Pre-Market report on 24.06.2008
0 views
Skip to first unread message
N.Sukumar
Jun 23, 2008, 11:58:05 PM6/23/08
to Kences1
No signs of recovery, unless some short covering comes to rescue
===================================================
Dalal Street gets ready for another day of subdued trade as the mood
remains depressive and cautious. Sensex is headed for another low,
unless some short covering before the F&O recovery this week comes as
a respite for the hopeless markets.
Global cues continue to be negative as rising oil prices and ongoing
worries about the financial sector gave investors little reason to buy
stocks. The US markets resumed their fall after the break over the
weekend. The Dow ended unchanged, where as the NASDAQ fell nearly 0.85
percent or 20 points to end the day at 2,385.74. Meanwhile Oil
continued its run ignoring the Saudi's offer to increase production.
The light, sweet crude rose $1.38 to settle at $136.74 per barrel on
the New York Mercantile Exchange. Asian stocks are headed for a lower
open in the early morning trade.
Things are getting interesting on the domestic front as things are
getting chaotic. The macro economic picture point towards a slow down,
where as the advance tax payment number point towards a decent
financial performance by the corporate in the first quarter.The
advance tax pay-out of Corporate India is estimated to have recorded a
30-per cent increase for the June 15 instalment on a year-on-year
basis. Although Mr. Reddy announced that the central bank would take a
much smoother route and will not resort to drastic measures to tackle
the inflation, we believe that if things continue the same way
interest rates have to be raised one day or the other.
We see some good bargains at current levels and this might be the time
to start accumulating in a staggered manner.Overall expect another day
of bear dominance, unless some short covering turns the tables
Suitable stocks for "Intraday" today
<RELIANCE,HDFC,BHEL,ICICIBANK,ONGC,DLF,SBIN,SUNPHARMA,ADLABSFILM,BAJAJFINSV>
Market Close Box
BSE Sensex 14293.32 -277.97
NSE Nifty 4266.40 -81.15
USD Rs.42.93
Oil Nymex $136.4
N.Sukumar
Research Analyst
===================================================
Dalal Street gets ready for another day of subdued trade as the mood
remains depressive and cautious. Sensex is headed for another low,
unless some short covering before the F&O recovery this week comes as
a respite for the hopeless markets.
Global cues continue to be negative as rising oil prices and ongoing
worries about the financial sector gave investors little reason to buy
stocks. The US markets resumed their fall after the break over the
weekend. The Dow ended unchanged, where as the NASDAQ fell nearly 0.85
percent or 20 points to end the day at 2,385.74. Meanwhile Oil
continued its run ignoring the Saudi's offer to increase production.
The light, sweet crude rose $1.38 to settle at $136.74 per barrel on
the New York Mercantile Exchange. Asian stocks are headed for a lower
open in the early morning trade.
Things are getting interesting on the domestic front as things are
getting chaotic. The macro economic picture point towards a slow down,
where as the advance tax payment number point towards a decent
financial performance by the corporate in the first quarter.The
advance tax pay-out of Corporate India is estimated to have recorded a
30-per cent increase for the June 15 instalment on a year-on-year
basis. Although Mr. Reddy announced that the central bank would take a
much smoother route and will not resort to drastic measures to tackle
the inflation, we believe that if things continue the same way
interest rates have to be raised one day or the other.
We see some good bargains at current levels and this might be the time
to start accumulating in a staggered manner.Overall expect another day
of bear dominance, unless some short covering turns the tables
Suitable stocks for "Intraday" today
<RELIANCE,HDFC,BHEL,ICICIBANK,ONGC,DLF,SBIN,SUNPHARMA,ADLABSFILM,BAJAJFINSV>
Market Close Box
BSE Sensex 14293.32 -277.97
NSE Nifty 4266.40 -81.15
USD Rs.42.93
Oil Nymex $136.4
N.Sukumar
Research Analyst
Reply all
Reply to author
Forward
0 new messages