Vishwas Agarwal
Market may touch 17k: Vishwas Agarwal The market opened with a bang today (Sep. 25, 2007), sending the market to a new life time high of 16,928.02, giving more confidence to the investors that today it would breach the magic 17,000 mark. However after some time, the momentum stopped sending the market 160 points down and as it touched the day`s low of 16,676.98. Yesterday when technical analyst, Vishwas Agarwal, said, “Today we can see some correction, in line of some profit booking,“ he hit the nail on its head. Commenting on the today`s movement, Vishwas said, “Today there was an expected correction. Except some of the stocks, all other faced setbacks and declined from their higher levels and closed lower“. Though the market was down, Vishwas said, “Reliance saved the sentiment in closing and turned the index to positiv e.“ Today for the first time in the last few days, after the announcement of Fed cut, market had seen such steep fall showing the greener side of the field. Vishwas said, “ Today`s correction was due to the sharp rise in the market, which is natural and should be welcomed. Market is not bearish but it could be volatile and there could be small corrections. In this last 15 days, bull run stocks in the range of Rs 50 to Rs 100 were the most active with the big volumes and jump“. After looking at today`s movement when the market lost more than 160 points and later recovered about 200 points before the closing bell, Vishwas said, “ Tomorrow could be a big day, when Sensex may hit 17,000 mark and NSE can touch 5,000 mark, however 16,666 level is the major support for the market.“ He recommends Gujarat Alkyl, MTNL, Essar Oil, JP Hydro and Bajaj Hindustan for trading with stoploss. Giving his special reference on Reliance group stock Vishwas said “ Tomorrow RIL could touch 2,500 mark, if every thing goes alright“. He further said “ Investors should follow Reliance group stock to know the trend. “
Disclaimer
IRIS has taken due care and caution in compilation of data for its web site. Information has been obtained by IRIS from sources which it considers reliable. However, IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website.
