GOOD MORNING!!!
MARKET WAS VOLATILE IN THE LAST TRADING SESSION IT EXTENDED LOSSES INITIALLY AND HAS RECORDED INTRADAY LOW IN THE MORNING SESSION ON WEAK ASIAN STOCKS, HOWEVER INFOSYS GAINED ON A STRONGER REVENUE GUIDANCE IN DOLLAR TERMS IT HAS PAVED PATH FOR MARKETS TO RAISE AND CAME OFF FROM DAYS LOW. MEANWHILE, THE STOCK MARKET HEAVED A SIGH OF RELIEF AS THE GOVERNMENT HAS BROKERED A TRUCE BETWEEN THE TWO WARRING FINANCIAL SECTOR REGULATORS -- THE SECURITIES AND EXCHANGE BOARD OF INDIA (SEBI) AND INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA (IRDA) -- OVER THE SUPERVISION OF UNIT-LINKED INSURANCE PLANS (ULIPS), SIGNALLING A RETURN TO NORMAL BUSINESS FOR THE INSURANCE INDUSTRY. ULIPS ARE PRODUCTS SIMILAR TO MUTUAL FUNDS WITH AN ADDED LIFE COVER. A LARGE CHUNK OF FUNDS RAISED THROUGH ULIPS ARE INVESTED IN EQUITIES. ON MONDAY, AFTER SEVERAL ROUNDS OF TALKS, THE GOVERNMENT MANAGED TO PERSUADE BOTH THE REGULATORS -- SEBI AND IRDA -- TO SEEK A LEGAL MANDATE FROM A COURT ON OVERSIGHT OF ULIPS. FOLLOWING A MEETING BETWEEN THE CHIEFS OF SEBI AND IRDA AND SENIOR FINANCE MINISTRY OFFICIALS, BOTH THE REGULATORS HAVE DECIDED TO RESTORE STATUS QUO AND KEEP IN ABEYANCE THE ORDERS ISSUED BY BOTH LAST WEEKEND. ON FRIDAY 9 APRIL 2010, SEBI HAD BARRED 14 INSURANCE FIRMS FROM SELLING ULIPS WITHOUT ITS APPROVAL, TO WHICH IRDA REACTED THE NEXT DAY BY DIRECTING INSURERS TO IGNORE THE ORDER.
TODAY NIFTY WOULD OPEN ON POSITIVE BIAS. IF NIFTY TRADES ABOVE 5340 THEN LIKELY TO MOVE UP TO 5366 AND TRADE ABBOVE THIS POINT WOULD TAKE NIFTY TO 5390 LEVELS AND ANY CLOSE ABOVE 5390 IS CONSIDERED TO BE BULLISH IN THE NEAR TERM AND CAN EVEN ENTER INTO STOCK SPECIFIC LONGS. AND ON THE NEGATIVE SIDE IF NIFTY TRADES BELOW 5317 THEN LIKELY TO COME DOWN TO 5290 LEVELS AND ANY BREAK BELOW THIS POINT WOULD DRAG DOWN NIFTY TO 5250 LEVELS AND ANY CLOSE BELOW 5290 IS CONSIDERED TO BE WEAK AND TRY TO STAY AWAY FROM FRESH LONGS AND DONT INITIATE FRESH POSITIONS AND TRY TO BE IN CASH.
NO RECOS FOR THE DAY
MARKET WAS VOLATILE IN THE LAST TRADING SESSION IT EXTENDED LOSSES INITIALLY AND HAS RECORDED INTRADAY LOW IN THE MORNING SESSION ON WEAK ASIAN STOCKS, HOWEVER INFOSYS GAINED ON A STRONGER REVENUE GUIDANCE IN DOLLAR TERMS IT HAS PAVED PATH FOR MARKETS TO RAISE AND CAME OFF FROM DAYS LOW. MEANWHILE, THE STOCK MARKET HEAVED A SIGH OF RELIEF AS THE GOVERNMENT HAS BROKERED A TRUCE BETWEEN THE TWO WARRING FINANCIAL SECTOR REGULATORS -- THE SECURITIES AND EXCHANGE BOARD OF INDIA (SEBI) AND INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA (IRDA) -- OVER THE SUPERVISION OF UNIT-LINKED INSURANCE PLANS (ULIPS), SIGNALLING A RETURN TO NORMAL BUSINESS FOR THE INSURANCE INDUSTRY. ULIPS ARE PRODUCTS SIMILAR TO MUTUAL FUNDS WITH AN ADDED LIFE COVER. A LARGE CHUNK OF FUNDS RAISED THROUGH ULIPS ARE INVESTED IN EQUITIES. ON MONDAY, AFTER SEVERAL ROUNDS OF TALKS, THE GOVERNMENT MANAGED TO PERSUADE BOTH THE REGULATORS -- SEBI AND IRDA -- TO SEEK A LEGAL MANDATE FROM A COURT ON OVERSIGHT OF ULIPS. FOLLOWING A MEETING BETWEEN THE CHIEFS OF SEBI AND IRDA AND SENIOR FINANCE MINISTRY OFFICIALS, BOTH THE REGULATORS HAVE DECIDED TO RESTORE STATUS QUO AND KEEP IN ABEYANCE THE ORDERS ISSUED BY BOTH LAST WEEKEND. ON FRIDAY 9 APRIL 2010, SEBI HAD BARRED 14 INSURANCE FIRMS FROM SELLING ULIPS WITHOUT ITS APPROVAL, TO WHICH IRDA REACTED THE NEXT DAY BY DIRECTING INSURERS TO IGNORE THE ORDER.
TODAY NIFTY WOULD OPEN ON POSITIVE BIAS. IF NIFTY TRADES ABOVE 5340 THEN LIKELY TO MOVE UP TO 5366 AND TRADE ABBOVE THIS POINT WOULD TAKE NIFTY TO 5390 LEVELS AND ANY CLOSE ABOVE 5390 IS CONSIDERED TO BE BULLISH IN THE NEAR TERM AND CAN EVEN ENTER INTO STOCK SPECIFIC LONGS. AND ON THE NEGATIVE SIDE IF NIFTY TRADES BELOW 5317 THEN LIKELY TO COME DOWN TO 5290 LEVELS AND ANY BREAK BELOW THIS POINT WOULD DRAG DOWN NIFTY TO 5250 LEVELS AND ANY CLOSE BELOW 5290 IS CONSIDERED TO BE WEAK AND TRY TO STAY AWAY FROM FRESH LONGS AND DONT INITIATE FRESH POSITIONS AND TRY TO BE IN CASH.
NO RECOS FOR THE DAY
