Market closing below 4000 ...!!

Market went down straight away in the morning session itself breaking 4070 support and went to 4000 as told here and later it even broke 4000 to make a low of 3970.As expected and told day before, market mover Reliance Industries broke 2000 to make a low around 1950 and along with that took the market also crashing downwards today.Though market recovered a bit in the late afternnon session, it again fell from there and went down crashing in the final hour of trading.Realty, metal, banking, capital goods, power, technology, auto, oil and telecom stocks witnessed huge selling today.Asian and European market also witnessed huge sell off and that also effected indian market sentiments today.The market breadth was negative with advances at 126 against declines of 1148 on the NSE. Top Nifty gainers included Tata Communications, ITC and ACC while losers included Reliance Industries, ICICI Bank, Infosys, L&T, HDFC, HDFC Bank, SBI, ONGC, BHEL, NTPC and Reliance Communication.

DUE TO MAJOR POWER BREAKDOWN TODAY, COULDN'T GIVE CALLS TO CLIENTS TODAY AND I REGRET FOR THAT

Market Outlook 26/09/08

India-U.S 123 agreement will come into picture now !

It was quiet ending of september month F&O contract expiry as nifty closed negative again.On global scenario, The Dow rose 196.89 to 11,022.06.The dollar was mixed against other major currencies Thursday, while gold prices fell.Light, sweet crude for November delivery rose $2.29 to settle at $108.02 a barrel on the New York Mercantile Exchange.Stock market investors got a lift when key lawmakers said they would present the $700 billion plan to the Bush administration and hoped for a vote by both houses of Congress within days.In indian market, nifty has made a low of 4077 and if this is not broken, it may act as support for the upmove now and if nifty breaks 4115, it will move towards 4130-4140 big resistance and if this resistance is not broken, again higher level selling will come and if this resistance is broken, nifty may move still higher and today's closing is also important and now the news of indo-U.S 123 agreement making rounds again and signing this before monday may again pull the market up above 4200 and maybe one more chance for traders to go short at higher levels ! This 123 agreement is nothing but agreement between U.S and india regarding nuclear power, testing etc.Under the agreement India will be able to develop a strategic reserve of nuclear fuel to guard against any disruption of supply over the lifetime of its nuclear power reactors.So, this will be positive for the market and how far this can lift the market when the agreement is signed (expected before monday) remains to be seen.Sectors like BHEL, L&T, Rolta, NTPC etc will be in focus again.Overall interesting days of trading again.Watch out for today's closing and dont be surprised if there is gap up opening on monday if this agreement is signed before monday.For today, if nifty breaks 4070 it will be bad for the day as nifty might go towards 4000 and be cautious if there is gap down opening as recovery is also possible from lower end.

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