Wall Street plunged On Friday as Crude oil prices shot up more than $10 and neared $140 a barrel, wiping out investors' recent optimism about the economy in progress. The Dow Jones industrials fell nearly 400 points, its greatest plunge since February 2007.
The dollar declined against other major currencies — a move that makes each barrel of oil more expensive. The weaker dollar is pushing up oil prices because oil is denominated in dollars and oil sellers want to be compensated for the weaker dollar.
On Friday It was history across the markets, as oil climbed to never before seen levels. Crude rose more than 11 dollars a barrel at the NYMEX.
· The rise in crude along with weak employment figures set the Dow back to its' biggest 1-day point drop this year.
· The Dow plunged 394.64 points, closing at 12,209.81
· The S&P 500 sank 43.37 points, finishing at 1,360.68
· The Nasdaq dropped 75.38 points, closing at 2,474.56
General Electric Co and other economic bellwethers slid after a Labor Department report showed the unemployment rate rose in May to 5.5 percent -- its highest level since October 2004 -- from April's jobless rate of 5.0 percent. The report also showed the economy shed jobs for a fifth straight month.
Nifty Future- Supports & Resistances- 09.06.2008
RESISTANCES-4685,4715,4755,
SUPPORTS-4560,4520.
(IF NIFTY BREAK 4525----THEN IT WILL GO TO 4450-4365-4250-4190)
NIFTY FUT TGT 4560- 4450, BANK NIFTY TGT 6000- 5500
STAY SHORT BELOW 4645 sl abv 4685 tgt 4560 & BELOW.
Sustain Abv 4655,Buy with SL below 46355 tgt 4715-95
NIFTY 4452 is Crucial Point.Expect a gap down opening to 4450 & bounce back Possible
Mkts can correct another 10%. (high inflation,crude prices,high interest rate,credit crunch has moved on from the sub prime crisis & lot)
BIG FALL IN MARKET TILL 14 JUN 08( MAY BE 02/03/04/09/10/12 JUN ).Some signal give UP(+VE) direc.after 12/19.06.08 that now much fall is not possible at present. BUT FIIs net selling, & that can disturb all calculations.
INTRADAY
SELL BHEL 1430/1431, SL-1445, TGT-1389/1356
SELL TISCO 825/826, SL-833, TGT-808/792
SELL BHARTI 805/806, SL-813, TGT-788/775
SELL ANULAB 268, SL-275, TGT-253/241
SELL LITL 392/393, SL-400, TGT-375/362
SELL GSS 324/325, SL-330, TGT-309/299
RANBAXY Sell below 518 SL 523 TGT 498. Below 498 , TGT 494, 484,480
LT Sell below 2700 SL 2720, TGT-2646,2620
SELL BANKINDIA Below @ 262 Target 256/248/231. SL 283.
SELL BPCL Below @ 300 Target 296/289/276. SL 317
SELL COLGATE Below@ 389 Target 385/377/363.SL408.
SELL HDFCBANK Below @1231 Target 1209/1181/1120.SL 1308
SELLMARUTI Below @ 749 Target 737/722/688. SL 791.
SELL PNB Below @ 443 Target 436/421/393.SL 481.
SELL POLARIS Below @ 97 Target 94/90/87/83. SL 107.
SELL RELIANCE Below @2233 Target 2201/2155/206O. SL 2354
Technical breakdown in heavyweight stocks Possible ~ Reliance & ONGC
Reliance Tgt 2100-1950
ONGC Can Slip Upto 750
IPOS AHEAD THIS WEEK AVON WEIGHING @ 10, SEJAL GLASS @ 115, FIRSTWINNER @ 130, ARCHIDPLY @ 80, LOTUS EYE CARE HOSPITAL @ 42.
MARKET ALERT: DLF can see Rs 440-460 (minor sup. around Rs 500-505). (WAIT WITH CASH TO BUY MORE IN LOW LEVEL THIS IS INVESTMENT PICK only).
LONG TERM STRATEGY: BUY INDIABULLS REAL ESTATE FOR LONG TERM HOLD TARGET@1000, CAUTION: IT COULD FALL ALSO FROM CURRENT LEVEL.
Keep watch on ROHITFERRO, GMDC, GOD POW, RENUKA & TRIVENI for 3 times by next yr. Buy jun end only
Buy KLG Capital,AssamCo.,KSoils,Jp Associates,Unitech,Impex Ferro for quick and short term gains in the range of 10-15& within 1 month.
Use only 25% for Buying in Falls
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