Epaper
Wall Street continued to rattle with the financial sector taking the lead along with the banking space. Dow Jones ended the day down 153.54 points to close at 11,740.15 while Nasdaq closed down 43.15 points at 2,169.34. Expectations were built on Fed rushing to cut interest rates ahead of the March 18 meet.
Japanese Markets started of weak only to recover later. At the time of writing Nikkei is trading in the positive zone with a marginal gain of 12 points at 12,544.55.
What’s trading at the highs?
Crude Oil (life time highs)
Yen Vs USD (Eight Year high)
Gold,Platinum & Silver (Near to life time highs)
What’s trading at the lows?
Wall Street (18 month lows)
Dalal Street(5 month lows)
Nikkei (30 month closing low)
Dalal Street pulled off a dramatic reversal yesterday as expected. Our Sensex support level of 15,880 sustained twice and one more close above that level will confirm a short term bottom. Midcaps continued to fall despite a strong pull back in the markets. Many stocks are available at unbelievable valuations. We believe it is time to de-couple though gains are capped due to Marco economic conditions and the political situation. We might set in for a long period of consolidation. Stock specific stories will attract investors during the consolidation phase.
Midcaps are likely to pull back strongly today along with the market. We expect a gain of around 200 points for the Sensex in today’s trade. Banks, Realty, Brokerage sectors are the worst hit while IT, Pharma witnessed minor impact.
Stick to quality stocks to avoid pain at a later point.
