Pre-Market Report on 02.09.2008
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B. Karthick
Sep 2, 2008, 12:27:18 AM9/2/08
to Kences1
Stocks to ride high as fears of storm die
The highly projected storm "Gustav" finally failed to lift the spirits
of the Oil bulls. Crude-oil futures fell more than $4 a barrel to
change hands below $111 in Nymex electronic trades as the market
expressed relief. The commodity's price decline represented a sharp
reversal from an early-session run-up; an intraday high had been
notched at $118.25.
US Markets were closed yesterday on account of labor day. Japanese
markets might be volatile today following the resignation of the
nation's prime minister.
On other major global events the dollar rose to its highest since
February against the euro on speculation a drop in the price of oil to
a four-month low will support economic growth in the world's largest
energy consumer.
Currency traders can start looking into the Futures contracts
introduced by NSE recently. We believe the USD - INR is currently
trading at deadly levels and a move above Rs 44.52 levels will trigger
a quick upmove to Rs 46 levels.
Back home Mr.Duvvuri Subbarao, a big fan of containing inflation by
increasing interest rates is nominated as the next RBI chief. Time to
stay away from Realty and Bank sectors in the short term.
Resurgere Mines, a newly listed company on the bourses jumped to Rs
513.90(90.33 percent) on NSE yesterday after opening at Rs 278. The
company issued 4.5 million shares at 270 rupees each in the recent
IPO, which was subscribed 1.15 times.
Government is proposing to hike export duty on iron ore to 35% to
ensure its availability to the domestic steel manufacturers. This news
does not bode well for Sesa Goa and for newly listed Resurgere Mines.
It appears the speculators are back in the ring and we might witness a
sharp rally in the midcap stocks, especially look for the new entrants
in the F&O segment. Avoid speculative stocks like Vishal Info,
Resurgere Mines, Vintage cards etc. Our call on GSS America turned out
successful along with our last F&O call.
Suitable stocks for intraday today:
<ICICIBANK, RELCAPITAL, BHEL, RANBAXY, BHARTIARTL, TATASTEEL,
KOTAKBANK, MARUTI, BANKINDIA, ABB>
Market Close Box:
BSE Sensex 14498.51 -66.02
NSE Nifty 4348.65 -11.35
USD Rs.44.21
Oil Nymex $115.4
B.Karthick
Research Analyst.
The highly projected storm "Gustav" finally failed to lift the spirits
of the Oil bulls. Crude-oil futures fell more than $4 a barrel to
change hands below $111 in Nymex electronic trades as the market
expressed relief. The commodity's price decline represented a sharp
reversal from an early-session run-up; an intraday high had been
notched at $118.25.
US Markets were closed yesterday on account of labor day. Japanese
markets might be volatile today following the resignation of the
nation's prime minister.
On other major global events the dollar rose to its highest since
February against the euro on speculation a drop in the price of oil to
a four-month low will support economic growth in the world's largest
energy consumer.
Currency traders can start looking into the Futures contracts
introduced by NSE recently. We believe the USD - INR is currently
trading at deadly levels and a move above Rs 44.52 levels will trigger
a quick upmove to Rs 46 levels.
Back home Mr.Duvvuri Subbarao, a big fan of containing inflation by
increasing interest rates is nominated as the next RBI chief. Time to
stay away from Realty and Bank sectors in the short term.
Resurgere Mines, a newly listed company on the bourses jumped to Rs
513.90(90.33 percent) on NSE yesterday after opening at Rs 278. The
company issued 4.5 million shares at 270 rupees each in the recent
IPO, which was subscribed 1.15 times.
Government is proposing to hike export duty on iron ore to 35% to
ensure its availability to the domestic steel manufacturers. This news
does not bode well for Sesa Goa and for newly listed Resurgere Mines.
It appears the speculators are back in the ring and we might witness a
sharp rally in the midcap stocks, especially look for the new entrants
in the F&O segment. Avoid speculative stocks like Vishal Info,
Resurgere Mines, Vintage cards etc. Our call on GSS America turned out
successful along with our last F&O call.
Suitable stocks for intraday today:
<ICICIBANK, RELCAPITAL, BHEL, RANBAXY, BHARTIARTL, TATASTEEL,
KOTAKBANK, MARUTI, BANKINDIA, ABB>
Market Close Box:
BSE Sensex 14498.51 -66.02
NSE Nifty 4348.65 -11.35
USD Rs.44.21
Oil Nymex $115.4
B.Karthick
Research Analyst.
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