Markets May Bounce Back After Rally In US Markets

12 Mar

Posted by Shyam as IntraDay Calls

The Indian share markets are opening after 2 complete days. In the meanwhile we saw many developments around the world. The US markets made a sharp recovery from its 12 years low and bounced back. This was basically after CITI group announced a profit of $8.1 Billion in the first 2 months of 2009. Markets reacted in a positive manner and gained almost 5% in Dow and Nasdaq.

Yesterday too Dow closed flat but Nasdaq gained another 1%. The Asian markets are looking flat as of now with Nikkei-225 down by 1% and Hane Seng is up by 0.64%. The Indian markets also closed in red last time when Sensex closed at 8160 levels after losing 2% and Nifty closed at 2573 levels down by 1.83%.

We might see a pull back rally sort of thing in the Indian markets today, but the upside may not be too much also. The market has a strong support at 8,000 levels in sensex. Some of the intra day calls for today include: Divi’s Lab, Aban Offshore, Educomp Computers, Akruti City.

The banking stocks are still being beated down in the markets when ICICI, SBI are all trading at their 52 week lows. They may be a good pick but one needs to be cautious of further falls. So lets hope we have a great session today in the markets.