Wednesday, December 5, 2007

Positive trend to be seen on Wednesday

Sachin Chandsarkar, assistant manager, Karvy Stock Broking said that market was dull today (December 4). Market opened up bit and lost most of its gain to end in red. Statement by Finance Minister that terrorist funds are coming to Indian market reversed the market sentiment today.

No major movement was seen in the frontliner stocks. Good action was seen in most of the media companies. Stocks like Adlabs, Cinemax, Inox Leisure and Shringar Cinemas showed good upward movement. News driven stocks like Videocon industries and Educomp Solutions has seen good buying interest.

He said market is trading in a range of Nifty 5,750 to 5,790. According to him, traders are waiting for the Fed meet to be held on December 11.

He expects market to open in a positive territory on Wednesday. Mid-caps will move further up. Buying can be seen in State Bank of India and L&T. Stocks to be watched out are Inox Leisure, Nitin Fire, and Lakshmi Machine Works.

Ashwin Gada, dealer, Networth Stock Broking said that market closed down 45 points at 19,558 and Nifty was down 10 points at 5,854. It was partly due to weak US markets and partly due to profit booking, he added.

No bigger rally was seen today. Media stocks showed good upward movement particularly Adlabs Cinemas.

He expects markets to trade positive in the next trading session. Indian PSU banks are likely to perform well at the bourses. He is bullish on steel sector. Stocks recommended are IDBI and Ispat industries. According to him, GTL Infrastructures looks good for short-term delivery.

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