GOOD MORNING!!!
YET AGAIN A NEW BRIBERY SCANDAL IN THE LAND OF SCANDALS HAS INVITED THE BEARS TO THE LAND OF FINANCIAL MARKETS TO HAVE A PARTY TIME THIS HAVE HIT THEIR LOWEST LEVELS IN MORE THAN TWO MONTHS SOON AFTER BURSTING OF A SCANDAL BY THE CENTRAL BUREAU OF INVESTIGATION ON 24 NOVEMBER 2010, INVOLVING OFFICIALS OF SOME TOP PSU BANKS AND FINANCE FIRMS HURT SENTIMENT FOR THE SECOND DAY IN A ROW. THERE WAS A VERY WILD INTRADAY SWING IN SHARE PRICES AS TRADERS ROLLED OVER POSITIONS IN THE DERIVATIVES SEGMENT FROM THE NEAR-MONTH NOVEMBER 2010 SERIES TO DECEMBER 2010 SERIES. THE MARKET BREADTH WAS WEAK AFTER ALTERNATELY MOVING BETWEEN POSITIVE AND NEGATIVE TERRITORY EARLIER IN THE DAY. BANKING, FINANCIAL, REALTY, CONSTRUCTION, METAL AND PSU STOCKS DECLINED. IT STOCKS ROSE ON IMPROVED ECONOMIC DATA IN US.
YET AGAIN A NEW BRIBERY SCANDAL IN THE LAND OF SCANDALS HAS INVITED THE BEARS TO THE LAND OF FINANCIAL MARKETS TO HAVE A PARTY TIME THIS HAVE HIT THEIR LOWEST LEVELS IN MORE THAN TWO MONTHS SOON AFTER BURSTING OF A SCANDAL BY THE CENTRAL BUREAU OF INVESTIGATION ON 24 NOVEMBER 2010, INVOLVING OFFICIALS OF SOME TOP PSU BANKS AND FINANCE FIRMS HURT SENTIMENT FOR THE SECOND DAY IN A ROW. THERE WAS A VERY WILD INTRADAY SWING IN SHARE PRICES AS TRADERS ROLLED OVER POSITIONS IN THE DERIVATIVES SEGMENT FROM THE NEAR-MONTH NOVEMBER 2010 SERIES TO DECEMBER 2010 SERIES. THE MARKET BREADTH WAS WEAK AFTER ALTERNATELY MOVING BETWEEN POSITIVE AND NEGATIVE TERRITORY EARLIER IN THE DAY. BANKING, FINANCIAL, REALTY, CONSTRUCTION, METAL AND PSU STOCKS DECLINED. IT STOCKS ROSE ON IMPROVED ECONOMIC DATA IN US.
TODAY MARKETS WOULD OPEN NEGATIVE AHEAD OF NEW SERIES OF THE MONTH, IF NIFTY TRADES BELOW 5820 THEN LIKELY TO COME DOWN TO 5790 AND BREAK BELOW THIS LEVEL WE CAN SEE NIFTY TO SLIDE DOWN TO 5750 AND THEN TO 5700 LEVELS AND IF NIFTY CLOSES BELOW 5800 THEN WE WILL HEAD FURTHER DOWN. ON THE POSITIVE SIDE ONLY IF NIFTY TRADES ABOVE 5860 THEN ONE CAN THINK OF GOING LONG ONLY IN INTRADAY AND NIFTY MAY FACE RESISTANCE AROUND 5890 AND THEN AT 5909 IT IS ADVISABLE TO STAY AWAY FROM LONGS EVEN AT THIS STAGE.
NO RECOS FOR THE DAY
