GOOD MORNING!!!
MARKETS GOT OFF TO A TEPID START TRACKING ASIAN MARKETS WHICH EXHIBITED MIXED TREND. THE FRONTLINE INDICES COULD NOT GAIN ANY KIND OF MOMENTUM THEREAFTER AND CONTINUED TO SULK AS INVESTORS’ EXERTED HEAVY SELLING PRESSURE ACROSS THE BOARD. IT TURNED TO BE A COMPLETE TURMOIL ON THE LAST DAY OF THE WEEK FOR THE INDIAN MARKETS WHICH GOT THRASHED FOR THE FOURTH STRAIGHT SESSION OF TRADE TO END ON AN EXTREMELY DREADFUL NOTE. INVESTORS WERE TRAPPED IN MAYHEM IN THE LATE HOURS OF TRADE AS THE MAJOR FRONTLINE STOCKS BADLY BURNT, AFTER THE RESERVE BANK OF INDIA’S DEPUTY GOVERNOR EXPRESSED HIS CONCERNS OVER THE TOWERING FOOD INFLATION STATING THAT IT CURRENTLY IS AT A “WORRYINGLY HIGH” LEVEL. RATE-SENSITIVE’S LIKE BANKING AND FINANCIAL INSTITUTIONS, REALTY AND AUTO COUNTERS SULKED FOR ANOTHER DAY AMID GROWING APPREHENSIONS THAT THE HIKE IN INTEREST RATES IS AROUND THE CORNER SEEING THAT THE SURGING FOOD INFLATION NUMBERS WILL PRESSURIZE THE RESERVE BANK OF INDIA (RBI) TO TIGHTEN THE STANCE OF MONETARY POLICY FURTHER IN THE FORTHCOMING POLICY REVIEW SCHEDULED FOR JANUARY 25. EXTREME CAUTION AHEAD OF QUARTERLY RESULTS FROM INDIA INC, INVESTORS CONTINUED TO HIT THE SELL BUTTON THROUGH THE DAY. METAL, AUTO AND IT TOOK A NOSE DIVE IN THE MARKET AND NO INDEX STOCK MANAGED TO CLOSE ON POSITIVE SIDE.
TODAY MARKETS LOOK WEAK ON CLOSING BASIS OF FRIDAY AND WOULD CONTINUE TO OPEN NEGATIVE TRACKING WEAK ASIAN MARKETS ALONG WITH NEGATIVE CLOSING OF US MARKETS. IF NIFTY TRADES BELOW 5900 THEN LIKELY TO COME DOWN TO 5860 AND ANY BREAK BELOW THIS POINT WOULD TAKE IT TO 5820 LEVELS AND ANY CLOSE BELOW THIS POINT WOULD TAKE IT DOWN BELOW TO 5725 LEVELS. ON THE FLIP SIDE IF NIFTY TRADES ABOVE 5935 THEN WOULD TAKE IT TO 5970 LEVELS BUT ONE IS ADVISED TO STAY AWAY FROM LONGS AT THIS STAGE AT ANY COST AS THE SELLING AT THIS LEVEL IS VERY VIGOROUS SO PLAY CAUTIOUS ON THE LONG SIDE.
NO RECOS FOR THE DAY
