Pre-Market report on 27.06.2008
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N.Sukumar
Jun 27, 2008, 12:02:21 AM6/27/08
to Kences1
Global markets to weigh on the Sensex
===================================================
Fasten your seat belt and get ready for the worst as stocks are
expected to be hammered on a slue of bad news from overseas. The
Sensex might once again test the 14,000.00 market for the second time
this week.
The US markets had a terrible day today as the Dow slipped by nearly
360 points to settle down at the 11,453 level, which is its lowest in
nearly 2 years. NASDAQ also got clobbered for nearly 3.3 percent or 80
points to end the day at 2321.00. Oil futures shot above $140 Thursday
after OPEC's president said crude prices could rise well above $150 a
barrel this year and Libya said it may cut oil production.The market
is also worried about fresh signs of trouble in the financial, high-
tech and automotive industries. Asian stocks are expected to feel the
heat in early trade following the US markets.
We have seen huge short interest built up for July futures reflecting
the bearish sentiment in the coming month.The Reliance Group stocks
and Tata Steel are among the stocks that have huge short positions. We
recommend investors to stay away from the index based stocks for the
next few days as we might witness huge volatility for the next few
sessions.
Technically 13,820.00 is considered as the next stop for the Sensex.
For investors who would like to short the market one could go for
select stocks in Banking, Realty and Metal space. Expect selling
across the board on low volumes as there will be few buyers in the
current market scenario. The current conditions doesn't suit short
term traders and might favor only short sellers. Investors might
consider picking up some blue chips in very small quantities may 5
percent of their budgeted capital set aside for investment. There is a
long way to go from here and so do not expect quick money if you are
on the buy side of the trade.
Suitable stocks for "Intraday" today
<INFOSYSTCH.LT,RELINFRA,RANBAXY,TATASTEEL,TATAPOWER,SBIN,SESAGOA,STER,
JSWSTEEL>
Market Close Box
BSE Sensex 14421.82 201.75
NSE Nifty 4315.85 63.20
USD Rs.42.73
Oil Nymex $139.6
N.Sukumar
Research Analyst
www.kences1.blogspot.com
===================================================
Fasten your seat belt and get ready for the worst as stocks are
expected to be hammered on a slue of bad news from overseas. The
Sensex might once again test the 14,000.00 market for the second time
this week.
The US markets had a terrible day today as the Dow slipped by nearly
360 points to settle down at the 11,453 level, which is its lowest in
nearly 2 years. NASDAQ also got clobbered for nearly 3.3 percent or 80
points to end the day at 2321.00. Oil futures shot above $140 Thursday
after OPEC's president said crude prices could rise well above $150 a
barrel this year and Libya said it may cut oil production.The market
is also worried about fresh signs of trouble in the financial, high-
tech and automotive industries. Asian stocks are expected to feel the
heat in early trade following the US markets.
We have seen huge short interest built up for July futures reflecting
the bearish sentiment in the coming month.The Reliance Group stocks
and Tata Steel are among the stocks that have huge short positions. We
recommend investors to stay away from the index based stocks for the
next few days as we might witness huge volatility for the next few
sessions.
Technically 13,820.00 is considered as the next stop for the Sensex.
For investors who would like to short the market one could go for
select stocks in Banking, Realty and Metal space. Expect selling
across the board on low volumes as there will be few buyers in the
current market scenario. The current conditions doesn't suit short
term traders and might favor only short sellers. Investors might
consider picking up some blue chips in very small quantities may 5
percent of their budgeted capital set aside for investment. There is a
long way to go from here and so do not expect quick money if you are
on the buy side of the trade.
Suitable stocks for "Intraday" today
<INFOSYSTCH.LT,RELINFRA,RANBAXY,TATASTEEL,TATAPOWER,SBIN,SESAGOA,STER,
JSWSTEEL>
Market Close Box
BSE Sensex 14421.82 201.75
NSE Nifty 4315.85 63.20
USD Rs.42.73
Oil Nymex $139.6
N.Sukumar
Research Analyst
www.kences1.blogspot.com
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