Nikunj Stock Brokers

Markets Today

Markets plunged today to deeper level following profit booking and week global cues.

Major losers were oils companies, private banks, telecom and power.

The Sensex lost 238.15 points or 1.6%, to settle at 14,662.61 and Nifty closed with a loss of 68.45 points or 1.53% at 4400.25. BSE Midcap Index fell 1.2% or 69.27, to end at 5,708.93 and Small Cap Index lost 61.19 points or 0.88% to 6,903.42.

Among the frontliners, Sterlite Industries plunged 11.78%, SAIL -6.92%, Tata Steel -5.21%, Tata Power -3.44%, Reliance Infrastructure -3.36% and Bharti Airtel -2.93%. However, Zee Entertainment, NALCO, Suzlon Energy, Hero Honda, ACC, Grasim, Infosys and Ranbaxy Labs were gainers.

Global markets saw a bit of bounce bank after yesterday’s slump in the market. The news that Lehman Bros can’t fail has boosted the market after the fall of 45% in the share price on a single day.

The Dow Jones industrial average (INDU) gained 0.8% almost 3 hours into the session. The NASDAQ composite (COMP) gained 0.9% and the Standard & Poor's 500 (SPX) index gained 0.6%.Crude is also down and currently at 103$/ barrel.

Markets tomorrow

Markets have now become range bound between 4300-4500 levels. Its unlikely to see it breaking this barrier in near term. However a strong support can been seen if it breaks 4600 barrier. But markets for tomorrow are seen to be generally flat, with sentiments from global markets driving it.

Tip for tomorrow

1. Varun shipping

CMP-65.15

The Stock is seen as a out performer in coming weeks and is targeted at around Rs90 within two months.

2. Jaiprakash Hydro

CMP – 52.30

52 week high- 143 52 week low- 38.90

Target Price- 80

3. IFCI

CMP- 47

The stock when it reached levels of Rs30 produced shock to every technical keeping an eye on this share. It has never fallen to these levels, infact it has always seen a huge support around Rs50 in falling market. So, now this share is off its lows and all the worries so one can have a blind faith in this stock. Do keep it for as it puts a price on your Portfolio.

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