MARKET VIEW:

It is always said there exists BULL market somewhere and currently it is seen clearly in CRUDE which once again made new high. After breaking out from mentioned range of $131~138 mentioned previously it has finally moved above $145.50/ barrel. On other hand BEARS continue to remain active on equity front. Today''s inflation data would be closely watched by market men before taking any directional action. All in all, BOUNCE BACK like one observed previously will continue as markets have corrected at very fast pace however such bounces will need follow up buying and good market breadth for consecutive session to convert it into strong UP MOVE later. Till then try not to catch falling knife. Stock specific action will continue to remain most volatile and traders are advised to follow strict stop loss. Any move below 3800 levels could see NIFTY slipping to 3740~3760 range. Till then levels of 4000 & 4100 will continue to act as major hurdle.

SECTOR INDICES:

BSE POWER (2173)

For the day we are covering BSE POWER index. This index has closed at 2173 levels yesterday, DOWN by 106.58 points (-4.67%). The move in index was in line with our outlook. On downside key levels of 2000 must be held for any near term bounce back.  In this sector move in NTPC(mentioned around 178/-) remained completely in line with our expectation and now any move below levels 145/- can see fresh sell off in this stock. On higher side levels of 162/- will see bouts of profit booking.

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