With RBI increasing the SLR rates by 100 points from 24% to 25% markets which were looking for excuse to fall gave up and nifty lost whooping 120 points in single session . Sensex too lost nearly 400 points .As said banking and reality sectors were majorly hit by RBI punch.
In US Wall Street,stocks mostly fell Tuesday as mixed reports on home prices and consumer confidence gave investors little incentive.. The Dow rose 14.21 points to 9,882.17. and the Nasdaq fell 25.76 points to 2,116.09.
Asian markets are trading in red to falt with NIKKIE losing nearly 0.7% and Sanghai trading almost flat with negative bias
Indian markets after a shock collapse yesterday may recover . The recovery may not be too much but we see sensex gaining 100 - 120 points in todays trade . One can put 4829 as support for Nifty and can go long in the markets today.In case of any bounce back we advice members to book profits or to come out of the banking and reality counters as the stocks might come under pressure in days / months to come.
We see RIL reporting their numbers today and the news may not be encouraging so we advice weak hearts to book profits in early hours of trade.
PTC India, prime Securities, Fedders Lloyd and Zensar Technologies are some of the stocks to watch out in today's trade.One can sell Everest Kanto . Think soft above 223 - 225 and short term traders should consider buy alok industries.
Over all markets would be volatile as this october would exipre tomorrow. We advice members not to trade in high beta stocks.
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