"Our markets opened positive but traded volatile in narrow range and closed in flat to marginally negative territory. Similar pattern is observed in all markets except Nikkie where the political development, brought some selling on uncertainity. As markets do not relish uncertainity from any corner. Nifty is clearly consolidating in a broad range of 4450 to 4550 for the past one week, break out from this range of after the passage of the event, FOMC meeting on 18th sept'07, and outcome, which is being eagerly awaited by all funds and institutions, to take a view on US economy, current financial mess, exchange rate. will decide on the flows to equities and emerging markets like India.
Our view is our economy being in strong position, with GDP growth rate above 8% consistently for past 2 years, and with no signs of any unstablility on this front, and our currency (rupee) being free from any hiccups, as REER is adopted by RBI, which encourages investment in our economy.
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The day's range for Nifty shall be 4412(Support) and 4550 (Resistance); Sensex shall be 15155 (Support) and 15777 (Resistance)
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