Monday, March 30, 2009

>Opening bell 30-3-09(ICICI Direct)

Key points
􀂃 Market outlook — Open negative and trade negative
􀂃 Positive — MF, FII buying, crude cooling off
􀂃 Negative – Rupee weakening again, Asian markets
Market outlook
􀂃 Indian markets are likely to open negative taking its cues from the
global markets. SGX Nifty was down by 65 points. We have witnessed
a brisk rally from the recent lows and we expect profit booking to
continue. The players would like to go light on positions ahead of the
important G 20 summit and hence we may witness pressure on the
market for the coming sessions as well. Our markets will closely watch
at the developments in US markets and the outcome of G 20 summit.
We advice not to take aggressive positions for the week unless we see
decisive break on either side of the band. Trading interest will be
witnessed in Reliance for the coming session or two because of the
gas production which is anticipated to start in a day or two.

To read full report Opening bell