Pre-Market report on 23.06.2008
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N.Sukumar
Jun 22, 2008, 11:53:11 PM6/22/08
to Kences1
Another down day
===================================================
Stocks resume trading today after the Sensex closed the week at its
lowest level for the year at 14,571.29. Thinks do not look rosy for
the day as investors and funds remain on the sidelines as the macro
economic environment is not favourable for taking long positions and
as we know, no one dares do buy when everyone is selling.
Asian markets kicked off the week in red sympathizing with the fall we
have seen in the US markets on Friday. Meanwhile Crude oil fell more
than a percent in after hour trading in New York as the news of Saudi
Arabia pledging to increase production next month and a cease-fire
announcement by the militants in Nigeria blew some steam off the black
gold.
Indian markets are poised at an interesting state. The inflation is at
11 percent, which is a 13 year high and the markets are at a 10 month
low. The big question on the street is, if the bad news on the
inflation front is factored in or we do need to wait for some more
pain before seeing a bounce. Markets are concerned about higher
interest rates and other tightening measures by the Central bank. We
expect an announcement by the end of the week.
The valuations are getting attractive and may be things go the same
way, one could consider accumulating some blue chip stocks which have
corrected a bit in the past couple of months. The brighter side of the
current fall is that, we see some 'A' group stocks at a much cheaper
price than they were in the correction we have experienced earlier in
the year. So there is definitely hope and opportunity for a long term
investor here.
Suitable stocks for "Intraday" today
<HDFC,ICICIBANK,LT,RANBAXY,INFOSYSTCH,AXISBANK,TCS,UNITECH,HDFCBANK,STER>
Market Close Box
BSE Sensex 14571.29 -516.70
NSE Nifty 4347.55 -156.70
USD Rs.42.93
Oil Nymex $134.6
N.Sukumar
Research Analyst
===================================================
Stocks resume trading today after the Sensex closed the week at its
lowest level for the year at 14,571.29. Thinks do not look rosy for
the day as investors and funds remain on the sidelines as the macro
economic environment is not favourable for taking long positions and
as we know, no one dares do buy when everyone is selling.
Asian markets kicked off the week in red sympathizing with the fall we
have seen in the US markets on Friday. Meanwhile Crude oil fell more
than a percent in after hour trading in New York as the news of Saudi
Arabia pledging to increase production next month and a cease-fire
announcement by the militants in Nigeria blew some steam off the black
gold.
Indian markets are poised at an interesting state. The inflation is at
11 percent, which is a 13 year high and the markets are at a 10 month
low. The big question on the street is, if the bad news on the
inflation front is factored in or we do need to wait for some more
pain before seeing a bounce. Markets are concerned about higher
interest rates and other tightening measures by the Central bank. We
expect an announcement by the end of the week.
The valuations are getting attractive and may be things go the same
way, one could consider accumulating some blue chip stocks which have
corrected a bit in the past couple of months. The brighter side of the
current fall is that, we see some 'A' group stocks at a much cheaper
price than they were in the correction we have experienced earlier in
the year. So there is definitely hope and opportunity for a long term
investor here.
Suitable stocks for "Intraday" today
<HDFC,ICICIBANK,LT,RANBAXY,INFOSYSTCH,AXISBANK,TCS,UNITECH,HDFCBANK,STER>
Market Close Box
BSE Sensex 14571.29 -516.70
NSE Nifty 4347.55 -156.70
USD Rs.42.93
Oil Nymex $134.6
N.Sukumar
Research Analyst
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