Daily Call - Dec 23 2008

Markets are likely to lack luster as they start the day's proceedings on a rather tepid note. The US markets continued with their losing ways for the 4th session on the trot. Japan is observing Emperor's birthday. Hong Kong is mildly weak. Our markets have largely ploughed their own furrow for the past two weeks and therefore Asian markets are unlikely to guide Dalal Street behaviour.


The profit booking mode, which began yesterday is likely to manifest itself today as well but it won't halt the uptrend unless you see a close below 9600 mark. But Reliance is a worry, where shorts appeared again in the derivative segment. As important data in the US is on tap in the coming days, the US markets could play the pied piper once again. One solace is that punters may like to extend their gains and may put up a fight in this settlement that ends tomorrow