The Indian markets have opened the day in a weak note with sensex falling over 500 points and Nifty by over 160 points.The subprime issue and the slowdown of the US markets have led to the fear and stocks are plunging down like pack of cards.Both Dow & Nasdaq ended their day down by 1.7 % and 2.5 % respectively.The Asian markets are also trading in negatives.R com,ICICI,Wipro,Hindalco being the key draggers.

The day traders are expected to remain cautious.But the long term story is looking good with inflation dipping below the 3% mark and the statement from FM that India is heading towards 9% growth are the only respite in these dull trading sessions.Its better to wait and watch the market for few more days as it is expected to go down still.After that the traders may accumulate the shares at lower levels and watch it grow.

Stocks to watch out for:

Buy HDFC,Rcom,Bharti, Suzlon Energ,RPL at lower levels as they are expected to give decent returns in medium term.Also have an eye on BHEL,HMT,MRPL,Dredging corp,Ispat Industries.

Thats all for the day,hope sensex bounces back soon and the smiles back on investors face.

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