The markets would show range bound movements: The Media, Forgings, Auto Ancilliary, Brokerage Houses, Holding Companies, non-conventional Energy Scrips etc. are expected to do well; Keep focus on Small, Mid and Select Large Cap Counters:

[Excerpts from the report sent to the Premium and Quickie Group members]

Last week the markets exhibited a rangebound trend amid intermediate bouts of buying and selling. After the announcement form the US Federal Reserves of a 25 bps cut in the benchmark interest rate, the markets were in the green and even touched new historic highs moving against the weak global sentiment. However, this did not last long as selling pressure and profit booking was witnessed at higher levels. The US markets also fell, as investors were of the view the U.S. Federal Reserve's 25-basis-point rate cut was inadequate to prevent the world's largest economy from sliding into recession. Over domestic front, Pharma, Realty and Metal indices were the top performers on WOW basis while Capital Goods; IT remained lackluster over the week. During the week CSO reported better than expected Industrial Production (IIP) figure for the month of Oct 07. Industrial Production was up 11.8% in Oct-07, vs 6.4% in Sep-07 and 4.5% last year in the same month. WPI inflation for the week ended Dec 01 stood 3.75% vs 3.01%. The volumes recorded were good along with positive market breadth. Incidentally, FIIs remained net sellers in the cash as well as the derivatives segment. Domestic institutional investors, on the other hand, remained net buyers helping the markets to scale new highs. Domestic markets are likely to remain range bound as traders will play it safe and abstain from big-ticket trades on uncertain trend in overseas markets. Moreover with the festive season round the corner, the markets are likely to remain rangebound as FII inflows are likely to remain lacklustre till the first fortnight of the New Year. Hence the market is likely to consolidate for some more time, and the triggers to watch out will be global cues, and (Oct-Dec) quarterly results. Traders & Investors will also watch out for advance tax numbers due in the next few days, to try and gauge the performance of corporate India in the Oct-Dec quarter. Capital Goods and PSU Stocks are likely to perform in the near term. Technically, if the Sensex manages to sustain above the 20,000 level, it is likely to touch 20,250 followed by the 20,575 level on the upside. The Sensex has support at the 20,000 level followed by the 19,700 and 18,740levels. If the Nifty manages to move up and sustain above the 6050 level, then it is likely to test the 6100 and 6245 levels. The 5900 level is an important support level for the Nifty.

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