"Our markets were volatile and closed in positive territory at the end of the session. One postive feature is nifty also closed above July closing along with Sensex after a long time, ever since the correction began. Huge short covering in Nifty futures brought the discount to just 1.60 points to the spot. US markets closed firm on the expectation that FOMC meet would certainly cut the interest rate in the ensuing meeting, only the difference of opinion on the street is on whether it would be 50 basis points or 25 basis points in this month.
Inflation figures to be released at 12 noon today also are being estimated to be lower than last week, thus, our markets shall open firm and trade firm, and they are able to close above july closings today finally, we can presume that the correction is complete at recent lows and indices will march a head from next week to challenge previous highs.
One needs to have positive view on our indices, especially as this quarter will be a good one for corporates, and if the same is indicated by higher advance tax payments by 15th sept, the data which will be known by monday, our markets will be out of woods.
The day's range for Nifty shall be 4464(Support) and 4575 (Resistance); Sensex shall be 15485 (Support) and 15777 (Resistance)
No comments:
Post a Comment