied, with ICICI Bank surging over 5%. Reliance Industries advanced over 2% after declining in the previous three trading session days.
Meanwhile all eyes will now be on the GDP growth numbers for Q1 June 2008 which will announced by the government today, 29 August 2008. Rating agency Moody\'s has projected that India\'s economic growth would decelerate to 7.9% in the current fiscal from 9% in 2007-08, on the backdrop of rising interest rates and slow credit growth.
At 10:25 IST, the BSE 30-share Sensex was up 338.51 points or 2.41% to 14,387.19. It opened 230.68 points higher at 14,279.02 and surged to strike an intra-day high of 14,414.87 in early trade. At the day’s high, the Sensex gained 366.53 points.
The S&P CNX Nifty advanced 96.65 points or 2.29% to 4,310.65
The market breadth was strong on BSE with 1229 shares advancing as compared to 272 that declined. 38 remained unchanged.
The total turnover on BSE amounted to Rs 576 crore.
Barring Ranbaxy Laboratories, all the other 30 Sensex stocks were in green.
Banking shares rallied after inflation slowed for the first time in 28 weeks. India’s largest private sector bank by net profits ICICI Bank surged 5.71% to Rs 670.10. It was the top gainer from Sensex pack.
HDFC Bank (up 4.27% to Rs 1267.20), and State Bank of India (up 4.01% to Rs 1361), advanced.
Annual wholesale price inflation rose 12.40% in 12 months to 16 August 2008, below the previous week\'s 12.63% but remained stuck at 13-year highs, data released by the government after trading hours on Thursday, 28 August 2008 showed. No conclusion can be drawn from one week\'s inflation number, Finance Minister P Chidambaram said.
Inflation has nearly tripled from 4.39% a year ago and now is riding around the highest levels since the current inflation series began being compiled 13 years ago.
India’s largest private sector firm by market capitalization and oil refiner Reliance Industries (RIL) rebounded after declining for previous three days. The stock advanced 2.15% to Rs 2118.25 on 1.67 lakh shares. On 26 Tuesday, August 2008, RIL confirmed media reports that it is planning to transfer 80% of its participatory interest (PI) in the D6 oil and gas block in the Krishna Godavari (KG) basin to four unlisted subsidiaries.
Tata Steel, the world\'s sixth-largest steel maker by capacity, gained 2.40% to Rs 585.50. The company said after trading hours yesterday, 28 August 2008, its consolidated net profit rose 60.4% to Rs 3900.90 crore in Q1 June 2008 over Q1 June 2007, boosted by its Anglo-Dutch unit Corus.
Reliance Infrastructure (up 4.22% to Rs 974.75), HDFc (up 3.45% to Rs 2327), and Jaiprakash Associates (up 3.68% to Rs 161.85), edged higher from Sensex pack.
Ranbaxy Laboratories, the country’s biggest pharma company by sales, slipped 0.75% to Rs 510.05. As per reports, the Foreign Investment Promotion Board (FIPB) on 27 August 2008 approved the acquisition of Ranbaxy by Japan\'s Daiichi Sankyo and the deal would now have to be cleared by the Finance Minister and the Cabinet Committee on Economic Affairs.
Derivative contracts for August 2008 series expired yesterday, 28 August 2008 with strong rollovers. As per reports, marketwide rollover of positions from August 2008 series to September 2008 series stood at 83% while that of Nifty was at 75%. In the previous series, marketwide rollover of positions stood at 79% as while that of Nifty was at 65%
US crude lost $2.56 at $115.59 barrel, yesterday, 28 August 2008 after the US government and the International Energy Agency pledged to release emergency stockpiles if Tropical Storm Gustav disrupted US oil production.
Asian markets were trading higher today, 29 August 2008. Key benchmark indices in China, Japan, Hong Kong, Taiwan, Singapore and South Korea were up by between 0.02% and 1.84%.
courtesy CM-...
Tracked by: 0 Boarder
all the bad news already being popinted out, now we are heading towards the market upside! we surely get nifty above 4500 in september...
In reply to:
Where do you see the Nifty in September?
Posted by :
MMB Messenger
Dear Boarders,Do let us know your views and opinions on the poll.-MMB Messenger 
Tracked by: 0 Boarder
BRFL 5% up, Cummins 2% up and educomp 1.5% up have set the stage on fire..........watch out more fire in cummins......now
-stoxandmore courtesy ...
Tracked by: 0 Boarder
Yesterday Nifty opened flat and traded in narrow range Interest rate sensitive sectors dragged down right from the opening session. Nifty traded in a range right through the day but plunged sharply in the last hour of trade. Market participants were hesitant to take positions ahead of the release of the inflation figures and rising crude oil price.
Some volatility was also observed on account of F& O expiry but it was the inflation concern that saw Nifty closing at days low.
Support for Nifty are now at 4150-4175 and resistance are at 4360-4400.
Easing off of Inflation figure and if prices of commodities and crude oil remains on lower side may augur well for our markets. Market will form a base at these levels and once good news on macro economic starts tickling in then it may move up till then it will move in arrange going up on some day and down on some day. A lot will also depend on the global markets.
Technical Analyst, Ashwani Gujral: -/MC
...
Tracked by: 71 Boarders
That could come much earlier.
In September, a lot of debt is due for refinancing. Fannie and Freddie have huge payouts to make by Sept end. They don't have any money. All big banks are over leveraged and must raise more cash to bring the ration down to permissible limits.
In September there is a huge chance of a bank going down in US....
In reply to:
WILL NIFTY HIT 3600
Posted by :
vam_aru
Almost all the boarders in Marketwatch dot com saying the Datas comes out of USA is manipulated , the whole world know the USA economy is in bad shape, with all the BANKS writedowns and FDIC friday syndrome, still US markets shows much more strong be it low volumes or bad data some how they are keeping their Markets intact.
My guess is that Once the USA election is over we could see a huge slide in DOW.
Tracked by: 4 Boarders
Generally This Locking seems to be working OK, But once you have locked like that you are not going come out with out a loss, and you need to be really accurate if you want to come out, or you can keep on roll over the Two deadlock positions till positive or negative news comes out for that counter , so your waiting time will be more.
I have tried deadlock positions few times, but I do take the positions immediately rather than waiting for two days.
Regards
Aru...
In reply to:
Can Nifty sustain above 4600 this week?
Posted by : Karthikn
Dear Pal,
I went long at 244 levels and unfortunately it kept falling right from the time I took that position. I waited for a day or two thinking it will recover but it didnt..so I took a short position at 230 to hedge the long position. Now I dont know how to smartly comeout of this deadlock.
Lets watch what todays market has in store for us
What do you infer from the progress of RIL RNRL case yesterday..any trading opprty there?
Regards
Tracked by: 4 Boarders
Hi Pal,
How are you?
I was not in town, and yes was very much watching the markets,
How bout you? did you patch up your essar position?
today markets will close up 60-70 points higher! guess you have noticed it by now :)?
Regards ...
In reply to:
Can Nifty sustain above 4600 this week?
Posted by : Karthikn
Hi Yar,
No messages from you for the past one week...How is it going??? Watching markets ????
Regards
Tracked by: 0 Boarder
Nifty will be above 4750 on 12th sep close....
In reply to:
Where do you see the Nifty in September?
Posted by : MMB Messenger
Dear Boarders,Do let us know your views and opinions on the poll.-MMB Messenger
Tracked by: 0 Boarder
If yesterday\\`s US GDP nos. suggest a steady trend of coming out of recessionary phase coupled with price declining in oil, one can expect emerging markets including India to follow suit amd swim the tide....
In reply to:
Where do you see the Nifty in September?
Posted by : MMB Messenger
Dear Boarders,Do let us know your views and opinions on the poll.-MMB Messenger
Tracked by: 1 Boarder
hi Lushka
Do u think, inflation will come down ..??...
In reply to:
Will RBI hike rates before next policy if inflation continues to rise?
Posted by :
Lushka
Inflation is the creation of the government.They increase iron ore price,they increase coal price,they increase duties,they increase wages,they increase put service tax,they want big curruption money,they compromise on substandard roads(eat money) only to be redone again next year,they buy inferior MIG 21(eat money) and so on and so on.It will do this country a lot of good if we can import politicians of great prestige from abroad to run our country.
Tracked by: 71 Boarders
Hi aru
I
can arrange option brokreae of 65 re for u.......per lot......irrespective of the value.....and good exposure for option trding .............
In reply to:
WILL NIFTY HIT 3600
Posted by : vam_aru
Which brokerage service you are using ? what is the brokerage charges for Options trading?
Regards
Aru
Tracked by: 0 Boarder
If reliance stocks are not going to be up tomorrow then how will the 500 Points raise can happen ?...
In reply to:
bounce back tommorow
Posted by : marketbear
Market may bounce back tommorow very sharply. Sensex may add at least 500 points tommorow on the back of positive global as well domestic news. Banking stocks are likely to zoom tommorow. Stocks to outperform tommorow will be ICICI Bank, PNB, SBI, Bank of India, HDFC Bank, HDFC, Reliance Infra , BHEL, Larsen, SAIL, Tata Steel, Power Grid, Tata Power and the list will be endless. Investors are adviced not to enter Reliance at these levels as Reliance is in a risk zone. Let it stabilise first to make a entry into stock. Stocks like Reliance, Reliance Petro, RIIL are to be strictly avoided for trading tommorow and on later days
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MMB Messenger had asked views on Sensex in September ??
I am unable to locate threade. However, I have just posted my views before one hour on Nifty projection. Now I have worked out SENSEX.
I can tell that market is likely to bounce back very soon. In any case, I do not see SENSEX faling below 13685. ( today close 14048) In case Sensex bounce back from given support zone... Next move can be 15700 and above. All shall note down this figures.
S Kotak
Kotak Investments...
In reply to:
bounce back tommorow
Posted by : pkjattking
Mr mktbear.... what turned you bull 2day all of sudden....... lets hope its a good gap 2maro........ hey I have weird feeling about icici bank.... she is behaving like a yo yo 2much.
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Mr mktbear.... what turned you bull 2day all of sudden....... lets hope its a good gap 2maro........ hey I have weird feeling about icici bank.... she is behaving like a yo yo 2much....
In reply to:
bounce back tommorow
Posted by : marketbear
Market may bounce back tommorow very sharply. Sensex may add at least 500 points tommorow on the back of positive global as well domestic news. Banking stocks are likely to zoom tommorow. Stocks to outperform tommorow will be ICICI Bank, PNB, SBI, Bank of India, HDFC Bank, HDFC, Reliance Infra , BHEL, Larsen, SAIL, Tata Steel, Power Grid, Tata Power and the list will be endless. Investors are adviced not to enter Reliance at these levels as Reliance is in a risk zone. Let it stabilise first to make a entry into stock. Stocks like Reliance, Reliance Petro, RIIL are to be strictly avoided for trading tommorow and on later days
Tracked by: 0 Boarder
Nifty may range between 4150-4450 during the month of september. If crude prices comes down below 110 then market may go up to 4600. As the gloal clues are very weak we may not expect Nifty to trade above 4600....
In reply to:
Where do you see the Nifty in September?
Posted by : MMB Messenger
Dear Boarders,Do let us know your views and opinions on the poll.-MMB Messenger
Poll
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Popular Boarders 7days| 225 | |
| 202 | |
| 152 | |
| 151 | |
| 150 | |
Top Tracked 7days| 820 | |
| 807 | |
| 714 | |
| 682 | |
| 554 | |
Prolific Boarders 7days| 313 | |
| 236 | |
| 201 | |
| 102 | |