Pre-Market Report on 11.09.2008
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B. Karthick
Sep 10, 2008, 11:45:21 PM9/10/08
to Kences1
Stocks set for a small bounce, after a day of correction
============================================
Stocks might see a small recovery after a losing streak this week.
Expect the Sensex to trade in narrow band with an upside momentum. We
see the index gaining 0.5 percent for the day. Most of the action is
likely to be concentrated in midcaps and select speculative stocks.
U.S. stocks on Wednesday bounced higher as investors found value in
recently battered energy and technology shares, even as worries about
the fate of Lehman Brothers and other financials kept a lid on the
market. The Dow Jones Index gained 0.34 percent, where as the Nasdaq
gained nearly 19 points or 0.85 percent.
Asian stocks declined for a third day after Lehman Brothers Holdings
Inc. reported a record loss, reviving concern financial companies will
add to write downs. The MSCI Asia Pacific Index lost 0.4 percent to
117.29 at opening bell.Mean while Light, sweet crude fell 68 cents to
settle at $102.58 per barrel on the New York Mercantile Exchange.
The stock of United Spirits might see some action on the news that the
world’s largest liquor company Diageo is interested in picking up
stake in United Spirits.
There should be a small correction in the banking stocks as they are
likely to be out of favor this week. IT is likely to gain after a
small correction earlier this week. No doubt the business might slow
down for the companies in this sector, but we see a strong growth in
the bottom lines of these firms, thanks to the fall in rupee.
Meanwhile rupee is living dangerously and had continued its southward
journey yesterday breaching the 45 level. We reiterate an immediate
target of Rs 45.80/USD for the rupee and a medium target of Rs 48/USD.
Look out for Himatsingka Seide, Viceroy Hotels, South India Bank and
Tata Teleservices for some medium term gains.Textile related stocks
like BSL, RSWM, Indus Filaments and Zenith Birla have shown a break
out on the expectations of a turn around in the industry. Indowind
Energy and IL&FS Inv Managers are worth keeping on the radar for day
traders.
Suitable stocks for intraday today:
<RELIANCE, ICICIBANK, RELINFRA, HDFC, BHARTIARTL, BHEL, ONGC,
BANKINDIA, TATAPOWER, TCS>
Market Close Box:
BSE Sensex 14662.61 -238.15
NSE Nifty 4400.25 -68.45
USD Rs.45.12
Oil Nymex $102.5
B.Karthick
Research Analyst.
============================================
Stocks might see a small recovery after a losing streak this week.
Expect the Sensex to trade in narrow band with an upside momentum. We
see the index gaining 0.5 percent for the day. Most of the action is
likely to be concentrated in midcaps and select speculative stocks.
U.S. stocks on Wednesday bounced higher as investors found value in
recently battered energy and technology shares, even as worries about
the fate of Lehman Brothers and other financials kept a lid on the
market. The Dow Jones Index gained 0.34 percent, where as the Nasdaq
gained nearly 19 points or 0.85 percent.
Asian stocks declined for a third day after Lehman Brothers Holdings
Inc. reported a record loss, reviving concern financial companies will
add to write downs. The MSCI Asia Pacific Index lost 0.4 percent to
117.29 at opening bell.Mean while Light, sweet crude fell 68 cents to
settle at $102.58 per barrel on the New York Mercantile Exchange.
The stock of United Spirits might see some action on the news that the
world’s largest liquor company Diageo is interested in picking up
stake in United Spirits.
There should be a small correction in the banking stocks as they are
likely to be out of favor this week. IT is likely to gain after a
small correction earlier this week. No doubt the business might slow
down for the companies in this sector, but we see a strong growth in
the bottom lines of these firms, thanks to the fall in rupee.
Meanwhile rupee is living dangerously and had continued its southward
journey yesterday breaching the 45 level. We reiterate an immediate
target of Rs 45.80/USD for the rupee and a medium target of Rs 48/USD.
Look out for Himatsingka Seide, Viceroy Hotels, South India Bank and
Tata Teleservices for some medium term gains.Textile related stocks
like BSL, RSWM, Indus Filaments and Zenith Birla have shown a break
out on the expectations of a turn around in the industry. Indowind
Energy and IL&FS Inv Managers are worth keeping on the radar for day
traders.
Suitable stocks for intraday today:
<RELIANCE, ICICIBANK, RELINFRA, HDFC, BHARTIARTL, BHEL, ONGC,
BANKINDIA, TATAPOWER, TCS>
Market Close Box:
BSE Sensex 14662.61 -238.15
NSE Nifty 4400.25 -68.45
USD Rs.45.12
Oil Nymex $102.5
B.Karthick
Research Analyst.
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