Pre-Market Report on 28.08.2008

[B. Karthick]

Sensex looks to bounce back, Bulls set to dominate

Stocks look to rise after a bad day yesterday as all the indicators
point north. Expect the Sensex to recover from losses incurred
yesterday. We see the Sensex crossing 14,500 level in today's trade.

Wall Street posted a sizable advance Wednesday after the government
reported a larger-than-expected increase in orders for big-ticket
manufactured goods that indicated the economy could be stronger than
some investors thought.The Dow Jones industrial average rose 89.64, or
0.79 percent, to 11,502.51 after rising more than 140 points and the
Nasdaq composite index rose 20.49, or 0.87 percent, to 2,382.46.

Light, sweet crude rose $1.88 to settle at $118.15 per barrel on the
New York Mercantile Exchange on worries that Tropical Storm Gustav
could enter the Gulf of Mexico as a hurricane and disrupt oil and
natural gas production. Futures in Asian markets gained in early
morning trade moving in line with the positive close in the US
markets.

Banking and Realty stocks might recoup some of their losses. However
we see IT space and speculative plays in the midcap space to take the
lead.Sun Pharma might some show some sparks after a positive ruling in
favour of the company after a favourable ruling in Taro Pharma case.
Engineering stocks might also show see some heightened action as the
valuations are attractive. Watch out for L&T and Punj Lloyd in this
space.

Vintage Cards and Lumax are looking too hot after climbing for
successive days. Nelcast Ltd, KSK Energy and Vguard looks good for
intra day traders. Vishal Info might also some sparks after cooling
off the past 3 sessions. Ruchi Soya and IRB Infra might be dark horses
in today's market.

Suitable stocks for intraday trading:
<ICICIBANK, RCOM, SBIN, BHEL, HDIL, UNITECH, TCS, TATAMOTORS,
JINDALSTEL, BANKINDIA>

Market Close Box:
BSE Sensex 14301.13 -181.09
NSE Nifty 4292.10 -45.40
USD Rs.43.73
Oil Nymex $118.1

B.Karthick
Research Analyst.