Pre-Market report on 18.07.2008
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B. Karthick
Jul 18, 2008, 12:17:34 AM7/18/08
to Kences1
Crude falls further, stocks to maintain their momentum
Jul 18, 2008
The Sensex is poised for a positive close to the week after a good day
on Thursday, as fears of financial crisis in the US have subsided with
better than expected number from JP Morgan. Expect another 1-2 percent
gain in the indices with midcaps taking the lead.
Meanwhile stocks in the US moved up on fall in crude and improving
financial environment. Light, sweet crude fell $5.31 to settle at
$129.29 a barrel; oil has dropped more than $15 in just the past three
sessions. Google fell as much as 12 percent in late trading after
reporting earnings that missed estimates on a surge in spending on new
projects. This might not bode well for the tech pack. Asian indices
continued to rise for the second consecutive day on relief from Oil.
Pharmaceutical major Ranbaxy might tumble further as the things are
getting worse as a US Congressional Committee is launching an
investigation into whether US Food and Drug Administration was lenient
in allowing Ranbaxy to sell new drugs in the US market. In a separate
development the spat between RIL and Reliance communication continued
over the MTN deal as Reliance Industries said it has commenced
arbitration proceedings in the Reliance Communications regarding the
MTN matter.
Watch out for midcaps in today’s trade as they have under performed in
yesterday’s rally. Metals might continue to witness some pressure.
Look for media, private banks and engineering stocks to take lead.
Wholesale prices rose 11.91 percent in the week to July 5, after
gaining 11.89 percent in the previous week. This numbers is below the
estimate of 12.05 and this is good news in the short term. We are in
the middle of a short term rally which is currently driven by a drop
in the Oil price. Things might get better crude falls further as this
might boost the confidence level for the investors.
Suitable stocks for intraday trading:
< RANBAXY, RELIANCE, BHARTIARTL, TATASTEEL, INFOSYSTCH, ONGC,
JINDALSTEL, WIPRO, ADLABSFILM, ABAN >
Market Close Box:
=================
BSE Sensex 13111.85 536.05
NSE Nifty 3947.20 130.50
USD Rs.42.94
Oil Nymex $129.2
B.Karthick,
Research Analyst.
Jul 18, 2008
The Sensex is poised for a positive close to the week after a good day
on Thursday, as fears of financial crisis in the US have subsided with
better than expected number from JP Morgan. Expect another 1-2 percent
gain in the indices with midcaps taking the lead.
Meanwhile stocks in the US moved up on fall in crude and improving
financial environment. Light, sweet crude fell $5.31 to settle at
$129.29 a barrel; oil has dropped more than $15 in just the past three
sessions. Google fell as much as 12 percent in late trading after
reporting earnings that missed estimates on a surge in spending on new
projects. This might not bode well for the tech pack. Asian indices
continued to rise for the second consecutive day on relief from Oil.
Pharmaceutical major Ranbaxy might tumble further as the things are
getting worse as a US Congressional Committee is launching an
investigation into whether US Food and Drug Administration was lenient
in allowing Ranbaxy to sell new drugs in the US market. In a separate
development the spat between RIL and Reliance communication continued
over the MTN deal as Reliance Industries said it has commenced
arbitration proceedings in the Reliance Communications regarding the
MTN matter.
Watch out for midcaps in today’s trade as they have under performed in
yesterday’s rally. Metals might continue to witness some pressure.
Look for media, private banks and engineering stocks to take lead.
Wholesale prices rose 11.91 percent in the week to July 5, after
gaining 11.89 percent in the previous week. This numbers is below the
estimate of 12.05 and this is good news in the short term. We are in
the middle of a short term rally which is currently driven by a drop
in the Oil price. Things might get better crude falls further as this
might boost the confidence level for the investors.
Suitable stocks for intraday trading:
< RANBAXY, RELIANCE, BHARTIARTL, TATASTEEL, INFOSYSTCH, ONGC,
JINDALSTEL, WIPRO, ADLABSFILM, ABAN >
Market Close Box:
=================
BSE Sensex 13111.85 536.05
NSE Nifty 3947.20 130.50
USD Rs.42.94
Oil Nymex $129.2
B.Karthick,
Research Analyst.
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