It was a blood bath in the Indian markets yesterday where we lost nearly 300 points . Sensex has lost more than 600 points in two trading sessions and it seems more in offing .
US markets were on severe selling pressure and at almost near the NOVEMBER lows . DOW had lost nearly 4% in a single trade , The fall was due to the investors feeling that the stimulus package may not help to revive the economy . Auto makers additional request of funds added fuel to the sell off.
Crude also dipped to 7% low and is trading at 34$ a barrel
Asian markets on third consecutive day are trading in red but are off from the days low. We see another red day in Asian markets.
Indian markets are expected to open low and today we see a recovery in the late session , We advice members to buy NIFTY at 2735-2740 with Sl 2720 for a traget of 2800 in next 7 trading sessions. It would be another bad day for Reality & Banking . We advice members to buy on declines the fundemental strong companies as we expect technical recovery creeping in todays market.
Some of the stocks to watch out for today are SATYAM , UNITED SPIRITS. We would also see some spark in MAYTAS with Govt decision on impounding the directors of the MAYTAS . This is a positive movement and we may see the stock in upper circuit
today.
Over all we see a negative opening but expecting a flat to positive closing .
Happy Trading
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