Pre-Market report on 28.04.2008

[N.Sukumar]

Bullish ringtone disturbs bears
===================================================
Wall street closed mixed on friday and is looking for a major break
out which might propel a global rally in the coming week. Fed meeting
on wednesday is likely to throw some direction for the markets and not
to neglect key economic data which might indicate whether the US is in
a recession or not. We analyze it in a different way. Markets are
unlikely to go down and in case of any eventuality unless Fed
increases interest rates which is ruled out.

Here is the analogy

1. Fed cuts rates : Markets jump on cheaper interest rates

2. Fed says enough is enough and not cut in rates : Market jumps Fed
move indicates that the economy is improving.

The above analysis is based on the clear bullish tone currently
prevailing across the globe. Japanese Markets jumped ahead on weaker
yen. Currently Nikkei is up 118 points at 13,981.09.

Indian Markets surprised analysts over the week end with a big jump
though broad based upmove is not seen. Biggies like ICICI Bank and
HDFC Bank declared amazing numbers which boosted the indices along
with the Telecom majors Bharti Airtel, Reliance Communications and
Idea Cellular.

Markets are undoubtedly in a bull zone.Fertilizer stocks reaped rich
rewards on good monsoon expectations.

Stocks in News today

Oil and Gas stocks are likely to lead the sensex today and there will
be a surprise midcap sector.Have a great trading day.

Market Close Box

BSE Sensex 17125.98 0.00
NSE Nifty 5111.70 0.00
USD Rs.40.18
Oil Nymex $118.5

N.Sukumar
Research Analyst