Indian Stock Markets : India Will Move Ahead!!!

Friends, as was opined by me in my previous report early morning hours of Thursday, the terror attacks on Mumbai, the nerve centre of India's Economy, turned out to be nothing short of a war on sovereign India. 125 lives lost including 14 security personnel and 6 foreigners, about 327 injured and operation clean-up is on. The citizens of this great nation is one one at this critical juncture, be it political, religious, linguistic or regional divides. I take this opportunity to sympathise with the bereaved families of those who were dead, particularly members of the security forces, our brave hearts including the senior cop Mr Hemant, the ATS Chief. They have died for our nation and the nation owes them a lot. It is really a matter of pride that despite the election fever, no political party has resorted to any blame game and let us not resort to pointing finger at anybody. It was a trans ocean aggression and the country will sustain and its growth cannot be nipped by the designs of the aggressors clearly pointing towards damaging the economic well-being of this country. The attack seemed not having any motive other than to target the nation's economy by terrorising the foreign tourists and the citizens.

It is debatable, whether the action on the part of Sebi to call off trading yesterday. Probably it was right, probably not. By keeping the markets closed, a wrong signal was sent globally. May be that, some investors or traders may not have access to trading in such a situation, more so, it being the expiry day. The incident was under control on Thursday morning itself, however, the security personnel could not have just completed the operation so soon, without sanitising the areas and getting all hostages secured since few terrorrists were still holed up in the rooms. Anyways, the bulls in D-street lost yet another bullish day on Thursday and the sentiments today are at the lowest ebb. However, I am sure, the indices will forge ahead and show green at the end of the day, showing solidarity with the nation. We may open in red, despite two good trading days across Asia and one day in other markets will give courage to the Indian investors to support their markets and send a strong signal to the world that such mischievous acts are too less to cow down an emerging resurgent economy like ours. It is totally a temporary setback and we will live with it.

Markets will be open today. My advice to investors is that, if we open lower, that will be an excellent opportunity to buy some stocks at lower levels as December will be a bullish month for the markets. Please add ICICI Bank, L&T and Tata Steel in particular to your Portfolio, if those are available cheaper today. Sensex will find good support around 8699, if we break below 8809. Asian markets are trading in green, barring STI which is 1% down. Europe had an excellent session yesterday. Wall Street will be open for a curtailed session today and US futures are trading flat after four consecutive good trading days. However, all global cues are of no concern to us, we will show our resolve to stand together and prove to the world that we can withstand the onslaught of our detractors.

Expected Trading Range:
Sensex: 8679, 9182
Nifty: 2650, 2799