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Friday, October 24, 2008
Sokhi Market Outlook for 24th October !
Unprecedented selling off across the board stopped out till yesterday’s afternoon trade with inflation at 11.01% giving a good news of for the week, but it could not enthuse the markets. FII being continuous selling side made markets tumble in the second half leading to fall of Sensex 398 points. And Nifty with 122 points.
Volatility continued Thursday as the Dow turned an early 1.5% loss into a 3.3% gain, The Dow rallied late in the session to finish 2.0% higher. And Nasdaq down by 2%.
Asian markets are trading below with 2 to 3 % down and Nikkie slipping in to deep low.
The positive of yesterday’s market was the capital goods majors are bucking the trend with positive close indicates confidence in capital goods sector . Post Results of RIL and other majors market will be reacting today’s trade. The RIL GRM is effected slightly.
The factors which are going to decide are:-
1. FII borrowing and lending issue by SEBI decision, - Short term
rally as FII are to square up short positions.
2. RBI Policy review today – Likely cut in Repo rate by 50 BPS.
3. Positive factor of Inflation – Fuel rates may ease in coming week
(May be Diwali gift by government and comes to single digit in few
weeks.)
Today Market may dip at opening due to global cues but likely to consolidate and some sectors like capital goods continue to move upwards. RIL may face selling pressure and RPL will hit low in today’s trade. The market will be reacting to the events of the day.
Overall we expect a negative opening and consolidation with slight positive closing today.
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DISCLAIMER
All the advises,calls,tips and predictions are neither an offer nor a solicitation to purchase or sell securities.The information and views given by writer is believed to be reliable but no responsibility (liability) is accepted for error of facts and opinion.Writer may be trading in or having positions in stock markets.
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