<> Anagram's Daily Call:22/09/2008

 

 

VIEW POINT:  HIGHER OPEN MAY NOT HOLD

 

In these days of Nifty being quoted on the Singapore exchange, there is hardly any art left in terms of forecasting how our markets would open. Reliance did not tell anything new on Sunday. It confirmed markets fears that commercial gas production would only happen post December.

 

The Congress is likely to okay the $ 700 billion package for the capital markets, but may want something for homeowners in distress and another dose of economic stimulant to the tax payers. We have the Nifty resistance at 4550. But that seems to be a far cry. Upwards of 4350, it makes sense to book your profits. The alternative is to keep a trailing stop loss.

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