The Hindu Business Line : Endurance isn't just the ability to bear a hard thing

Khan finished watching Tomorrow Never Dies and pushed the You Only Live Twice DVD into the player. Dakshinamoorthy scoured the Net for info on bird flu. Sridevi shopped non-stop for Deepavali. But Jogin pulled them all in for the weekly market chat. Jump in!

Jog: Hi, everybody. Overall mood in the market is still bearish.

Kay: It is quite possible for Sensex to fall below 8000. Thunderball!

Sri : But the first level to be tested is 8050.

Dax: Till then no fresh position should be added.

Jog: But if the market opens weak on Monday morning…

Kay: Some bottom fishing should be done. Die Another Day!

Sri : Chart patterns suggest that the corrective phase may continue.

Jog: Most of the index heavyweights appear weak on the charts.

Dax: Results will drive the sentiment for the entire week.

Sri : Markets entered into sharp correction mode last week.

Kay: Many could not understand why bearishness set in…

Jog: Just when Infosys and TCS gave excellent earnings report!

Dax: Ironically, technology stocks were hammered in a big way.

Sri : Some tech majors in the US didn't report expected results.

Kay: Main reason for the fall is the dwindling of FII inflows.

Dax: However, bears should not count chickens before they are hatched!

Jog: As bulls may not allow them to enjoy it, I suppose? :-|

Sri : "Always bear in mind that your own resolution to succeed is more important than any other," advises Abraham Lincoln!

Kay: Fear of rupee depreciating against dollar has also caused concern.

Jog: Don't panic on this; it may fall to Rs 45.25 level and not beyond.

Sri : Now one should also keep tab on Singapore stock exchange!

Dax: For Nifty futures trading? There, the trading in this starts 10 minutes before NSE trading here. Can point the direction for Indian players?

Kay: But it may take some time until volume picks up there.

Jog: What about last week's numbers?

Sri : I studied '10/10' behaviour and found Engineers India made almost 10 per cent that day! Panyam Cement gained about a half of that. Bharti Tele went up about 2 per cent last Monday, while Icici Bank and Bajaj Auto managed to stay in the + zone.

Kay: Among the stock-specific, ACC stock fell sharply on Friday.

Jog: Even though the results were not so bad!

Dax: Market sentiment punished it. A good stock to buy for short term.

Sri : Possibility of stock opening firm today.

Jog: Even Gujarat Ambuja Cement can be looked at.

Kay: Hmm…It fell more than ACC on Friday.

Dax: Among mid-cap and small cap, any suggestions, koi?

Kay: It is better to remain sidelined for some more time.

Jog: Better to enter when the sentiment improves.

Sri : Nobody knows when the regulator may act against which company!

Kay: Heard the Refco noise? There are bound to be concerns about the position of Refco-Sify following the collapse of the parent in the US!

Jog: One should not panic over the Refco issue, I guess.

Sri : There're no participatory notes selling by them in India.

Kay: So remain cool on this issue. But it may have an impact on metals.

Dax: On Friday, the London Metal Exchange was nervous...

Kay: And copper slipped below $3,800 a tonne from a point where it was looking to top $4,000. Caution can be the watchword...

Jog: As far as metal firms stocks are concerned!

Sri : But tin prices are firm and likely to stay that way since Malaysia, the top producer, says it has no plans to hike production next 2 years.

Dax: Tinplate could be a good investment!

Kay: One can utilise the current weakness in Reliance and SBI for buying.

Jog: Quarterly earnings should strengthen the valuation.

Dax: It was said that Aptech and Aftek Infosys are worth buying at these prices, as there exists 'big' buying interest in the counters.

Sri : Both the stocks have fallen sharply in the selling spree. Aftek came down from Rs 125 to Rs 109 and Aptech from Rs 107 to Rs 97.

Jog: Impressive earning numbers may ensure that stocks such as Bajaj Auto and Gateway Distriparks rule firm even if market is weak.

Dax: India Cements completing an equity issue in the overseas market may lead to a stable trend in the stock; debt reduction will be ample!

Sri : I don't understand why James Bond has to be a man all the time. When Pierce Brosnan retires, why Daniel Craig! Why not one of us?

Kay: That's what Sarah Michelle Gellar said. What an ambition!

Jog: "Endurance is not just the ability to bear a hard thing, but to turn it into glory."

Dax: Just the right thought for bearish days, from William Barclay!

Lee, with inputs from Vir, Nat, Mad, Sub, The and Sve.

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