Arokia Aushwin Raj, retail analyst, KJMC Securities, said that today (November 12) the market was down by 170 points. The market opened 500 points down which was in continuation with Friday`s (Nov. 09, 2007) negative muhurat trading session. It made a smart recovery later during the day.
The market was unable to move towards positive terrain as all major parameters like Asian and U.S markets were in negative.
Arokia added that the Reliance group`s rally, which were detrimental in the recent upward march of the market seemed to have finally cooled down.
He expects market to be negative on Tuesday (November 13). However he is bullish on sectors like FMCG and Capital goods.
Ashwin Gada, dealer, Networth said that the market after opening 500 points down recovered to some extent to close at 170 points down.
Profit booking was witnessed across board during the day. Major sectors like IT, Realty, Banking, Auto and Metal traded negative throughout the day.
According to Ashwin, volatility may be seen on Tuesday`s trading session. He recommended banking stocks for trading with nominal stop loss.
Tuesday, November 13, 2007
Brokers` Outlook: Market may remain negative
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