Markets after opening gapup in green couldnt sustain the higher levels and and closed down in negative with sensex losing nearly 100 points . The Ambanis war also added fuel to the fire.
In US the Stocks retreated from 2009 highs after the Commerce Department said applications for home building permits fell in September by the largest amount in five months.The Dowjones fell 50.71 to 10,041.48 while the Nasdaq composite index fell 12.85 to 2,163.47.
Asian markets are trading in red with NIKKIE losing more than 0.4% , SANGHAI and SEOUL losing 0.8% each.
Indian markets are expected to open in red and may trade in a tight range. we do not see markets falling aggresively but we may see markets in negative range only.
Watch out shipping stocks GE Shipping , mercator , Bharti Shipyard for gains in short term and the Baltic dry index is on high.
SAIL is process of 20% de-investment , watch out fire works in this stock. We may see some pressure on Tech mahindra as the quarterly numbers are not in line with market expectations.
Pipavav Shipyard has bagged an order from ONGC expect high trading volumes on this counter.
We advice members to stay cautious today , the Ambanis judgement would be heard today, so we may see high volatility in markets . We advice members to book profits in Banks and real estate counters.
Some of the stocks to watch out for are Edserv Systems, Hanung Toys and Larse Toubro for todays trade.
Over all a s dull day in markets today.
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