GOOD MORNING!!!
MARKETS OPENED THE DAY IN THE RED TERRAIN TRACKING THE WEAK ASIAN AND OVERNIGHT US MARKETS WHICH FELL ON THE BACK OF A DECLINE IN US HOUSING STARTS AND DISAPPOINTING EARNINGS REPORT FROM GOLDMAN SACHS. THE FRONTLINE INDICES CONTINUED TO TRADE IN THE RED THROUGH THE FIRST HALF AS INVESTORS TOOK PROFITS OF THE TABLE. THE INITIAL MOMENTS IN SECOND HALF SAW THE BENCHMARKS TOUCH LOWEST POINT OF THE DAY HOWEVER, THE BOURSES MANAGED TO PULL OUT A SHARP RECOVERY IN THE DYING HOURS ON THE BACK OF FRESH BUYING IN BANKING STOCKS. MARKETS FINISHING ON AN OPTIMISTIC NOTE. IT WAS THE UPSURGE IN BANKING STOCKS THAT LED TO THE LATE RECOVERY IN THE STOCK MARKETS RETRACING ALL THEIR EARLIER LOSSES IN THE LAST HOUR OF TRADE. SENTIMENTS TURNED POSITIVE ON THE BACK OF BETTER THAN EXPECTED QUARTERLY EARNINGS RESULTS AND WEAKER INFLATION NUMBERS, EVEN AS GLOBAL MARKETS CONTINUED TO EXTEND THEIR LOSSES.
TODAY MARKETS LOOKS TO OPEN ON A NEGATIVE NOTE TRACKING WEAK US MARKETS CLOSING ALONG WITH WEAK ASIAN MARKETS OPENING, TODAY IF NIFTY TRADES BELOW 5710 THEN WE MAY LIKELY TO SEE NIFTY TO COME DOWN TO 5687 AND BELOW THIS LEVEL LIKLEY TO SLIDE DOWN TO 5656 LEVELS AND ANY TRADE BELOW THIS POINT WOULD TAKE NIFTY TO 5616 LEVELS. ON THE POSITIVE SIDE IF NIFTY TRADES ABOVE 5730 THEN LIKELY TO MOVE UP TO 5750 LEVES AND ANY BREAK ABOVE THIS POINT WOULD TURN MARKETS TO THE POSITIVE ZONE AND WE MAY LIKLEY TO HEAD UP IN THE DAYS FOR A SHORT PERIOD, ABOVE 5750 WE CAN SEE NIFTY TO MOVE UP TO 5778 AND THEN TO 5798 LEVELS. WE MAY SEE A VERY ROUGH MARKETS IN THE COMING WEEK AHEAD OF EXPIRY OF JANUARY CONTRACT.
