Sunday, December 9, 2007

Market may touch new high next week

Bharat Thakur, assistant manager, Karvy Stock Broking said that market was up ahead of Fed meet. It was a volatile session, buying was seen in the last hour of the trading session. Surprisingly, buying momentum was seen in IT and sugar sector today (December 7).

Stocks like Infosys Technologies, Balrampur Chini, Renuka Sugars and Dhampur Chini shot up. Apart from those, movement was seen in Reliance Group companies.

He expects market to open with an upward gap on Monday. According to him, market will touch new high next week provided Fed meet outcome is as per expectation.

He is bullish on IT sector and stocks to be watched out are Financial technologies, ICICI Bank, Cairn India, Aptech and KPIT Cummins.

Anuj Anandwala, analyst, KJMC Capital Services said that market had a very volatile session today. Selling was seen at higher levels and buying at lower levels to give support to the market. Sensex after touching day`s low of 19,650 managed to close up 170 points at 19,966.

Bankex and IT sector was among the major gainers of the day. IT stocks saw some fresh buying. Realty continued to trade well at the bourses.

He expects a positive opening on Monday and says that across the board buying would be seen.

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