GOOD MORNING!!!
INDICES OPENED ON A GAP UP NOTE TRACKING EUPHORIC ASIAN MARKETS WHICH TRADED WITH RENEWED STRENGTH TRACKING POSITIVE CLOSING OF AMERICAN MARKETS. MARKETS COULDN’T SUSTAIN THE GAINS FOR TOO LONG AND STARTED TURNING NEGATIVE IN THE AFTERNOON SESSION AND LATER CONTINUED TO SUSTAIN IN A NARROW RANGE BOUND. THE FRONTLINE INDICES FAILED TO HOLD ON TO THE INITIAL MOMENTUM AND GRADUALLY SURRENDERED THEIR GAINS THROUGH THE DAY’S TRADE. REPORTS OF FRESH VIOLENCE FROM NORTH YEMEN IN THE DYING HOURS OF TRADE ERASED THE GAINS WITH WHICH LOCAL BOURSES TRADED AND EVENTUALLY FINISHED ON AN ABSOLUTELY FLAT NOTE. ONE OF THE KEY FACTORS OF THE MARKETS WERE LOW VOLUMES IN TRADE AND THE BREADTH OF THE MARKETS WAS ALSO WEAK
TODAY MARKETS WOULD OPEN NEGATIVE NOT ONLY TRACKING WEAK GLOBAL CUES BUT ALSO WITH THE POLITICAL TURMOIL IN COUNTRY AS DMK IS WITHDRAWING SUPPORT. THOUGH THIS IS NOT GOING TO IMPACT THE GOVERNMENT MUCH AS THERE ARE MUCH MORE THAN REQUIRED NUMBERS OF MP WHO ARE WILLING AND READY TO SUPPORT GOVERNMENT BUT INITIALLY THIS MAY PUT THE MARKET UNDER PRESSURE. IF NIFTY TRADES BELOW 5528 THEN LIKELY TO COME DOWN TO 5494 LEVELS AND ANY BREAK BELOW THIS POINT WOULD DRAG NIFTY TO 5440 LEVELS, IF NIFTY CLOSES BELOW 5450 LEVELS ONE CAN SEE MUCH MORE SELLING IN THE DAYS AHEAD. ON THE UPSIDE IF NIFTY TRADES ABOVE 5555 THEN LIKLEY TO MOVE UP TO 5575 LEVELS AND ANY TRADE ABOVE THIS POINT WOULD TAKE NIFTY TO 5610 LEVELS AND FURTHER BREAK ABOVE THIS POINT WOULD TAKE NIFTY TO MUCH HIGHER LEVELS, WHICH IS REMOTE IN TODAYS TRADE.
TODAY MARKETS WOULD OPEN NEGATIVE NOT ONLY TRACKING WEAK GLOBAL CUES BUT ALSO WITH THE POLITICAL TURMOIL IN COUNTRY AS DMK IS WITHDRAWING SUPPORT. THOUGH THIS IS NOT GOING TO IMPACT THE GOVERNMENT MUCH AS THERE ARE MUCH MORE THAN REQUIRED NUMBERS OF MP WHO ARE WILLING AND READY TO SUPPORT GOVERNMENT BUT INITIALLY THIS MAY PUT THE MARKET UNDER PRESSURE. IF NIFTY TRADES BELOW 5528 THEN LIKELY TO COME DOWN TO 5494 LEVELS AND ANY BREAK BELOW THIS POINT WOULD DRAG NIFTY TO 5440 LEVELS, IF NIFTY CLOSES BELOW 5450 LEVELS ONE CAN SEE MUCH MORE SELLING IN THE DAYS AHEAD. ON THE UPSIDE IF NIFTY TRADES ABOVE 5555 THEN LIKLEY TO MOVE UP TO 5575 LEVELS AND ANY TRADE ABOVE THIS POINT WOULD TAKE NIFTY TO 5610 LEVELS AND FURTHER BREAK ABOVE THIS POINT WOULD TAKE NIFTY TO MUCH HIGHER LEVELS, WHICH IS REMOTE IN TODAYS TRADE.
