16 Jan 2008
6000 of Nifty is critical for the day
Market has broken the immediate support for the Nifty at 6096 on a heavy selling in index heavy weight counters. Now close watch to 6000, the psychological level for a support. a closing above this level will give a chance for sudden bounce back. The medium term uptrend is positive in the market. A correction can be utilized as a buying opportunity to enter the long term bull market. But we should wait for the completion of correction.
Reliance Power IPO for 11000 crores of Rupees, the biggest one in Indian market played a roll in the market fall yesterday. A large amount of fund is withdrawn from secondary market to flow to primary market. All sectorial indices were closed in red.
US indices closed in big losses. Dow Jones closed in a loss of 277 points on the weak retail sales data and results from Citigroup which said a record loss. Asian markets are also in the line with US cue. Hangseng have lost nearly 1000 points in early trade. Nikkei hit 26 months low.
A correction with a gapdown opening can be seen in our market today. We need to wait for a strong downside support to take long bets in the market.
All Indian ARDs have lost 3 to 7% on Tuesday
Crude Oil price softened to below $ 92 a barrel
Nifty January 2008 futures were at 6063, at a discount of 11.25 points as compared to spot closing of 6074.25.
The NSE's futures & options (F&O) segment turnover was Rs 65,569.15 crore, which was higher than Rs 53,245.37 crore on Monday, 14 January 2008.
Market breadth was negative. NSE advance declines is 381:797
FIIs net sellers for 365 crores and DIIs net sellers for 89 crores on Tuesday, according to NSE provisional data.
6000 of Nifty is critical for the day
Market has broken the immediate support for the Nifty at 6096 on a heavy selling in index heavy weight counters. Now close watch to 6000, the psychological level for a support. a closing above this level will give a chance for sudden bounce back. The medium term uptrend is positive in the market. A correction can be utilized as a buying opportunity to enter the long term bull market. But we should wait for the completion of correction.
Reliance Power IPO for 11000 crores of Rupees, the biggest one in Indian market played a roll in the market fall yesterday. A large amount of fund is withdrawn from secondary market to flow to primary market. All sectorial indices were closed in red.
US indices closed in big losses. Dow Jones closed in a loss of 277 points on the weak retail sales data and results from Citigroup which said a record loss. Asian markets are also in the line with US cue. Hangseng have lost nearly 1000 points in early trade. Nikkei hit 26 months low.
A correction with a gapdown opening can be seen in our market today. We need to wait for a strong downside support to take long bets in the market.
All Indian ARDs have lost 3 to 7% on Tuesday
Crude Oil price softened to below $ 92 a barrel
Nifty January 2008 futures were at 6063, at a discount of 11.25 points as compared to spot closing of 6074.25.
The NSE's futures & options (F&O) segment turnover was Rs 65,569.15 crore, which was higher than Rs 53,245.37 crore on Monday, 14 January 2008.
Market breadth was negative. NSE advance declines is 381:797
FIIs net sellers for 365 crores and DIIs net sellers for 89 crores on Tuesday, according to NSE provisional data.
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9 Jan 2008