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Friday, November 07, 2008

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After registering the loss of over 385 points in yesterday's trades, the market is likely to exhibit weak trends on the back of a strong intra-day volatile moves. The meltdown in US markets as fears of a prolonged recession sent investors running for the exits and mixed Asian indices in morning trades likely to put pressure on the domestic indices. On the upside, the Nifty could test around the 2950 level and may witness support around the 2850 level. The Sensex has a likely support at 9600 and may test higher levels of 9850. US indices slumped for a second straight session Thursday, bringing the Dow's losses to 929 points since Election Day. The Dow Jones sliding over 443 points to close at 8696 while the Nasdaq slipping by 73 points at 1609. Except VSNL all the Indian stocks trading on the US bourses fell sharply. Infosys tumbled over 10.47% followe by Wipro & Satayam slipped over 7-8%, while Patni Computers, HDFC Bank, Tata Motors, ICICI Bank, MTNL, Rediff and DR Reddy's were down over 1-6% each. Crude oil prices in the global market slipped on Thursday. The Nymex light crude oil for December series slipped $4.53 at $60.77 per barrel. In the commodity segment, the Comex gold for December delivery moved down by $10.20 to settle at $732.20 an ounce.