Pre-Market report on 11.03.2008

[Sukumar]

Dalal Street ready to defy Wall Street
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Wall Street continued to rattle with the financial sector taking the
lead along with the banking space. Dow Jones ended the day down 153.54
points to close at 11,740.15 while Nasdaq closed down 43.15 points at
2,169.34. Expectations were built on Fed rushing to cut interest rates
ahead of the March 18 meet.

Japanese Markets started of weak only to recover later. At the time of
writing Nikkei is trading in the positive zone with a marginal gain of
12 points at 12,544.55.

What's trading at the highs ?

Crude Oil (life time highs)
Yen Vs USD (Eight Year high)
Gold,Platinum & Silver (Near to life time highs)

What's trading at the lows ?

Wall Street (18 month lows)
Dalal Street(5 month lows)
Nikkei (30 month closing low)

Dalal Street pulled off a dramatic reversal yesterday as expected. Our
Sensex support level of 15,880 sustained twice and one more close
above that level will confirm a short term bottom. Midcaps continued
to fall despite a strong pull back in the markets. Many stocks are
available at unbelievable valuations. We believe it is time to de-
couple though gains are capped due to Marco economic conditions and
the political situation. We might set in for a long period of
consolidation. Stock specific stories will attract investors during
the consolidation phase.

Midcaps are likely to pull back strongly today along with the market.
We expect a gain of around 200 points for the Sensex in today's trade.
Banks, Realty, Brokerage sectors are the worst hit while IT, Pharma
witnessed minor impact.

Market Close Box:
BSE Sensex 15923.72 -51.80
NSE Nifty 4800.40 28.80
USD Rs.40.67
Oil Nymex $107.9