GOOD MORNING!!!
MARKETS GOT ON TO A CAUTIOUS NOTE DESPITE POSITIVE CUES FROM THE OVERNIGHT US MARKETS WHICH REMAINED OPTIMISTIC AS THE BENCHMARKS THERE SURGED IN LATE HOURS AFTER GETTING GOOD JOBS DATA. HOWEVER THE INDICES MANAGED TO BREAK INTO THE GREEN FOR A BRIEF PERIOD IN THE MID-MORNING SESSION BUT THAT TURNED OUT TO BE A SUCKER’S RALLY AS THE BOURSES DRIFTED BACK IN TO THE RED. MARKETS HAVE TAKEN A TURN FOR THE WORSE AS INVESTORS AT LARGE RESORTED TO HEFTY PROFIT BOOKING AFTER WITNESSING A RELIEF RALLY ON THE MARKETS IN TWO PREVIOUS TRADING SESSIONS. FOREIGN INSTITUTIONAL INVESTORS (FII) ARE RELENTLESSLY ATTEMPTING TO PLOUGH BACK THEIR HOT MONEY FROM THE UNDERPERFORMING EMERGING MARKETS BECAUSE OF THE ACCELERATION SEEN IN THE DEVELOPED WESTERN ECONOMIES LIKE US AND ALSO ON EXPECTATIONS THAT THE RESERVE BANK OF INDIA WILL BE CONTINUING WITH INTEREST RATE TIGHTENING CYCLE GOING FORWARD. MOUNTING UNCERTAINTIES OVER THE LINGERING CIVIL UPHEAVAL IN EGYPT TOO HAS PUMMELED LOCAL SENTIMENTS ON THE LAST TRADING DAY OF THE WEEK. THE HEAVYWEIGHTS FAILED TO SHOW RESILIENCE AND TRAVELLED TOWARDS SOUTH. THE MARKETS SAW POSITION SQUARING FOR MOST PART OF THE DAY AND EVENTUALLY FINISHED THE DAY’S TRADE AROUND THE DAY’S LOW WITH EXTENSIVE LOSSES. VOLUMES FOR MARKETS REMAINED SIGNIFICANTLY HIGHER COMPARED TO PREVIOUS DAYS. THE MARKET BREADTH ON WAS DREADFULLY NEGATIVE
TODAY MARKETS MAY BE VOLATILE AND RANGBOUND IF NIFTY TRADES BELOW 5366 THEN LIKELY TO COME DOWN TO 5321 AND BELOW THIS LEVEL WOULD DRAG NIFTY TO 5276 LEVELS AND THEN TO 5200 LEVELS. ON THE FLIP SIDE IF NIFTY TRADES ABOVE 5404 THEN LIKELY TO MOVE UP TO 5449 AND THEN TO 5500 LEVELS, AS LONG AS NIFTY TRADES BELOW 5550 ONE IS ADVISED TO STAY SHORT AS NIFTY LIKELY TO REMAIN WEAK THOUGH THERE IS EVERY POSSIBILITY FOR NIFTY TO BOUNCE BACK IT WOULD BE ON THE RETRACEMENT FRONT, WHICH MAY RAISE TO 5600 AND THEN TO 5720 LEVELS BUT LIKELY TO COME DOWN MUCH BELOW THE RECENT LOWS IN NIFTY. KEEP AN EYE ON FERTILIZERS.
TODAY MARKETS MAY BE VOLATILE AND RANGBOUND IF NIFTY TRADES BELOW 5366 THEN LIKELY TO COME DOWN TO 5321 AND BELOW THIS LEVEL WOULD DRAG NIFTY TO 5276 LEVELS AND THEN TO 5200 LEVELS. ON THE FLIP SIDE IF NIFTY TRADES ABOVE 5404 THEN LIKELY TO MOVE UP TO 5449 AND THEN TO 5500 LEVELS, AS LONG AS NIFTY TRADES BELOW 5550 ONE IS ADVISED TO STAY SHORT AS NIFTY LIKELY TO REMAIN WEAK THOUGH THERE IS EVERY POSSIBILITY FOR NIFTY TO BOUNCE BACK IT WOULD BE ON THE RETRACEMENT FRONT, WHICH MAY RAISE TO 5600 AND THEN TO 5720 LEVELS BUT LIKELY TO COME DOWN MUCH BELOW THE RECENT LOWS IN NIFTY. KEEP AN EYE ON FERTILIZERS.
NO RECOS FOR INTRADAY
