Market plunges 2.31% amid steep slump in capital goods, banking, auto and information technology stocks.
US markets ended negative 1-2% due to doubtful debt ratings.
Asian markets are trading in flat note with –ve bias and seems to be bouncing back.
The Indian markets likely to open –ve to flat and in any dips accumulation is in progress for those stocks which are heavily beaten. One can go long when markets open negative and trade with stop loss. Look for the volume buzzers in midcap and large cap . In index oil companies might be on fire again due to petrol pricings.
Most stock futures witnessed a sharp drop in open interest positions. RNRL saw a sharp drop of 35.18 lakh shares followed by DLF (25.96 lakh shares), Reliance Communications (18 lakh shares) Rolta India (17.96 lakh shares) and NTPC (10.8 lakh shares). GMR Infrastructure accumulated 26.2 lakh shares at Rs 171.95 against the spot close of Rs 170.25.
FII activity Overseas investors continued selling on Thursday too. They were net sellers to the tune of Rs 1,129.64 crore. While they were sellers in index futures (Rs 1,055.8 crore), stock futures (Rs 632.6 crore), FIIs remained net buyers in index options.
Overall we advice members accumulate in falls and exit in rise.
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