End of day summary - 07Nov06

Today the stock markets opened on a positive note and started to slide down as the day progressed. Eventhough there was an attempt to climb up once, the upmove did not sustain and the bears took the markets down and closed at the day's low. The NSE closed at 3798.75 with a loss of 10 points and the BSE closed with a loss of 30 points at 13156.66, there by slashing the four consecutive upmove in a row.

There was much more stock specific action as Infosys shoot up giving the required support to the index. The draggers were reliance and the oil marketing companies. The FIIs were net buyers in the cash and stock futures but were net sellers in the index futures, which suggests that the markets might slide further down in the immediate short term.

Tomorrow the markets are expected to open weak and climb up during the course of the day. Watchout for the important nifty levels of 3770 and 3720. If the nifty closes below 3720, then the markets will get into a serious correction mode.