We saw a dramatic trading session in the Indian markets on Friday. As reported here earlier, markets started the day huge gap down. Infact it opened 316 points down and then started gaining strength. By noon it has recovered from the days lows and then started moving up. Finally sensex closed the day gaining 301 points or 2.10% at 14,657 levels. And nifty gained 81 points to close at 4,414 levels.
We saw a very sluggish month in July 2008 in the markets. And then the RBI monetary policy to control inflation and the reeling economy from further distress. The Aug has started well so far. Last week sense gained 2.8% and nifty was up by 2.5% from previous weeks closing.Metal index was up by 6.2%, oil and gas was up by 5.8% and IT was up by 5%. For the last few days, the Indian markets are going against the global cues and the US markets. So it becomes really difficult in these conditions to predict the markets.
Nifty has a resistance now at 4,560 levels.Once it crosses that, it will move upto 4600 to 4,720 levels. With 3G Spectrum guidelines coming in after Govt decision to allow foreign players, the telecom sector stocks look good. Bharti, RCom aboveRs 400 levels,MTNL can move up by 10% in coming 1-2 months time horizon. You can get BHEL,Punj Lloyd, JP Associate on dips for long term. And in banking space SBI, BOI and Axis bank look good at the current levels.
Dow and Nasdaq had closed in red in Fridays trading session losing 0.45% and 0.63% respectively. And Nikkei-225 also closed in red in the last trading session. But on the contrary the Indian markets closed up. So it would be better to wait and watch than predict the markets in such scenario.
Now some intra day trading tips for today: Prakash industries(cmp 164),JPAssociate(cmp 170),Reliance Infra Ltd(cmp 1011),NMDC(cmp 346),Bajaj hindustan(cmp 166),GMDC(cmp 274),HMT(cmp 78),Indian Bank(cmp 104), Suzlon Energy(cmp 239)
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